Wrapped Aave Ethereum Lido wstETH
WAETHLIDOWSTETH
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
WAETHLIDOWSTETH (Wrapped Aave Ethereum Lido wstETH) is a DeFi infrastructure receipt token representing wstETH supplied to the Aave V3 Ethereum Lido instance. It benefits from the high-caliber development and governance of both Aave and Lido DAO (Active Development: 8.0/10; Team and Governance: 7.5/10), offering sound programmatic tokenomics tied to underlying staking and lending yields (Tokenomics: 7.5/10). However, as a mechanical wrapper token, it exhibits virtually no standalone community (Community Support: 1.5/10), negligible liquidity, and very low adoption with only 41 holders and a sub-$1M market cap (Market and Use Case: 3.0/10). Security is rated at 4.0/10 due to wrapper-level audit obscurity and multi-protocol exposure to broader lending market systemic events (such as the April 2026 Kelp DAO exploit impacting Aave bad debt and past oracle misconfigurations). No qualifying red-flag cap applies directly to the wrapper token itself. Across all six evaluated sections with complete data, the weighted average yields an overall score of 5.5.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Wrapped Aave Ethereum Lido wstETH (WAETHLIDOWSTETH)
Wrapped Aave Ethereum Lido wstETH (WAETHLIDOWSTETH) is an ERC-20 receipt token deployed on the Ethereum mainnet. It functions as a non-rebasing wrapper for Aave V3 interest-bearing aTokens that represent Lido's wrapped staked Ether (wstETH) supplied to the Aave Ethereum Lido market instance. The token does not have an independent roadmap or standard tokenomics such as fixed supply or emissions; instead, its supply is elastic, minting dynamically when users deposit wstETH into the lending pool and burning upon withdrawal. Holders earn yields generated through a combination of Aave base lending interest and Lido's underlying stETH staking rewards.
Because WAETHLIDOWSTETH serves as a mechanical DeFi infrastructure wrapper, it has no standalone developer team, dedicated governance framework, or independent community channels. Its governance and ongoing protocol parameters are inherited directly from Aave DAO and Lido DAO via AIP proposals and risk service providers. Adoption of the wrapper token remains low, characterized by a circulating supply of approximately 250 tokens across 41 holders, a market capitalization under $1 million, and thin secondary market liquidity.
Security and systemic risk for the token are tied to the broader Aave and Lido ecosystems. Historical incidents impacting related lending markets include an Aave risk-oracle misconfiguration that mispriced wstETH by 2.85%, leading to approximately $27.1 million (10,938 wstETH) in liquidations for which compensation was announced. In addition, an April 2026 exploit of the Kelp DAO rsETH bridge drained $292 million and generated roughly $200 million in bad debt across Aave markets, involving borrowed wstETH. The token also carries structural counterparty risks stemming from high holder concentration, where a single address controls 45.71% of the wrapped supply.