Q2 2025 Validator & Node Operator Metrics 📊 Highlights: • 478.7 stETH in rewards distributed to client teams. • Reth client adoption doubled across Curated & Simple DVT Modules. • Public cloud at 51.86% in the Curated Module, retaining the largest share. ↓

🆕 Client Development Team Rewards This section shows the quarterly and cumulative stETH rewards earned by node operators participating in the Lido protocol, which also develop Ethereum clients. Alongside EF grants, the revenues that these operators make as a result of using their products to support the security of the network help to support long-term client maintenance, development & improvement. These teams include the developers behind @sigp_io, @lodestar_eth, @ethnimbus, @prylabs, @Consensys, @HyperledgerBesu & @NethermindEth.

🥩 Stake Distribution in Modules Since net inflows in Q2 led to 1,000 validators being deposited for Pier Two in the Curated module, the Gini Coefficient for Lido modules has continued to decrease to 0.9177, reflecting a more balanced stake distribution. The line on the image below represents a soft cap outlined in the Operator Set Strategy, which aims to ensure that no single operator manages more than 1% of the total Ethereum stake.

ℹ️ Gini Coefficient For the purpose of the VaNOM, the Gini Coefficient measures the inequality among the number of validators operated per Node Operator. The perfect scenario – Gini Coefficient is 0 – is an even distribution of stake across the module, while a coefficient of 1 reflects max inequality.

📊 Client Share Shifts Improving EL client diversity remains a focal point for Node Operators and Lido contributors. @paradigm Reth saw the most notable growth in adoption: ↗️ 3.36% in the Curated Module (+1.29pp. QoQ) ↗️ 1.6% in the Simple DVT (+1.4pp. QoQ) Meanwhile, Erigon declined to 0.5% across Curated NOs, as Figment and Stakely rotated in favour of other clients.

⚜️ CSM Operator Participation 31 new operators joined CSM this quarter, yet the number of operators running validators slightly decreased to 293 (from 312 in Q1). New operators and more active validators are expected as inflows resume into the Lido protocol, following the recent on-chain DAO approval to raise the CSM stake share limit to 3%.

🛠️ Infrastructure Usage Trends The chart below provides a comparative view of server provider distribution across the modules. • Curated: Public cloud edged up slightly to 51.86% (+1.52pp. QoQ) • Simple DVT: Dedicated servers are the most used (61.97%), followed by cloud at 13.1% • CSM: Home setups preferred by 59.1% with minimal cloud reliance (0.19%)

The Q2 2025 VaNOM report shows clear progress toward Lido’s decentralization goals, including broader stake distribution, more diverse infrastructure and client usage, and a transparent reward share mechanism across the Lido ecosystem 🎉

Check out the full VaNOM Q2 report here: