Bubble
Lido Staked Ether STETH
Lido Staked Ether (STETH) was trading at $1,863.19, ranked #10 by market cap at $17.52B, with 24h volume of $12.93M.
Data snapshot: 2026-08-03 09:00 UTC.
stETH is Lido's liquid staking token — deposit ETH into Lido's validator pool and receive stETH in return, which stays fully liquid and tradeable while your underlying ETH keeps earning staking rewards. Its balance rebases daily to reflect accrued rewards, solving the core problem of native ETH staking: funds no longer have to sit locked and idle to earn yield. stETH is a receipt for ETH staked through Lido: the balance rebases upward as staking rewards accrue, so the token count grows rather than the price. That design means stETH is not an independent asset — it is ETH plus a claim on staking yield, minus Lido's fee and the risk that its validators are penalised. Its price can trade slightly below ETH when people want to exit faster than the withdrawal queue allows, which is a liquidity discount rather than a broken peg. On a market map its capitalisation should not be added to ETH's; that would count the same ether twice.
Is stETH a separate asset from ETH?
No. It represents ETH staked through Lido plus accrued rewards. Its market cap overlaps with ETH's rather than adding to the total value of the market.
Why does stETH sometimes trade below ETH?
Because exiting staked ether takes time. When many holders want out quickly, they accept a small discount on the secondary market rather than wait in the withdrawal queue.
What is rebasing?
The token balance increases as rewards accrue, so holders see more stETH rather than a higher price per unit. Wrapped versions exist for applications that cannot handle changing balances.
What are the risks?
Validator penalties, smart-contract risk in the staking protocol, and the concentration risk of a large share of staked ether sitting with one provider.
Market cap decides how big a bubble is drawn, so rank is what places STETH on the map relative to the rest of its sector.
| Rank | Coin | Market cap |
|---|---|---|
| #10 | Lido Staked Ether (STETH) | $17.52B |
| #17 | Wrapped stETH (WSTETH) | $8.50B |
| #19 | Wrapped Bitcoin (WBTC) | $7.40B |
| #164 | Jito (JTO) | $218.11M |
| #183 | EigenCloud (EIGEN) | $180.31M |