May 2026
Lido GGV Transparency Report
By Delta Y
Highlights
Lido GGV is a ETH-denominated vault providing automated access to blue-chip DeFi yield strategies through diversified positions across protocols, managed by Veda for Lido. The vault was deployed on May 23, 2025, with regular price updates beginning on September 4, 2025, and data on protocols' allocations available since February 21, 2026.
During May 2026, Lido GGV's AUM decreased from $22.07M to $14.21M. The inception-to-date return (net of fees) now amounts to 1.84% annualized.
Other relevant indicators can be seen in Table 1 below:
Apr 2026 | May 2026 (Δ) | |
|---|---|---|
Avg. NAV | $25.33M | $20.15M (-20.45%) |
Avg. APY | -8.21% | -22.08% (-13.88 p.p.) |
Avg. Leverage | 10.71x | 11.21x (4.68%) |
Net Deposits | -$7.13M | -$5.12M (28.14%) |
Performance
Lido GGV reached a price of $1.0127 in its latest oracle update, reflecting a -0.28% return for the month of May. The trailing (7 days minimum) APY peaked at -17.56% during this period, with a minimum of -25.41%.
Table 2displays the vault's performance against other comparable yield strategies:
Apr 2026 | May 2026 | |
|---|---|---|
Lido GGV wstETH | Lido GGV wstETH | |
Avg. APY | -8.29% 2.50% | -21.27% 2.51% |
Std. Dev. APY | 14.39% 0.10% | 2.12% 0.09% |
Portfolio Allocation
The vault's main strategies during this period - ranked from highest to lowest by average NAV - were Borrowing ($19.48M or 97.02%), (Re)Staking ($481.38K or 2.40%) and Others ($57.16K or 0.28%).
As of the reporting date, the vault's capital is deployed across 5 blockchains and 13 protocols, with exposure over the past month ranging between 5-6 blockchains.
More notably, Lido GGV's capital allocation across the top 5 most common protocols is detailed in Figure 1:
Figure 1: Average NAV allocated by Lido GGV to the top 5 protocols over the last 2 months.
The vault's largest asset holdings for the month were weETH ($224.49M or 99.73%), stETH ($524.69K or 0.23%) and Unclassified ($46.02K or 0.02%), which have, on average, collectively represented 99.99%of the vault's total assets.
At the end of the period, the vault's leverage was 12.09x, which represents an increase of 3.28% from the start of the month.
Other relevant indicators can be seen in Table 3 below:
30th Apr 2026 | 31st May 2026 | |
|---|---|---|
Assets | ||
weETH | $254.58M 99.89% | $171.42M 99.79% |
stETH | $184.82K 0.07% | $331.67K 0.19% |
ETH | $1.46K < 0.01% | $13.25K < 0.01% |
wstETH | $52.26K 0.02% | $4.35K < 0.01% |
WETH | $19.03K < 0.01% | $2.23K < 0.01% |
Unclassified | $19.59K < 0.01% | $0.00 0.00% |
Others | $6.37K < 0.01% | $5.40K < 0.01% |
Total Assets | $254.86M 100.00% | $171.77M 100.00% |
Activity
During May 2026, the vault processed $0.00 in deposits and $5.12M in withdrawals, resulting in -$5.12M of net deposits over a total of 31 transactions.
As of period end, the Lido GGV vault had 585 holder addresses, representing a decrease of 12.03% from the start of the month.
Other relevant indicators can be seen in Table 4 below:
Apr 2026 | May 2026 (Δ) | |
|---|---|---|
Deposits | $0.00 | $0.00 (N/A) |
Withdrawals | $7.13M | $5.12M (-28.14%) |
Net Deposits | -$7.13M | -$5.12M (28.14%) |
Avg. Holders NAV | $34.76K | $31.93K (-8.14%) |
Median Holders NAV | $243.92 | $122.56 (-49.75%) |
Disclosures
Security: Veda smart contracts have been audited by 0xMacro and Cantina. Onchain transactions are bounded by Merkle trees, where each leaf encodes a specific allowed action.
Fees: Veda vaults may be subject to management and performance fees, which are automatically deducted and reflected in net returns.
Accounting: Lido GGV's price is updated periodically onchain. Price increases stepwise rather than reflecting real-time mark-to-market.
Risks: Smart contract risk (potential total loss), market risk (depegs, rate volatility), and counterparty risk (centralized components in some protocols).
Data Sources: Unless otherwise stated, all data presented in the report is obtained from on-chain sources. Any supplementary sources are explicitly noted where applicable.
Disclaimer
This report is for informational purposes only and does not constitute financial, investment, legal, or tax advice. The information contained herein is not an offer to sell or a solicitation of an offer to buy any security, nor shall any securities be offered or sold to any person in any jurisdiction in which such offer, solicitation, purchase, or sale would be unlawful.
Investing in decentralized finance (DeFi) products, including Lido GGV, involves significant risks, including but not limited to smart contract vulnerabilities, market volatility, and regulatory uncertainty. Past performance is not indicative of future results, and investors may lose some or all of their principal.
The data and analyses presented in this report are based on information believed to be reliable, but their accuracy, completeness, and timeliness are not guaranteed. The strategies and allocations described are subject to change without notice. All investment decisions should be made with the help of a qualified professional and based on your own research and risk tolerance.