Waldo Lake Kayaking Waldo Lake has a surface area of 9.8 square miles. It has an average depth of 128 feet with a maximum depth of 420 feet. This makes Waldo the second deepest lake in the state after Crater Lake. Like Crater Lake, Waldo Lake is ultraoligotrophic (having extremely clear water with very little organic material). The lake is restocked with trout every other year, since many fish do not survive due to the lack of organic material. The lake has a 10 mph speed limit for boats, but starting in 2009 gasoline motors will be banned in order to protect the water quality.