The Curated Module (CM) is Lido’s origin, its first and — in terms of stake allocation — currently largest Staking Module (SM). Formerly known as the Node Operators Registry, the CM today, alongside the Simple DVT Module (SDVTM), operates as one of two permissioned and bondless SMs.
The Curated Module consists of allow-listed independent professional staking organizations and Ethereum client teams, which operate validators using the protocol. Within the CM, stake is allocated in a “bottom-up” and withdrawn in a “top-down” approach based on the node operators (NOs) amount of currently active keys. Over time, this mechanic organically distributes stake evenly throughout the Staking Module.
The Curated Module, thanks to its maturity and robustness, acts as the fallback whenever the remaining SMs have no depositable keys or are at capacity.
The ultimate goal of Lido in general, and the CM in particular, is the democratization of staking in Ethereum as enshrined in the Lido DAO Vibe and further refined in Hasu's GOOSE, ReGOOSE and GOOSE-2 proposals.
In the Lido protocol, the Curated Module serves as the bulwark of the modular Staking Router (SR). Predicated on a permissioned, bondless design, historic onboardings where LDO tokenholders approved additions of NOs have focused on a diverse, distributed and ecosystem-aligned NO set. The CM allows for allocation of unrivalled amounts of stake, all while promoting credible neutrality for the network. Additionally, the NOs have worked together with DAO contributors to prioritize robust staking setups and transparency, resulting in initiatives such as the Validators and Node Operator Metrics (VaNOM) reports. In practice, the participation of NOs from underrepresented regions, emphasis on diverse infrastructural setups, and promotion of usage of minority clients in the Curated Module have led to significant improvements in the decentralization of the Ethereum validator set as a whole.
As new modules and ways for NOs to use the Lido protocol emerge, the Curated Module’s robustness enables the protocol to process both large volumes of deposits and withdrawals — helping it keep pace with market demand at speed.
<aside> 🟢 Curated Module on mainnet is live
</aside>
<aside> 🟢 Curated Module on Hoodi is live
</aside>
<aside> 🟢 Curated Module on Holešky is deprecated
</aside>
LoE’s non-custodial design, combined with the Curated Module bondless economic model, empowers stakers to help secure the Ethereum network without the need to deposit the full 32 ETH required to activate a validator or run the underlying infrastructure. Instead, validator operation and node maintenance are carried out by a diverse and values-aligned set of independent professional NOs and client teams within the CM, approved by LDO tokenholders. This synergy allows stakers to benefit from stETH’s unmatched utility and deep liquidity, enabling seamless participation in a wide range of DeFi opportunities, while rewarding NOs for their services to maintain the overall health and security of the protocol and Ethereum network.
Stakers and NOs receive both Execution Layer (EL) and Consensus Layer (CL) rewards. EL rewards and general block proposer expectations for NOs are addressed in the Block Proposer SNOP (Standard Node Operator Protocols). The information about historic protocol APR can be found at the dedicated Dune dashboard; or you can utilize the Lido API to query a summary of the numbers yourself. A per-module APR information is available on Rated Network.
If incoming stake is directed to the Curated Module by the Staking Router, the new stake is allocated prioritizing NO(s) that have the fewest amount of active validators (provided they also have depositable keys). From the perspective of validator exits, when needed e.g. as a result of demand for stETH withdrawals, the Validators Exit Bus Oracle (VEBO) prioritizes the exit of validators of NOs who operate the most active and longest-running keys. More information about validator exits can be found in the Validator Exits SNOP. Given these deposit and exit mechanisms, over time this has created an organic balancing effect — resulting in a relatively even distribution of stake across the CM. This is conducive to increasing fairness between NOs and the decentralization of the network.
Finally, the Curated Module also acts as the backup for other Lido Staking Modules, as it has no limit on its "stake share limit", ergo always being available for deposit allocation if other modules are full or lack capacity of depositable keys.
The remaining portion (5%) of the CM share goes to the Lido DAO treasury for the ongoing protocol development and maintenance of the Curated Module.
The Lido Oracle Daemon monitors the state of the protocol across both the CL and EL and regularly submits update reports to the LoE smart contracts.
There are two Lido Oracle sub-modules relevant to the Curated Module: