Lido is backed by several industry-leading staking providers. stETH combines the value of your initial deposit with daily staking rewards. Lido's stETH can be used as ether, allowing holders to earn Eth2 staking rewards in addition to rewards through integrated platforms like Curve and SushiSwap.
How does stETH work?
Since stETH is compatible to be used in DeFi, users can use it as a means of on-chain lending.
How many stETH are in circulation? The number of ETH deposited into the Lido contract is tracked by the supply of stETH.