> For the complete documentation index, see [llms.txt](https://docs.kpk.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.kpk.io/funds/infrastructure/onchain-accounting/price-feeds/steth.md).

# stETH

Prices stETH fundamentally at 1.0 × ETH/USD, with the Chainlink stETH/ETH market feed retained as a divergence monitor rather than the primary.

stETH is priced **fundamentally**: `stETH/USD = 1.0 × ETH/USD`, holding stETH/ETH at parity on Lido's redemption invariant. The Chainlink stETH/ETH **market** feed is still read, but as a **divergence monitor** rather than the price source.

* **Chain:** Ethereum
* **Primary** — `stETHFundamental`: `1.0 × ETH/USD`, a unit-rate feed. Deployed from [`eETH_CustomPriceFeed.sol`](https://github.com/karpatkey/onchain-accounting/blob/main/src/prices/protocols/eETH_CustomPriceFeed.sol), so the contract name shown on explorers reads **eETH** — expected, not a mis-deployment.
* **Monitor** — `stETHCrossRate`: `ETH/USD × stETH/ETH` with the Chainlink stETH/ETH market feed. Source [`stETH_CustomPriceFeed.sol`](https://github.com/karpatkey/onchain-accounting/blob/main/src/prices/protocols/stETH_CustomPriceFeed.sol).

***

## Why fundamental, with the market feed kept as a monitor

{% hint style="info" %}
The market CrossRate **was** the primary until a price-feed audit reversed it.

Pricing stETH off a market feed makes the NAV move with secondary-market noise on an asset whose redemption value is defined by Lido at parity. That is the same reasoning applied to [wstETH](/funds/infrastructure/onchain-accounting/price-feeds/wsteth.md) (`stEthPerToken()` × ETH/USD) and eETH (`1.0` × ETH/USD) — so the fundamental primary makes stETH **consistent with its siblings** rather than an exception.

Demoting the market feed to a monitor keeps its signal without letting it set the price: a divergence between the fundamental price and the market feed beyond tolerance raises the position's `irregular` flag, surfacing a depeg rather than silently repricing the book.
{% endhint %}

***

## Base asset

The `ETH/USD` leg is read **from the NAV** rather than from a second Chainlink feed held by the contract, so stETH cannot be valued against an ETH price the rest of the NAV disagrees with — it inherits the NAV's own staleness and divergence checks.


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