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Q4 is going to be full of important DeFi upgrades.
That includes @LidoFinance's Lido V3.
It will turn Lido from a single pool into a modular staking infrastructure.
This is everything you should know about Lido V3. 🧠⤵️
2/ TL;DR: What changes in Lido V3
► Introduces staking vaults (stVaults): over-collateralized, non-custodial vaults for customizable staking
► Keeps the existing 1:1 Core Pool
► Adds built-in risk controls
► New use cases for institutions, nodes, and apps
3/ First, why Lido V3?
Under V2, all staked ETH flows to a single liquidity pool managed by the StakingRouter.
This unifies stETH but limits flexibility: stakers can’t choose operators, apply custom setups (like DVT, sidecars, or insurance), or comply with institutional policies.
V3 fixes this trade-off by separating validator selection from Lido’s liquidity layer, enabling more staking strategies without fragmenting stETH.
4/ Lido V3 introduces 2 coexisting paths to mint stETH:
1️⃣ Core Pool (unchanged):
→ Deposit ETH to mint 1:1 stETH
→ Stake distributed automatically across modules (Curated, SimpleDVT, Community Staking Module).
2️⃣ stVaults (new in V3)
→ Each vault delegates to a specific operator or configuration
→ Users deposit ETH and optionally mint slightly less stETH than deposited ETH
→ The reserve is locked as over-collateralization as a buffer
5/ What's in stVault?
Each stVault is an independent contract linked with a node operator or strategy.
Vault owners can:
- Choose node operators
- Custom fee structure
- Choose optional sidecars (e.g. @Obol_Collective or @ssv_network)
- Choose MEV providers
- Deploy with modular infras and composability
6/ stVaults plug into VaultHub, the new registry and safety layer controlling minting rights, reserves, and risk parameters.
VaultHub enforces over-collateralization and connects vaults to the StakingRouter, which handles validator deposits and rewards accounting.
7/ How does over-collateralized minting work?
When ETH is staked through a vault:
- A portion of ETH locked as Reserve Ratio (RR)
- The rest backs minted stETH, representing the vault’s staked position
If a vault’s health deteriorates (due to slashing or oracle updates), a Forced Rebalance Threshold (FRT) triggers to keep the system's solvency.
→ part of the vault’s collateral is shifted back to the Core Pool
→ minted stETH is reduced, restoring over-collateralization
Users can suffer reduced leverage or yield, but vaults stay safe.
8/ Lido V3 introduces a layered risk management framework:
- Reserve Ratio (RR) sets how much extra ETH must be locked per minted stETH (eg. 10-30%, configurable per operator).
- Force Rebalance (FRT) automatically unwinds a vault’s liability if RR falls below the threshold.
- Sanity Checks & LazyOracle monitors abnormal value changes. Suspicious vaults enter quarantine until verified.
- Obligations unfulfilled DAO fees or redemption duties suspend minting/withdrawals until resolved.
- Pause Authority (GateSeal) DAO-level emergency control to halt external minting.
- Ossification: vault owners can disconnect from VaultHub once all liabilities are cleared, operating fully independent but without stETH minting.
9/ How are fees earned?
Node Operator Fee: taken from actual staking rewards earned by the vault’s validators.
Other fees that are paid to DAO:
- Infrastructure Fee: based on deemed rewards
- Liquidity Fee: accrues on minted stETH
10/ Roadmap
Phase 1: Pilot
- Global minting cap: ~3% of TVL (~300k stETH)
- Allowlist of early-adopter Node Operators (~50k stETH each)
- Other vaults can stake but can’t mint stETH yet
Phase 2: Controlled expansion
- Global cap: ~30% TVL (~3M stETH)
- Broader operator participation after risk reviews
Phase 3: Permissionless mode
- Minting cap: ~30% TVL (~3M stETH)
- Open permissionless vaults with risk parameters defined by DAO
12/ The final testnet launched. Mainnet launch will be in November.
@ChorusOne and @Solsticefi are the first to launch with Lido V3. More DeFi protocols, staking providers, and risk-aware ETF issuers will come.
With $LDO buybacks ahead, Q4 will be huge for Lido💧
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