diff --git a/package.json b/package.json
index 971ae0d99..0021fd60e 100644
--- a/package.json
+++ b/package.json
@@ -34,7 +34,8 @@
     "typecheck": "tsc --noEmit",
     "prepare": "husky",
     "abis:extract": "hardhat abis:extract",
-    "verify:deployed": "hardhat verify:deployed"
+    "verify:deployed": "hardhat verify:deployed",
+    "test:custom": "forge test -vvvv --match-path \"test/0.8.25/vaults/contracts/ShareRate.t.sol\""
   },
   "lint-staged": {
     "./**/*.ts": [
diff --git a/test/0.8.25/vaults/contracts/Protocol__Deployment.t.sol b/test/0.8.25/vaults/contracts/Protocol__Deployment.t.sol
new file mode 100644
index 000000000..6c5272922
--- /dev/null
+++ b/test/0.8.25/vaults/contracts/Protocol__Deployment.t.sol
@@ -0,0 +1,126 @@
+// SPDX-License-Identifier: MIT
+pragma solidity ^0.8.0;
+
+import "../../../../contracts/0.8.9/EIP712StETH.sol";
+import "forge-std/Test.sol";
+
+import {CommonBase} from "forge-std/Base.sol";
+import {LidoLocator} from "../../../../contracts/0.8.9/LidoLocator.sol";
+import {StdCheats} from "forge-std/StdCheats.sol";
+import {StdUtils} from "forge-std/StdUtils.sol";
+import {Vm} from "forge-std/Vm.sol";
+import {console2} from "forge-std/console2.sol";
+
+interface ILido {
+    function getTotalShares() external view returns (uint256);
+    function mintExternalShares(address _recipient, uint256 _amountOfShares) external;
+    function burnExternalShares(uint256 _amountOfShares) external;
+    function setMaxExternalRatioBP(uint256 _maxExternalRatioBP) external;
+    function initialize(address _lidoLocator, address _eip712StETH) external payable;
+    function resumeStaking() external;
+    function resume() external;
+    function setStakingLimit(uint256 _maxStakeLimit, uint256 _stakeLimitIncreasePerBlock) external;
+}
+
+interface IKernel {
+    function acl() external view returns (IACL);
+    function newAppInstance(bytes32 _appId, address _appBase, bytes calldata _initializePayload, bool _setDefault) external;
+}
+
+interface IACL {
+    function initialize(address _permissionsCreator) external;
+    function createPermission(address _entity, address _app, bytes32 _role, address _manager) external;
+    function hasPermission(address _who, address _where, bytes32 _what) external view returns (bool);
+}
+
+interface IDaoFactory {
+    function newDAO(address _root) external returns (IKernel);
+}
+
+contract Protocol__Deployment is Test {
+    ILido public lidoContract;
+
+    address private rootAccount;
+    address private userAccount;
+
+    address public kernelBase;
+    address public aclBase;
+    address public evmScriptRegistryFactory;
+    address public daoFactoryAdr;
+
+    address public accounting = makeAddr("dummy-locator:accounting");
+
+    function prepareLidoContract(uint256 _startBalance, address _rootAccount, address _userAccount) public {
+        rootAccount = _rootAccount;
+        userAccount = _userAccount;
+
+        vm.startPrank(rootAccount);
+            kernelBase = deployCode("Kernel.sol:Kernel", abi.encode(true));
+            aclBase = deployCode("ACL.sol:ACL");
+            evmScriptRegistryFactory = deployCode("EVMScriptRegistryFactory.sol:EVMScriptRegistryFactory");
+            daoFactoryAdr = deployCode("DAOFactory.sol:DAOFactory",
+                abi.encode(kernelBase, aclBase ,evmScriptRegistryFactory)
+            );
+        vm.stopPrank();
+
+        IDaoFactory daoFactory = IDaoFactory(daoFactoryAdr);
+
+        vm.recordLogs();
+        daoFactory.newDAO(rootAccount);
+        Vm.Log[] memory logs = vm.getRecordedLogs();
+        (address daoAddress) = abi.decode(logs[logs.length - 1].data, (address));
+
+        vm.startPrank(rootAccount);
+            IKernel dao = IKernel(address(daoAddress));
+            IACL acl = IACL(address(dao.acl()));
+            acl.createPermission(rootAccount, daoAddress, keccak256("APP_MANAGER_ROLE"), rootAccount);
+        vm.stopPrank();
+
+        vm.startPrank(rootAccount);
+            address impl = deployCode("Lido.sol:Lido");
+            vm.recordLogs();
+            dao.newAppInstance(keccak256(bytes("lido.aragonpm.test")), impl, "", false);
+            logs = vm.getRecordedLogs();
+        vm.stopPrank();
+
+        (address lidoProxyAddress) = abi.decode(logs[logs.length - 1].data, (address));
+
+        vm.startPrank(rootAccount);
+            lidoContract = ILido(lidoProxyAddress);
+        vm.stopPrank();
+
+        vm.startPrank(rootAccount);
+            acl.createPermission(userAccount, address(lidoContract), keccak256("STAKING_CONTROL_ROLE"), rootAccount);
+            acl.createPermission(userAccount, address(lidoContract), keccak256("STAKING_PAUSE_ROLE"), rootAccount);
+            acl.createPermission(userAccount, address(lidoContract), keccak256("RESUME_ROLE"), rootAccount);
+            acl.createPermission(userAccount, address(lidoContract), keccak256("PAUSE_ROLE"), rootAccount);
+            assertTrue(acl.hasPermission(userAccount, address(lidoContract), keccak256("STAKING_CONTROL_ROLE")));
+        vm.stopPrank();
+
+        vm.startPrank(rootAccount);
+            LidoLocator locator = new LidoLocator( LidoLocator.Config({
+                accountingOracle: makeAddr("dummy-locator:accountingOracle"),
+                depositSecurityModule: makeAddr("dummy-locator:burner"),
+                elRewardsVault: makeAddr("dummy-locator:depositSecurityModule"),
+                legacyOracle: makeAddr("dummy-locator:elRewardsVault"),
+                lido: address(lidoContract),
+                oracleReportSanityChecker: makeAddr("dummy-locator:lido"),
+                postTokenRebaseReceiver: makeAddr("dummy-locator:oracleDaemonConfig"),
+                burner: makeAddr("dummy-locator:oracleReportSanityChecker"),
+                stakingRouter: makeAddr("dummy-locator:postTokenRebaseReceiver"),
+                treasury: makeAddr("dummy-locator:stakingRouter"),
+                validatorsExitBusOracle: makeAddr("dummy-locator:treasury"),
+                withdrawalQueue: makeAddr("dummy-locator:validatorsExitBusOracle"),
+                withdrawalVault: makeAddr("dummy-locator:withdrawalQueue"),
+                oracleDaemonConfig: makeAddr("dummy-locator:withdrawalVault"),
+                accounting: accounting,
+                wstETH: makeAddr("dummy-locator:wstETH")
+            }));
+
+            EIP712StETH eip712steth = new EIP712StETH(address(lidoContract));
+
+            vm.deal(address(lidoContract), _startBalance);
+            lidoContract.initialize(address(locator), address(eip712steth));
+        vm.stopPrank();
+    }
+}
diff --git a/test/0.8.25/vaults/contracts/ShareRate.t.sol b/test/0.8.25/vaults/contracts/ShareRate.t.sol
new file mode 100644
index 000000000..0a90c7380
--- /dev/null
+++ b/test/0.8.25/vaults/contracts/ShareRate.t.sol
@@ -0,0 +1,103 @@
+// SPDX-License-Identifier: MIT
+pragma solidity ^0.8.0;
+
+import "../../../../contracts/0.8.9/EIP712StETH.sol";
+import "forge-std/Test.sol";
+
+import {CommonBase} from "forge-std/Base.sol";
+import {LidoLocator} from "../../../../contracts/0.8.9/LidoLocator.sol";
+import {StdCheats} from "forge-std/StdCheats.sol";
+import {StdUtils} from "forge-std/StdUtils.sol";
+import {Vm} from "forge-std/Vm.sol";
+import {console2} from "forge-std/console2.sol";
+import {Protocol__Deployment, ILido} from "./Protocol__Deployment.t.sol";
+
+contract ShareRateHandler is CommonBase, StdCheats, StdUtils {
+    ILido public lidoContract;
+    address public accounting;
+    address public userAccount;
+
+    uint256 public maxAmountOfShares;
+
+    constructor(ILido _lido, address _accounting, address _userAccount, uint256 _maxAmountOfShares) {
+        lidoContract = _lido;
+        accounting = _accounting;
+        userAccount = _userAccount;
+        maxAmountOfShares = _maxAmountOfShares;
+    }
+
+    function mintExternalShares(address _recipient, uint256 _amountOfShares) external {
+        _amountOfShares = bound(_amountOfShares, 1, maxAmountOfShares);
+
+        vm.startPrank(userAccount);
+        lidoContract.resumeStaking();
+        vm.stopPrank();
+
+        vm.startPrank(accounting);
+        lidoContract.mintExternalShares(_recipient, _amountOfShares);
+        vm.stopPrank();
+    }
+
+    function burnExternalShares(uint256 _amountOfShares) external {
+        _amountOfShares = bound(_amountOfShares, 1, maxAmountOfShares);
+        vm.startPrank(userAccount);
+        lidoContract.resumeStaking();
+        vm.stopPrank();
+
+        vm.startPrank(accounting);
+        lidoContract.burnExternalShares(_amountOfShares);
+        vm.stopPrank();
+    }
+
+    function getTotalShares() external view returns (uint256) {
+        return lidoContract.getTotalShares();
+    }
+}
+
+contract ShareRate is Protocol__Deployment {
+    ShareRateHandler public shareRateHandler;
+
+    uint256 private _maxExternalRatioBP = 10_000;
+    uint256 private _maxStakeLimit = 15_000 ether;
+    uint256 private _stakeLimitIncreasePerBlock = 20 ether;
+    uint256 private _maxAmountOfShares = 100;
+    uint256 private protocolStartBalance = 15_000 ether;
+
+    address private rootAccount = address(0x123);
+    address private userAccount = address(0x321);
+
+    function setUp() public {
+        Protocol__Deployment.prepareLidoContract(
+            protocolStartBalance,
+            rootAccount,
+            userAccount
+        );
+
+        vm.startPrank(userAccount);
+        lidoContract.setMaxExternalRatioBP(_maxExternalRatioBP);
+        lidoContract.setStakingLimit(_maxStakeLimit, _stakeLimitIncreasePerBlock);
+        lidoContract.resume();
+        vm.stopPrank();
+
+        shareRateHandler = new ShareRateHandler(lidoContract, accounting, userAccount, _maxAmountOfShares);
+        targetContract(address(shareRateHandler));
+
+        bytes4[] memory selectors = new bytes4[](2);
+        selectors[0] = shareRateHandler.mintExternalShares.selector;
+        selectors[1] = shareRateHandler.burnExternalShares.selector;
+
+        targetSelector(
+            FuzzSelector({addr: address(shareRateHandler), selectors: selectors})
+        );
+    }
+
+    /**
+     * https://book.getfoundry.sh/reference/config/inline-test-config#in-line-invariant-configs
+     * forge-config: default.invariant.runs = 32
+     * forge-config: default.invariant.depth = 16
+     * forge-config: default.invariant.fail-on-revert = true
+     */
+    function invariant_totalShares() public {
+        assertEq(lidoContract.getTotalShares(), shareRateHandler.getTotalShares());
+    }
+}