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Lido

16 pieces · Sep 2022 to Jul 2025 · 2 flagship

Sectors

DeFi12 Ethereum10 ZK2 Tooling1 Memecoins1 AI1

Search every mention All projects

Coverage per year

32022

82023

42024

12025

Price and coverage

Lido DAO $LDO

Calls: None yet
Since first piece: −81%
vs BTC: −95%
Now: $0.39

bullish thesis bearish thesis coverage, no call map, list or mentionWeekly closes in USD, log scale, as of 23 Oct 2026. Call figures turn cyan when the price moved the way the call pointed. Each marker links to its piece.

Start here · the strongest pieces on Lido

Breakdown26 Jun 2023Stader ETHx explained: multi-pool liquid staking with a 4 ETH node bondExplains the liquid staking market and its concentration problems, then how Stader's ETHx addresses them with permissionless, permissioned and DVT pools and a 4 ETH bond for home stakers.Breakdown26 May 2024Heroglyphs: using Ethereum validator graffiti to mine elite memecoinsExplains how Heroglyphs encodes tokens in the validator graffiti field so solo validators can mine memecoins, countering liquid staking centralization of Ethereum validation. Covers ticker leasing, token emission tables and the author's thesis that elite memecoins will attract solo stakers.Thesis18 Dec 2023EigenLayer restaking and Kelp DAO rsETH: liquid restaking early queue thesisExplains restaking and its use cases (DA, sequencers, bridges, oracles), then argues Kelp DAO's rsETH can become the Lido of restaking as first mover with two audits. Details the Early Queue: 5,000 token cap each for stETH and ETHx and 1.25x Kelp Miles.

Timeline · every piece, newest first

2025 1

01 Jul 2025RISC Zero spins out the Boundless foundation as a multi-zkVM home for ZKExplains the Boundless foundation split: RISC Zero keeps R&D while the foundation drives grants, RFPs and ecosystem growth, with a multi-zkVM approach instead of a walled garden. Cites 30+ teams shipping and a nearing TGE.BreakdownZKTooling

2024 4

17 Jul 2024Drop: Lido-backed cross-chain liquid staking on NeutronExplains Drop, a liquid staking protocol on Neutron using IBC Interchain Transactions and Queries to manage remote delegations, plus its Lido Alliance ties around wstETH. Argues it can unlock liquidity for ATOM and TIA.ExplainerDeFi

26 May 2024Heroglyphs: using Ethereum validator graffiti to mine elite memecoinsExplains how Heroglyphs encodes tokens in the validator graffiti field so solo validators can mine memecoins, countering liquid staking centralization of Ethereum validation. Covers ticker leasing, token emission tables and the author's thesis that elite memecoins will attract solo stakers.BreakdownEthereumMemecoins

01 May 2024What decides liquid restaking winners: LRT liquidity, airdrops, AVS choiceLists the factors behind LRT protocol success: airdrops, LRT liquidity and DeFi integrations, APY, AVS selection and security. Argues ether.fi keeps leading on first-mover TVL and liquidity, and that liquid restaking will end up less concentrated than liquid staking, where Lido dominates.ThesisDeFiEthereum

06 Apr 2024ANKR as a multi-narrative play at a $550M FDVArgues ANKR gives exposure to RaaS, DePIN, AI via Neura, BTC liquid staking, EigenLayer node infra and RPC at a $550M FDV. Compares with AltLayer ($5B), Render ($5B-$10B), ether.fi ($5B) and Lido (>$2B) to call it undervalued.ThesisAIDePINBitcoin

2023 8

18 Dec 2023EigenLayer restaking and Kelp DAO rsETH: liquid restaking early queue thesisExplains restaking and its use cases (DA, sequencers, bridges, oracles), then argues Kelp DAO's rsETH can become the Lido of restaking as first mover with two audits. Details the Early Queue: 5,000 token cap each for stETH and ETHx and 1.25x Kelp Miles.ThesisEthereumDeFi

29 Sep 2023Bifrost omnichain liquid staking: SLP pallet and headquarters plus branch modelExplains why native-chain LSDs like Lido's fragment liquidity and how Bifrost mints all vTokens on one chain via the SLP pallet, serving nine chains through lightweight remote modules and Polkadot XCM.ExplainerDeFiEthereum

21 Sep 2023Bifrost full-stack architecture: cross-chain vTokens via remote callsExplains how Bifrost hosts its Staking Liquidity Protocol on a parachain with remote modules on other chains, enabling cross-chain vToken minting, redemption and swaps with all vToken liquidity centralized on the Bifrost chain.BreakdownDeFiEthereum

08 Aug 2023Bifrost: cross-chain liquid staking derivatives on PolkadotExplains Bifrost as a derivative issuer: vTokens give cross-chain liquid staking across PoS chains via XCM, with auto-accruing rewards, plus slot auction derivatives vsToken and vsBond. Contrasts its design with Lido's per-chain contracts.BreakdownDeFiL1/L2

26 Jun 2023Stader ETHx explained: multi-pool liquid staking with a 4 ETH node bondExplains the liquid staking market and its concentration problems, then how Stader's ETHx addresses them with permissionless, permissioned and DVT pools and a 4 ETH bond for home stakers.BreakdownEthereumDeFi

15 Apr 2023Rocket Pool vs Lido valuation after Shapella: market cap to TVLNotes RPL TVL growth to $1.4bn after Shapella, putting its mcap/TVL at 1.02 versus Lido's 0.18, and suggests substantial room for RPL growth.DataEthereumDeFi

06 Apr 2023Ethereum staking data ahead of Shanghai: validators and market shareData thread before the Shanghai upgrade using a 21Shares Dune dashboard: validator and depositor counts, about 15% of supply staked, and market share across pools, liquid staking, CEXes and home stakers. Lido stETH dominates liquid staking.DataEthereumDeFi

11 Jan 2023Aztec deep dive: private ERC-20 transfers and Aztec Connect for private DeFiExplains Aztec as an app-specific ZK rollup using a UTXO note model and join-split proofs for shielded transfers, and Aztec Connect, which batches calls to L1 DeFi protocols via bridge contracts to deliver cheap privacy with L1 liquidity.BreakdownPrivacyZKEthereum

2022 3

23 Sep 2022Index: AMM, impermanent loss, DeFi profitability and liquid staking threadsThread of threads linking five DeFi analyses: constant product AMM explainer, impermanent loss, DeFi profitability, DEX capital efficiency and ETH liquid staking protocols.MapDeFi

14 Sep 2022Lido vs Rocket Pool: Ethereum liquid staking compared before the MergeData comparison of the two largest ETH liquid staking protocols ahead of the Merge: validator share, TVL, revenue, staker economics and tokenomics, with the view that decentralized Rocket Pool may gain share from Lido.DataEthereumDeFi

12 Sep 2022DeFi profitability: protocol revenue vs token emissions for DEXs and lendersApplies TradFi-style profitability analysis to DeFi, comparing protocol revenue to token emission costs. Sushi comes out profitable, Curve pays far more in emissions than it earns, and Uniswap is a special case with no protocol fee.DataDeFi

Often covered with

Rocket Pool8 Stader7 Bifrost Finance9 Uniswap27 ether.fi16 Kelp DAO17 EigenLayer110 Polkadot36

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