Total Lido stake declined from 9.8M ETH peak to 9.2M, but CSM grew to 561K ETH (6.1%) in 5 months and SDVT to 335K (3.6%). All outflows came from Curated. Permissionless modules kept growing through the drawdown.
> Curated module share dropped from 100% to ~91% in under 2 years. CSM alone is adding ~3.7K ETH/day on average since launch, on track to cross 7% share by mid 2026.
> C4lvin - The Curated Module currently holds about 91% of total stETH supply, approximately 8.5M ETH. In dollar terms, that amounts to roughly $18 billion in TVL (as of March 5, 2026, at ETH $2,121). The remaining approximately 8% is distributed across the CSM and SDVTM, but for all practical purposes, Lido's staking infrastructure runs on the Curated Module.
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