What percentage of staked ETH does Lido control?

There is no single trustworthy figure for Lido’s current share of staked ether in the sources available. Three numbers circulate — 46.5%, roughly 23%, and ‘over 32%’ — and each measures something different, over a different period, using a methodology that is stated, partly stated, or missing entirely. The three numbers, and what each one measures The largest figure, 46.5%, comes from DefiLlama’s live protocol page for Lido. According to DefiLlama, Lido ranks first by total value locked among the liquid-staking protocols it tracks — a category the site says spans 270 protocols — and states that Lido holds 46.5% of that category’s combined total. This is Lido’s share of liquid-staking TVL specifically — it excludes ETH staked natively, outside any liquid-staking protocol, which does not enter DefiLlama’s category total at all. DefiLlama’s dashboard updates continuously and carries no fixed publication date in the source reviewed; the percentage above is a snapshot that will already be stale by the time this page is read. A second figure, close to 23%, comes from Datawallet, in an article the site says was last updated 22 June 2026. Datawallet writes that Lido’s “network share has slid to roughly 23%” compared with a peak it attributes to 2023 of 32%. Unlike Datawallet’s separate claim about total staked ETH — which it credits to beaconcha.in and the hildobby Dune dashboard — this specific percentage carries no cited source or stated methodology in the material reviewed for this page. It is not possible to check, from what is available, how Datawallet calculated it or what precise date it refers to beyond the article’s 22 June 2026 update stamp. A third figure, “over 32%,” appears in a governor note from Messari — though the material reviewed for this page is a summary of that note, not the full document, and only one line is confirmed verbatim: Messari’s statement that, because Lido DAO “controls the code behind stETH and whitelists its node operators, the protocol could be maliciously modified to steal staked ETH from users.” The 32% figure and a roughly $400 million Lido DAO treasury estimate appear only in the summary held for this page, not in the verbatim text, so this page cannot independently verify how Messari calculated either number, or when. Messari’s summary also raises a broader concern — paraphrased here, not quoted, because the underlying wording was not available for review — that Lido’s scale risks cartelization and coercion of stakers. DefiLlama’s own protocol page gives a different figure for the treasury — $131.13m, per DefiLlama — and neither source explains the gap between the two. This page cannot reconcile them and reports both, rather than choosing the one that sounds more precise.