Lido DAO has filed a B2 Token Transparency Filing with Blockworks, a structured disclosure of how the protocol works, who controls it, and where its tokens went. The filing, version 2.2, went in on October 15, 2026.
It is not finished. The filing carries a partial status, with seven gaps still open.
What Lido disclosed, and what it didn’t
The seven missing pieces involve core categories. According to the research findings, they relate to the project description, governance, token supply, and allocations.
Lido did, however, go beyond the minimum in one area. It voluntarily attached an income statement covering the first half of 2026.
That statement shows $15.94 million in net revenue. It also lists $14.33 million in expenses for the foundations that support the protocol.
The math leaves the protocol ahead by about $1.61 million for the period.
A week after the filing, on October 22, 2026, Blockworks publicly highlighted Lido’s submission. The outlet framed the protocol as a leader in transparency standards among mature protocols.
How Lido and LDO actually work
Lido lets anyone stake ETH and get stETH back. That token represents the staked ETH plus the rewards it earns, and users can keep trading or using it while their ETH stays staked. stETH reflects accrued rewards through daily rebasing, meaning holders’ balances adjust each day to account for new rewards.
Decisions about the protocol run through Lido DAO. Token holders vote on proposals using on-chain frameworks, including Aragon and Snapshot.
Behind the DAO sit three foundations based in the Cayman Islands. They are the entities whose $14.33 million in expenses appeared in the half-year income statement.
The governance token, LDO, launched on January 5, 2021. It began with a total supply of 1 billion tokens at its token generation event.
The DAO treasury received 36.32% of that initial supply. Early backers and developers also received significant portions.
All allocations finished vesting by December 2022.
As of October 21, 2026, approximately 121.5 million LDO remained in the treasury.
Why the gaps matter more than the praise
For LDO holders and stETH users, the income statement is the most useful new data point. It offers a look at whether the operation covers its own costs, and for the first half of 2026, it did.
Revenue topped foundation expenses by roughly a tenth, which gives observers a concrete benchmark to track in future reporting periods.
The open gaps cut the other way. Governance and allocation details are the information holders rely on to understand who holds power and how supply has moved over time.
The research findings suggest the filing could strengthen investor confidence and potentially attract institutional participants looking for reliable staking options.
The things to watch are straightforward. Will Lido submit an updated filing that resolves the seven gaps, and will it continue publishing income statements for future periods so the first-half 2026 numbers have something to be compared against?
Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.