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Data: Lido's total expenditure has shown a year-on-year decline since 2021.
According to Foresight News, Lido’s strategic advisor Hasu tweeted that Lido’s total expenditure has shown a year-on-year declining trend since 2021, dropping from 190 million USD in 2021 to 22.2 million USD as of early 2025. Since Lido’s treasury is primarily held in ETH, non-operating income has exceeded 100 million USD since 2022, totaling about 40 million USD. “Personally, I believe this is a strong argument against starting the LDO buyback today, as it requires selling ETH instead of USD.” Furthermore, it was mentioned that compared to competitors’ large incentive programs, Lido’s growth budget is much smaller, which is a significant reason for its recent market share decline. Regarding the buyback, Lido Labs’ direction aligns with recent community proposals, but a cautious approach is to wait for clearer regulations and design the right mechanisms. Additionally, NEST (the track to support various buyback mechanisms) will be submitted to the forum in the coming days.