Lido's revenue fell 23% last year, with declining user withdrawals and lower yields dragging down its performance.

CoinFeed reported on March 25th that, according to The Block, Ethereum staking protocol Lido released its annual report, stating that its total revenue in 2025 was $40.5 million, a 23% decrease year-over-year. The revenue decline was primarily due to net staking outflows caused by user withdrawals and a decrease in the annualized staking yield across the network. Lido stated that its core Simple LST segment has been shrinking since 2024, with funds shifting to exchange staking, low-risk institutional staking, and liquidity staking re-staking. Lido is exploring an LDO token buyback program, planned to launch in the second quarter of this year, intending to use protocol-generated staking rewards to purchase LDO from the open market and deploy it to the LDO/wstETH liquidity position held by the DAO. Last August, Lido laid off 15% of its staff to "ensure long-term sustainability."