December 2025
Lido stRATEGY Transparency Report
By Delta Y
Highlights
Lido stRATEGY is a ETH-denominated Earn Vault tracking diversified DeFi yield strategies built around stETH, with dynamic allocation across lending, looping, and liquidity provision protocols including Aave, Ethena, and Uniswap, managed by Mellow Protocol. The vault was deployed on September 19, 2025, with regular price updates beginning on September 21, 2025, and data on protocols' allocations available since January 25, 2026.
During December 2025, Lido stRATEGY's AUM increased from $77.61M to $112.76M. The inception-to-date return (net of fees) now amounts to 8.81% annualized.
Other relevant indicators can be seen in Table 1 below:
Nov 2025 | Dec 2025 (Δ) | |
|---|---|---|
Avg. NAV | $41.47M | $98.14M (136.68%) |
Avg. APY | 17.31% | 5.93% (-11.38 p.p.) |
Net Deposits | $65.27M | $29.48M (-54.83%) |
Performance
Lido stRATEGY reached a price of $1.0236 in its latest oracle update, reflecting a 0.48% return for the month of December. The trailing (7 days minimum) APY peaked at 6.73% during this period, with a minimum of 4.79%.
Table 2displays the vault's performance against other comparable yield strategies:
Nov 2025 | Dec 2025 | |
|---|---|---|
Lido stRATEGY wstETH | Lido stRATEGY wstETH | |
Avg. APY | 16.86% 2.70% | 5.88% 2.59% |
Std. Dev. APY | 17.05% 0.08% | 0.45% 0.03% |
Activity
During December 2025, the vault processed $51.63M in deposits and $22.15M in withdrawals, resulting in $29.48M of net deposits over a total of 31 transactions.
As of period end, the Lido stRATEGY vault had 763 holder addresses, representing an increase of 27.17% from the start of the month.
Other relevant indicators can be seen in Table 3 below:
Nov 2025 | Dec 2025 (Δ) | |
|---|---|---|
Deposits | $69.07M | $51.63M (-25.25%) |
Withdrawals | $3.80M | $22.15M (482.91%) |
Net Deposits | $65.27M | $29.48M (-54.83%) |
Avg. Holders NAV | $110.34K | $112.75K (2.19%) |
Median Holders NAV | $7.42K | $6.08K (-18.01%) |
Disclosures
Security: Veda smart contracts have been audited by 0xMacro and Cantina and Mellow smart contracts have been audited by Nethermind Security and Sherlock (Lido infra providers).
Fees: Lido vaults may be subject to management and performance fees, which are automatically deducted and reflected in net returns.
Accounting: Lido stRATEGY's price is updated periodically onchain. Price increases stepwise rather than reflecting real-time mark-to-market.
Risks: Smart contract risk (potential total loss), market risk (depegs, rate volatility), and counterparty risk (centralized components in some protocols).
Data Sources: Unless otherwise stated, all data presented in the report is obtained from on-chain sources. Any supplementary sources are explicitly noted where applicable.
Disclaimer
This report is for informational purposes only and does not constitute financial, investment, legal, or tax advice. The information contained herein is not an offer to sell or a solicitation of an offer to buy any security, nor shall any securities be offered or sold to any person in any jurisdiction in which such offer, solicitation, purchase, or sale would be unlawful.
Investing in decentralized finance (DeFi) products, including Lido stRATEGY, involves significant risks, including but not limited to smart contract vulnerabilities, market volatility, and regulatory uncertainty. Past performance is not indicative of future results, and investors may lose some or all of their principal.
The data and analyses presented in this report are based on information believed to be reliable, but their accuracy, completeness, and timeliness are not guaranteed. The strategies and allocations described are subject to change without notice. All investment decisions should be made with the help of a qualified professional and based on your own research and risk tolerance.