Nansen, best known for helping degens and institutions alike track wallets and on-chain flows, just made its first real move into Ethereum staking. The blockchain analytics platform launched a non-custodial ETH staking product built on Lido’s stVaults, effectively transforming itself from a data company into a validator operator with skin in the game.

The product went live as part of Lido’s stVaults mainnet release on January 30, 2026. Users can now stake ETH directly to Nansen-operated validators and earn both consensus rewards and MEV (miner extractable value) rewards, all without needing the traditional 32 ETH minimum that solo staking demands.

How Nansen’s staking product actually works

Nansen’s product plugs into Lido’s V3 stVaults architecture. stVaults separate the roles of vault ownership and node operation, which means Nansen serves as both the stVault owner and the node operator. Nansen runs the validators, manages the infrastructure, and users deposit whatever amount of ETH they want.

In return, stakers receive stETH liquidity, Lido’s liquid staking token that can be used across DeFi protocols. The entire setup is non-custodial, meaning Nansen never takes direct control of user funds. The underlying smart contracts have been audited by reputable security firms.

There’s also a loyalty layer baked in. Users earn Nansen Points on top of their staking rewards.

From analytics to infrastructure

Nansen acquired StakeWithUs in 2024, a move that gave the company validator expertise and operational infrastructure. That acquisition positioned Nansen as a top-tier validator by both total assets staked and number of delegators.

Lido’s separation-of-roles model is what makes this kind of B2B2X infrastructure possible. Rather than running a monolithic staking operation, Lido’s V3 architecture lets specialized companies like Nansen plug in as operators while Lido handles the protocol-level plumbing. stETH currently sits at a market cap of approximately $27 billion, making it the dominant liquid staking token by a wide margin.

What this means for investors

Nansen’s product removes the 32 ETH minimum, adds DeFi composability through stETH, and layers on analytics tools that institutional players expect. For retail users, the value proposition is competitive staking yields plus Nansen Points plus access to Nansen’s analytics platform. For institutional allocators, the appeal is a non-custodial, audited staking solution operated by a well-known analytics firm with transparent performance attribution. The separation-of-roles model means institutions can see exactly how their validator operator is performing.

There’s a risk dimension too. While non-custodial design and smart contract audits reduce counterparty risk, staking products still carry slashing risk if validators misbehave or experience downtime.