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    Introduction

    Lido is a liquid staking solution for ETH 2.0. With Lido users stake their ETH without locking assets or maintaining infrastructure and receive stETH against it 1:1.

    The governance token of Lido DAO is LDO. LDO is an ERC-20 token which is also used to reward various DAO users the most important which rewarding stETH early stakers.

    In another dashboard, we identifies top LDO holders and investigates how they received LDO.

    In this dashboard, we focus on top 5 holders and investigates what they did by their LDOs.

    Results

    The graph below shows the LDO balance of top LDO holders over time. We can see except LIDO treasury all other four addresses just HODL their LDO. The LIDO treasure address distribute the token among several addresses over time.

    Notable findings

    The data shows that except the first top holder which is LIDO:treasury other top holders are early airdrop receivers who HODL their LDOs.