【Buyback LDO to Save the Market? Analyzing Lido's True Profitability】
Lido (LDO) Core Data and Mechanism
I. Project Positioning
1. Track: ETH Liquidity Staking (LSD)
2. Core Product: stETH / wstETH
3. Essence: Staking Intermediary, Providing Liquidity
II. Current Core Data (2026)
1. TVL: $18.45B
2. Monthly Fee: About $40.55M
3. 2025 Revenue: $40.5M (Year-on-Year -23%)
Conclusion:
The scale is still large, but profitability is starting to decline
III. Historical Trends (2021–2026)
TVL Changes
• 2021: < $1B
• 2022: ~$7B
• 2023: ~$10B
• 2024: ~$15B
• 2025: ~$20B
• 2026: ~$18B
👉 Key Point: Turning Point After 2025
Revenue Changes
• 2023: ~$52M
• 2024: ~$52M+
• 2025: $40.5M
• 2026: Continued Pressure
👉 Key Point: Growth Stagnation, Beginning to Decline
IV. Ways to Make Money (Core Mechanism)
Revenue Sources
• ETH Staking Rewards
• Lido's Commission 10%
Revenue Distribution
• 5% → Nodes
• 5% → DAO
DAO Fund Usage
• Technical Development
• Incentive Subsidies
• Security Audits
• Operational Costs
👉 Key: LDO Does Not Pay Direct Dividends
V. Current Changes (Very Critical)
Why Revenue is Declining
• ETH Yield Decline
• User Funds Outflow
• Increased Competition
Industry Structural Changes
• Capital Flowing to CEX / Institutions
• Simple LST Proportion Declining
Competitors
• Coinbase
• Binance
• Rocket Pool
👉 Key Point: Market Share is Being Diluted
VI. Buyback Proposal (Market Focus)
• Use Up to 10,000 stETH
• Buy LDO in Batches
• Single Purchase ≤ 1,000 stETH
• Slippage ≤ 3%
• Channels: DEX + CEX
👉 Key Points:
• Buyback Enters the Treasury
• No Participation in Governance
👉 Essence: Boost Confidence, Not Dividends
VII. Risks (Must Know)
• Technical Risks (Contracts/Nodes)
• Market Risks (ETH Price)
• Liquidity Risks (Depegging)
• Regulatory Risks
VIII. Core Conclusion
👉 Lido is:
“A protocol that is large in scale + stable in revenue + slowing in growth”
IX. One-Sentence Summary
👉 Not a Growth Stock, but a “Cash Flow Tool”
Market Strong → Earn More
Market Weak → Revenue Decline