Lido's 2025 Revenue Drops 23% to $40.5M as DAO Considers LDO Buyback

Lido reported 2025 total revenue of $40.5 million, down 23% from a year earlier. Net staking fee revenue came in at $37.4 million, pressured by staking outflows and APR compression. The DAO is reviewing a possible LDO buyback program for Q2 2026 that would use protocol-generated staking rewards to purchase LDO on the open market and deploy it into an LDO/wstETH liquidity position. Total expenses fell 13% to $45.5 million. The treasury was approximately $157.5 million, about $14 million lower than in 2024.