Wrapped Lido Staked ETH (WSTETH)
Lido's wrapped staked ETH, the DeFi collateral standard with $26B TVL and native yield; dominant LST by every metric
Ranked 3rd of 251 rated tokens. Scoring pass 11 Jun 2026.
What the numbers say
WSTETH scores 185 of 250 across the 25-variable framework, which places it 3rd of 251 rated tokens and inside the top 5% of the set. The framework verdict is HOLD CORE.
WSTETH is a top-10 name in the set on 4 variables. The score rests on Vesting Schedule 10/10, 1st of 251, Circulating / FDV Ratio 10/10, 1st of 251, Real Staking Yield 9/10, 1st of 251 and Active Users 8/10, 1st of 251.
100% of eventual supply is already circulating, so vesting is not a live risk for WSTETH. Price has to be justified by demand rather than absorbed against a cliff.
WSTETH is 67.3% off its all-time high of $7,256, a 3.1x round trip from here.
The framework score gained 27 points against the previous pass (158 to 185). Revisions of this size follow a change in the underlying variables, not a change in price.
$26.00B sits in the protocol. The token is capitalised below the value locked in the protocol.
25-variable breakdown
Each variable is scored 1 to 10 and ranked against every other rated token, so a 7 that ranks 20th means something different from a 7 that ranks 180th. The rank is the part that is hard to get anywhere else.
Cash flow
| Protocol Revenue | 9 | 2nd of 251 | |
| Revenue Trend | 8 | 2nd of 251 | |
| P/S Multiple | 7 | 9th of 251 | |
| Real Staking Yield | 9 | 1st of 251 |
Supply
| Supply Inflation | 8 | 8th of 251 | |
| Vesting Schedule | 10 | 1st of 251 | |
| Circulating / FDV Ratio | 10 | 1st of 251 | |
| Buyback and Burn | 5 | 28th of 251 |
Ownership
| Smart Money Flows | 9 | 2nd of 251 | |
| Insider Selling | 8 | 2nd of 251 | |
| Holder Concentration | 5 | 10th of 251 |
Traction
| TVL Trend | 7 | 11th of 251 | |
| Active Users | 8 | 1st of 251 | |
| Developer Activity | 7 | 9th of 251 | |
| Network Growth | 7 | 12th of 251 |
Position
| Market Share | 8 | 4th of 251 | |
| Competitive Moat | 8 | 5th of 251 | |
| Institutional Adoption | 7 | 17th of 251 | |
| Exchange Depth | 6 | 37th of 251 | |
| Social Mindshare | 7 | 11th of 251 |
Risk
| Regulatory Safety | 6 | 52nd of 251 | |
| Catalyst Calendar | 6 | 29th of 251 | |
| BTC Alpha Potential | 5 | 13th of 251 | |
| Team Execution | 7 | 12th of 251 | |
| Treasury Runway | 8 | 4th of 251 |
The vertical tick on each bar marks the median score across all 251 rated tokens, so a bar ending left of the tick is below the universe on that variable.
Catalyst and risk
Next catalyst
wstETH becoming default collateral across all major lending protocols; MakerDAO, Aave, Spark all natively integrated
Principal risk
Lido centralization risk (32% of staked ETH); Ethereum validator concentration concerns; potential regulatory classification as security
Market and supply
| Price | $2,374 |
| Market cap | $8.75B |
| All-time high | $7,25613 May 2022 |
| Circulating supply | 3,688,724 |
| Eventual supply (total supply) | 3,688,724 |
| Dilution to full supply | 1x |
| Total value locked | $26.00B |
| Listed on | Lido, Uniswap, Curve, 1inch |
Price, market cap, supply and all-time high from CoinGecko, fetched 6 Aug 2026. The 25 scores come from the research pass dated 11 Jun 2026 and don't move with price.
Tokens with a similar profile
These are the closest matches to WSTETH measured on the shape of all 25 variables after removing overall quality, so what they share is a pattern of strengths and weaknesses rather than a similar size or price.
Sources
- [DeFiLlama] wstETH TVL exceeds $26B making Lido the largest DeFi protocol globally
- [Lido Integrations] wstETH is accepted as collateral by MakerDAO, Aave V3, Compound, Spark, and 30+ DeFi protocolslink dead, claim unverified
- [Ethereum Foundation Blog] Lido controls ~32% of staked ETH, raising Ethereum validator centralization concerns from the Foundation
One source link above no longer resolves, so we stripped the hyperlink rather than leave something that looks like evidence until you click it. The claims stay visible because they are part of the research record, but treat them as unverified. Every link was rechecked 6 Aug 2026.
Common questions
- What is the Early Thunder score for Wrapped Lido Staked ETH (WSTETH)?
- WSTETH scores 185 out of 250 on the 25-variable framework, ranking 3rd of 251 rated tokens (top 5%). The framework verdict is HOLD CORE.
- What are WSTETH's strongest fundamentals?
- WSTETH ranks highest on Vesting Schedule 10/10, 1st of 251, Circulating / FDV Ratio 10/10, 1st of 251, Real Staking Yield 9/10, 1st of 251 and Active Users 8/10, 1st of 251. Ranks are measured against all 251 tokens in the same scoring pass.
- How much WSTETH supply is still to enter circulation?
- 100% of eventual WSTETH supply is circulating today, leaving 1x the current float still to arrive. At a flat price per token that is 0% of fully diluted value ahead of current holders.
- How far is WSTETH from its all-time high?
- WSTETH trades 67.3% below its all-time high of $7,256. Returning to that high requires a 3.1x move from the level used in this scoring pass.
- Which tokens have a similar profile to WSTETH?
- Measured on the shape of all 25 scored variables rather than on price, the closest matches to WSTETH are CBETH (158), SKY (141), MNDE (119) and AR (140). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.
- What is the next catalyst for WSTETH?
- wstETH becoming default collateral across all major lending protocols; MakerDAO, Aave, Spark all natively integrated
Keep reading
Research and analysis, not investment advice. Scores are one framework applied consistently across 251 tokens, not a prediction of price.