Lido Staked Ether STETH

Lido Staked Ether (stETH) is a cryptocurrency that represents Ethereum (ETH) that has been staked on the Ethereum 2.0 network. Staking involves locking up ETH in order to support the network's security and consensus mechanism. Lido is a platform that allows users to participate in staking without the need to maintain their own staking infrastructure. By depositing ETH into Lido, users receive stETH tokens that represent their staked ETH. These stETH tokens can be traded or used for other purposes, such as lending or borrowing, through platforms like Aave.

Lido Staked Ether (stETH) is unique compared to other cryptocurrencies because it is a liquid staking solution for Ethereum. This means that users can earn staking rewards without having to maintain staking infrastructure themselves. Lido achieves this by using a selection of carefully vetted validators. Additionally, stETH can be put to use across various platforms in the Lido ecosystem, such as Curve, Yearn, Sushi, and 1inch, allowing users to compound their rewards.