Is Lido decentralized?

I'm curious to know, is Lido decentralized? Could you please elaborate on this matter? I've heard conflicting views about it, and I'm trying to get a clearer understanding. Is its operation truly distributed, or does it rely on centralized entities in some way? Also, how does its decentralization impact its security and reliability? I'm interested in understanding the intricacies of this cryptocurrency and how it functions within the larger blockchain ecosystem.