What can you do with Lido staked ETH?

Could you please elaborate on the various utilities offered by staking ETH on Lido? What are the key benefits one can derive from this process? Also, could you explain the steps involved in staking ETH on Lido and any potential risks or considerations that need to be taken into account? Additionally, how does staking ETH on Lido differ from other staking options available in the crypto market? I'm interested in understanding the specific advantages that Lido might offer in comparison.