Vault inputs
Lido Core APR is the protocol-wide reference rate DAO fees are computed FROM — it is not necessarily the rate your vault's own validators actually earned (that's the Node Operator Fee base instead).
Fee breakdown
| Платеж | Base × rate | Amount/yr |
|---|
Reserve Ratio vs mint capacity (illustrative)
Simplified Total Value × (1−RR) capacity model — NOT the live protocol-wide tier caps, which are separately governance-capped and fill on a first-come basis.
| Reserve Ratio | Max mintable stETH | Эффективность капитала |
|---|
Why one vault pays four differently-calculated fees
Lido V3 stVaults, live on Ethereum mainnet since January 30, 2026, replace Lido's one-size-fits-all staking pool with modular vault infrastructure: institutions or node operators spin up their own vault, choose their validator set, and negotiate their own fee terms with the DAO — while the stETH their vault mints stays fungible and liquid alongside everyone else's. The tradeoff is that "your fee" is no longer one number. The Node Operator Fee is the only one based on reality — it takes a percentage of the actual staking rewards your validators earned this period. The other three are DAO-level charges computed from the Lido Core APR, a synthetic protocol-wide reference rate, multiplied against different bases: Infrastructure Fee = Total Value × Core APR × rate (charged on everything in the vault, used or not), Liquidity Fee = Minted stETH × Core APR × rate (charged only on the stETH you've actually put into circulation), and the optional Reservation Liquidity Fee = Mintable stETH × Core APR × rate (charged for holding unused minting capacity in reserve, whether or not you ever use it).
That last point is the part worth sitting with: two vaults can earn identical real staking rewards but owe different total DAO fees purely because one minted more stETH or reserved more unused capacity than the other. A vault that stays conservative — low Minted stETH, no reserved Mintable stETH — pays close to just the Infrastructure Fee. A vault that mints aggressively and reserves a large buffer pays all three DAO fees stacked, even in a period where its validators underperformed the Lido Core APR benchmark. Lido's own governance proposals (research.lido.fi) describe three possible fee-combination structures at launch — Infrastructure-only, Infrastructure+Liquidity, or the full stack including Reservation — left to per-vault negotiation rather than one protocol-wide default.
Reserve Ratio (RR) sits alongside this as a separate capital-efficiency lever: each RR tier caps how much of a vault's Total Value can be minted as stETH (lower RR = more mintable per dollar staked), but the DAO also caps total global capacity available at each tier — so the most capital-efficient (lowest RR) tiers are also the scarcest and fill first. This calculator's RR table is a simplified per-vault illustration of that tradeoff, not a live feed of the actual tier caps, which change via governance (see Многофакторный фактор здоровья for a similarly-shaped weighted-threshold calculation in a different context). Compare this to flat-rate staking on Ставка против холдинга or restaking yield-stacking on Повторный набор очков — stVaults is the first Lido product where your realized net yield depends on vault-specific DAO fee negotiation, not just a published APY.