January 2026
Lido GGV Transparency Report
By Delta Y
Highlights
Lido GGV is a ETH-denominated Earn Vault providing automated access to blue-chip DeFi yield strategies through diversified positions across protocols including Aave, Uniswap, Euler, Balancer, Gearbox, Fluid, and Morpho, managed by Veda. The vault was deployed on May 23, 2025, with regular price updates beginning on September 4, 2025, and data on protocols' allocations available since January 25, 2026.
During January 2026, Lido GGV's AUM increased from $73.40M to $110.13M. The inception-to-date return (net of fees) now amounts to 5.27% annualized.
Other relevant indicators can be seen in Table 1 below:
Dec 2025 | Jan 2026 (Δ) | |
|---|---|---|
Avg. NAV | $67.33M | $108.62M (61.33%) |
Avg. APY | 5.64% | 5.82% (0.18 p.p.) |
Avg. Leverage | N/A | 5.27x (N/A) |
Net Deposits | $8.45M | $49.82M (489.81%) |
Performance
Lido GGV reached a price of $1.0216 in its latest oracle update, reflecting a 0.43% return for the month of January. The trailing (7 days minimum) APY peaked at 8.41% during this period, with a minimum of 3.86%.
Table 2displays the vault's performance against other comparable yield strategies:
Dec 2025 | Jan 2026 | |
|---|---|---|
Lido GGV wstETH | Lido GGV wstETH | |
Avg. APY | 5.60% 2.59% | 5.81% 2.49% |
Std. Dev. APY | 0.85% 0.03% | 1.00% 0.07% |
Activity
During January 2026, the vault processed $55.23M in deposits and $5.42M in withdrawals, resulting in $49.82M of net deposits over a total of 31 transactions.
As of period end, the Lido GGV vault had 1353 holder addresses, representing an increase of 28.86% from the start of the month.
Other relevant indicators can be seen in Table 3 below:
Dec 2025 | Jan 2026 (Δ) | |
|---|---|---|
Deposits | $12.85M | $55.23M (329.84%) |
Withdrawals | $4.40M | $5.42M (23.01%) |
Net Deposits | $8.45M | $49.82M (489.81%) |
Avg. Holders NAV | $70.33K | $87.48K (24.38%) |
Median Holders NAV | $1.89K | $3.00K (58.85%) |
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 GGV'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 GGV, 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.