BroadChain has learned that Lido reported total revenue of $40.5 million for 2025, a 23% decrease from $52.4 million in 2024, according to a March 25 report from The Block. Gross revenue fell 18.2% year-over-year, primarily driven by net staking outflows from user withdrawals and a decline in staking yields.
Lido noted that the Ethereum staking market saw structural shifts in 2025, including network APR compression, a migration of capital from Simple LSTs to exchange- and institution-led staking, and heightened competition. These factors collectively reduced the size of its core market segment. The protocol acknowledged its market share is eroding, with Simple LSTs' portion of total staked ETH continuing to shrink.
Lido is considering an LDO token buyback program, potentially launching in Q2 2026. The initiative would use protocol-generated staking rewards to purchase LDO on the open market, allocating the tokens to liquidity positions held by the DAO—specifically, LDO/wstETH liquidity pools. In August 2025, the protocol reduced its workforce by 15% to ensure long-term sustainability.
Lido stated that in 2025 it began expanding beyond its core staking products, developing new services aimed at institutional investors and users seeking higher yields. It disclosed that WisdomTree, an asset manager overseeing $140 billion, has launched an Ethereum-based ETP in Europe and is earning staking rewards through the decentralized Lido protocol.