Lido GGV service relies on third-party infrastructure provided by Veda. By proceeding, you are subject to Veda’s Terms of Service and Privacy Policy as well as Lido’s Terms of Use.
Note, that the vault involves protocol, slashing and other risks. You can find more details in the FAQ below.
Allocation: Your deposit is distributed across a curated set of high-performing DeFi strategies, including lending markets (Aave, Fluid) and LP positions (Uniswap v4, Balancer). The exact allocation may vary over time based on market conditions and strategy performance. All strategies are ETH-correlated to help minimize risk from price volatility.
FAQ
What is Lido GGV, and how does it work?
The Golden Goose Vault (GGV) is designed to maximize rewards on ETH and (w)stETH deposits while continuously optimizing for the best opportunities across chains.
What is APY for GGV, and how is it calculated?
APY is the annual percentage yield including compounding. In the context of GGV, the APY calculation is the following: the vault’s rewards are derived from growth in its net asset value (NAV) over time. The NAV can increase through multiple use cases, such as staking, lending, providing liquidity on third-party providers. The user’s accrued rewards will depend on the portion of the vault that they hold. The APY reflects the performance of underlying strategies to which GGV allocates capital. Rewards are distributed implicitly into GG’s growing value rather than as separate payouts.
Please note that APY figures are only estimates and subject to change at any time. Past performance is not a guarantee of future results. Rewards are influenced by factors outside the platform’s control, including changes to blockchain protocols and validator performance.
What fees are applied when I deposit into GGV?
When you deposit your tokens, you receive GG tokens that represent your share of the vault. Your GG token balance never decreases to cover fees, instead, fees are reflected in the value of each GG token:
Platform fee (AUM fee): 1% annually, pro-rated for the time your deposited tokens stay in the vault, is built into the GG token’s price.
Performance fee (allocated to Veda): 10% of the yield is deducted from gains before they’re reflected in the GG token’s price.
So, while your GG token balance stays the same, the value per token adjusts to account for fees and performance.
What are the risks outlined in the vault, and what’s the approach for their mitigation?
As with any DeFi application, there are inherent risks. In this case, the vault is exposed to risks that can generally be categorized into two areas: protocol-level (technical) risk and strategy-level (operational) risk.
Protocol-Level Risk (Smart Contract and Platform Risk)
These are risks arising from vulnerabilities or failures in the smart contracts used by the vault itself or by the third-party DeFi protocols it integrates with (e.g., Aave, Uniswap, etc.). The vault attempts to mitigate this risk by interacting only with protocols that have undergone extensive security audits, have robust practices, and have demonstrated reliability through long-term, large-scale usage.
Strategy-Level Risk (Operational Risk)
These are risks related to how the vault allocates assets in various DeFi strategies. Current strategies include ETH lending, leveraged staking, and liquidity provision in ETH–wstETH pairs. Each has associated risks and mitigation measures
Lending Risk: Lending ETH in third-party protocols carries the risk of bad debt or insolvency events at the protocol level. This risk is mitigated by using lending protocols like Aave who have deep liquidity and deep experience in risk management.
Leverage Risk: Leveraged staking may introduce the risk of liquidation. This risk is mitigated by using correlated tokens (e.g., using wstETH as collateral to borrow ETH) which reduces the impact of market price volatibility such as the risk of liquidation due to changes in the value of the underlying assets. Additionally, the specific leverage ratio is routinely monitored by the DeFi curation team to remain within safe thresholds.
Liquidity Provision Risk: Providing liquidity on decentralized exchanges (DEXs) can result in value loss due to changes in the relative prices of assets (impermanent loss). This risk is mitigated by using correlated pairs like wstETH and ETH where deviations in the price ratio are minimal, which reduces price divergence risk.
Important: The risks described above are not exhaustive. Other risks may exist and could arise unexpectedly. While contributors to the protocol implement best-in-class security practices and continuously monitor risk exposure, no system is entirely risk-free, and some risks may remain despite all mitigation efforts. Anyone considering using the vault should conduct their own research and seek independent professional advice to ensure they fully understand the potential risks and implications before participating.
Is GGV audited?
The GGV vault is built on Veda's BoringVault code, which is the most widely used vault code in DeFi. Veda has commissioned audits by 0xMacro and Spearbit, which can be found here.
Who is the curator for GGV and what’s their role?
The curator for GGV is Veda, their role is overseeing strategy execution, risk management, and the overall performance of the vault.
What is GG token?
The GG token represents your share of the GGV vault. Its value reflects the amount you deposited and the vault’s performance. Please note that for the first 24 hours after a deposit, the token cannot be transferred.
What can I do with GG token?
You can transfer it between wallets and also use them for deposits in the future. The GG token may have future DeFi utility. Keep an eye out for future announcements on Lido’s official channels.
Why did I not see any rewards after depositing into GGV for just a 3-5 days period?
GGV, like most DeFi vault products, allocates funds into underlying strategies (e.g. Uniswap, Aave, Morpho, Balancer, Gearbox, Euler, Fluid). Rewards accrue gradually and are reflected in the increasing value of GG relative to ETH over time. However, this growth is generally slow in the short term. Withdrawing after only 3-5 days is typically unfavorable, as strategy fees and market volatility may offset any small gains.
How long should I stay in GGV to get rewards?
GGV is designed as a mid- to long-term product. Similar to holding wstETH, the value of GG units grows steadily over time. Staying invested longer helps smooth out short-term volatility and allows the vault strategies to generate meaningful rewards. However, please note this is for general information purposes only, as users should make their own decision on how long to participate based on their individual circumstances, and after conducting research and seeking professional guidance.
How does the withdrawal work?
You can withdraw your GG tokens back into wstETH in a single transaction (withdraw + claim). Once requested, your withdrawal will show as pending on Lido UI. Withdrawals are typically fulfilled within 3 days under normal conditions.
How long does it take to withdraw?
Typically, it takes up to 3 days, though it may be faster. You can check progress in your wallet or in the Withdrawal section of the Lido GGV UI.
Why, even though deposits are made in ETH/WETH/stETH/wstETH, do I only receive wstETH on withdrawal?
Withdrawals are processed in wstETH because this format allows the vault to reduce the time to claim and complete a withdrawal. By receiving wstETH, you will continue to accrue staking APR while you hold it. Also, wstETH is widely accepted in DeFi, so you can use it across protocols, bridge it to other networks, or convert it into ETH through Lido withdrawals, or secondary markets.
Can I transform my wstETH to ETH?
Yes. You can transform your wstETH to ETH using the Request and Claim tabs, trading platforms on Lido Withdrawal tab, or any other aggregator.
Is there a fee for withdrawal?
There’s no withdrawal fee. However, as with any Ethereum transaction, you’ll need to pay a network gas fee.
When I request the withdrawal and it’s pending, do I still get the rewards?
No, once you create the withdrawal request, the rewards you were getting on your deposit amount will stop generating.
How many withdrawal requests can I have?
You can have only one active request. To start another, cancel the existing one first.
Can I cancel my withdrawal request?
Yes. If your withdrawal request has not yet been fulfilled, you can cancel it in the Lido UI.
How do I claim my rewards?
Rewards are automatically included in your GG token balance and are realized upon withdrawal into a wstETH-related amount.
* APR/APY figures are estimates, not guaranteed, and are subject to change based on network conditions.
Rewards may fluctuate and are influenced by factors outside the platform’s control, including changes to blockchain protocols and validator performance. Past performance does not guarantee future results. Rewards are not assured and depend on the specific rules and mechanisms established by each underlying blockchain network. Users should conduct their own research, seek professional advice, and ensure they understand the risks before participating