Lido DAO (LDO) is the governance token of Lido, the largest liquid staking protocol on Ethereum. Staking ETH normally locks it up, but with Lido, users deposit ETH and receive stETH, a token that represents their staked ETH and keeps earning staking rewards while it can still be used in DeFi. Lido spreads deposits across a set of professional node operators, which helps reduce risk. Launched in December 2020, Lido is run by the Lido DAO, whose LDO holders vote on matters such as fees, the list of node operators and protocol upgrades. Lido also supports staking on other networks.