{"id":124070,"date":"2026-03-25T13:07:48","date_gmt":"2026-03-25T12:07:48","guid":{"rendered":"https:\/\/www.kryptocasinos.com\/en\/news\/lido-revenue-down-23-percent-2025-staking-competition\/"},"modified":"2026-03-25T13:07:48","modified_gmt":"2026-03-25T12:07:48","slug":"lido-revenue-down-23-percent-2025-staking-competition","status":"publish","type":"post","link":"https:\/\/www.kryptocasinos.com\/en\/news\/lido-revenue-down-23-percent-2025-staking-competition\/","title":{"rendered":"Lido Revenue Falls 23% in 2025 as Staking Competition Intensifies"},"content":{"rendered":"<p>Lido Reports 23% Revenue Decline in 2025 \u2013 Market Share Holds at 24% Amid Staking Competition<\/p>\n\n<span class=\"anchor\" id=\"key-takeaways\" title=\"Key Takeaways\"><\/span><h2 class=\"wp-block-heading\">Key Takeaways<\/h2>\n\n<ul class=\"wp-block-list\"><li>Lido\u2019s annual revenue fell to $40.5 million in 2025, down from $52.4 million in 2024, a 23% year on year decline.<\/li><li>The protocol cited rewards compression, staking outflows, and increased competition from exchanges and institutional providers.<\/li><li>Despite outflows, Lido maintained a 24% market share with 8.8 million ETH staked.<\/li><li>Lido is preparing a formal token alignment plan, including a proposed $10 million annual buyback program expected in Q2 2026.<\/li><\/ul>\n\n<span class=\"anchor\" id=\"revenue-declines-as-staking-environment-tightens\" title=\"Revenue Declines as Staking Environment Tightens\"><\/span><h2 class=\"wp-block-heading\">Revenue Declines as Staking Environment Tightens<\/h2>\n\n<p>Lido reported total revenue of $40.5 million for 2025, according to its annual report. This marks a decline from $52.4 million in 2024, representing a 23% decrease on a year on year basis.<\/p>\n\n<p>The protocol attributed the revenue drop to a challenging macro landscape and what it described as rewards compression. According to the report, 2025 unfolded under pressure from staking outflows and a network wide decline in staking annual percentage rates. Lower staking yields directly affect revenue for staking providers, as protocol income is tied to rewards generated from staked assets.<\/p>\n\n<p>Lido stated that staking outflows were also influenced by a structural shift in the market. Capital rotated away from what the report calls Simple LST toward exchange based and institutional staking solutions. As a result, the segment in which Lido holds category leadership became smaller.<\/p>\n\n<span class=\"anchor\" id=\"competition-from-exchanges-and-institutional-channels-intensifies\" title=\"Competition From Exchanges and Institutional Channels Intensifies\"><\/span><h2 class=\"wp-block-heading\">Competition From Exchanges and Institutional Channels Intensifies<\/h2>\n\n<p>The annual report highlights intensified competition as a key factor behind the revenue decline. Lido noted that exchange and institutional staking products gained traction, reducing the share of capital allocated to its liquid staking offering.<\/p>\n\n<p>This shift occurred even as overall Ethereum staking demand increased. According to the data cited in the report, staking reached a record 30.7% of the total ETH supply, equivalent to 38.2 million staked ETH. The increase was driven by Spot ETH ETFs and treasury firms activating yield features for investors.<\/p>\n\n<p>While total staked ETH grew at the network level, Lido experienced continued outflows. In March 2026 alone, nearly 310,000 ETH left the protocol, making it the largest source of staking outflows during that period, based on data referenced from Dune.<\/p>\n\n<p>For users evaluating staking options, these figures indicate that overall demand for Ethereum staking remains strong, but the distribution of that demand across providers is shifting. Exchange integrated and institutional channels are capturing a larger share of inflows.<\/p>\n\n<span class=\"anchor\" id=\"market-share-remains-at-24-despite-outflows\" title=\"Market Share Remains at 24% Despite Outflows\"><\/span><h2 class=\"wp-block-heading\">Market Share Remains at 24% Despite Outflows<\/h2>\n\n<p>Despite revenue pressure and staking outflows, Lido maintained a 24% share of the Ethereum staking market. The protocol currently holds 8.8 million staked ETH.<\/p>\n\n<p>Maintaining this share in an environment of rising competition suggests that Lido remains the largest single staking provider within its category. However, the report makes clear that leadership is being challenged by alternative distribution channels and product structures.<\/p>\n\n<p>To address this, Lido outlined a diversification strategy for 2026. The foundation stated that it plans to expand institutional distribution channels for low risk staking segments. One example referenced in the report is the WisdomTree Physical Lido Staked Ether product.<\/p>\n\n<p>In addition, Lido intends to expand its Lido Earn product and scale its validator marketplace. These initiatives are positioned as part of a broader effort to adapt to the changing structure of staking demand.<\/p>\n\n<span class=\"anchor\" id=\"ldo-token-alignment-and-proposed-buyback-program\" title=\"LDO Token Alignment and Proposed Buyback Program\"><\/span><h2 class=\"wp-block-heading\">LDO Token Alignment and Proposed Buyback Program<\/h2>\n\n<p>Alongside operational updates, Lido addressed plans to strengthen economic alignment between the protocol\u2019s performance and its native token, LDO.<\/p>\n\n<p>The foundation stated that ongoing discussions include a token accrual plan featuring automated token buybacks through a treasury surplus fund. A proposal for this mechanism was first floated in November, outlining an annual budget of $10 million for buybacks.<\/p>\n\n<p>A formalized plan is expected in the second quarter of 2026. At the time of reporting, LDO was trading at $0.299. The token is down 80% from its second half 2025 high of $1.5.<\/p>\n\n<p>The proposed buyback structure would link treasury surplus to token repurchases, creating a direct connection between protocol revenue generation and token supply dynamics. The final design and implementation details are scheduled to be clarified later this year.<\/p>\n\n<span class=\"anchor\" id=\"shifting-staking-flows-in-a-growing-market\" title=\"Shifting Staking Flows in a Growing Market\"><\/span><h2 class=\"wp-block-heading\">Shifting Staking Flows in a Growing Market<\/h2>\n\n<p>The data presented in Lido\u2019s annual report shows a mixed picture. On one hand, Ethereum staking participation has reached a record level, with 38.2 million ETH staked across the network. On the other hand, Lido\u2019s revenue declined and the protocol experienced sustained outflows.<\/p>\n\n<p>The divergence between overall network growth and Lido\u2019s financial performance reflects changes in how staking services are accessed. Spot ETH ETFs and treasury firms enabling yield for investors have contributed to growth in institutional and exchange based staking channels.<\/p>\n\n<p>For market participants comparing staking providers, the figures illustrate how market share, revenue, and total network participation can move in different directions at the same time. Lido remains the largest single provider by staked ETH, yet faces pressure from alternative models.<\/p>\n\n<span class=\"anchor\" id=\"our-assessment\" title=\"Our Assessment\"><\/span><h2 class=\"wp-block-heading\">Our Assessment<\/h2>\n\n<p>Lido\u2019s 2025 results show a 23% revenue decline to $40.5 million, driven by rewards compression, staking outflows, and stronger competition from exchange and institutional staking channels. Despite these pressures, the protocol maintained a 24% market share with 8.8 million ETH staked. The foundation plans to diversify distribution, expand product offerings, and formalize a $10 million annual token buyback program in Q2 2026 to strengthen economic alignment between protocol performance and the LDO token.<\/p>\n\n<div class=\"gambling-disclaimer\">\n\t<p>\n\t\tWe have imposed strict editorial guidelines on ourselves and explain our testing methods openly and comprehensively. We also communicate transparently how our work is financed. This site may contain tracking links, but this does not influence our objective view in any way.\t<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Lido reported $40.5 million in 2025 revenue, a 23% decline year on year. The protocol maintained a 24% staking market share despite rising competition and outflows.<\/p>\n","protected":false},"author":8,"featured_media":124069,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[],"tags":[],"news_crypto_coin":[],"class_list":["post-124070","post","type-post","status-publish","format-standard","has-post-thumbnail"],"acf":{"faqs":null,"sort_number":15,"sort_number_no_override":false},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.0 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Lido Revenue Down 23% as Competition Grows<\/title>\n<meta name=\"description\" content=\"Lido reports $40.5 million revenue in 2025, down 23% year on year, while maintaining 24% market share amid rising exchange and institutional staking.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.kryptocasinos.com\/en\/news\/lido-revenue-down-23-percent-2025-staking-competition\/\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kryptocasinos.com EN\" \/>\n<meta property=\"og:description\" content=\"Lido reports $40.5 million revenue in 2025, down 23% year on year, while maintaining 24% market share amid rising exchange and institutional staking.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.kryptocasinos.com\/en\/news\/lido-revenue-down-23-percent-2025-staking-competition\/\" \/>\n<meta property=\"og:site_name\" content=\"Kryptocasinos.com\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/kryptocasinoscomm\/\" \/>\n<meta property=\"article:published_time\" content=\"2026-03-25T12:07:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.kryptocasinos.com\/wp-content\/uploads\/2026\/03\/lido-revenue-down-23-percent-2025-staking-competition.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1408\" \/>\n\t<meta property=\"og:image:height\" content=\"736\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Isabella Brown\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Isabella Brown\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/www.kryptocasinos.com\/en\/news\/lido-revenue-down-23-percent-2025-staking-competition\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.kryptocasinos.com\/en\/news\/lido-revenue-down-23-percent-2025-staking-competition\/\"},\"author\":{\"name\":\"Isabella Brown\",\"@id\":\"https:\/\/www.kryptocasinos.com\/en\/#\/schema\/person\/badee6a5ed8b6777da5bd380d112bcdc\"},\"headline\":\"Lido Revenue Falls 23% in 2025 as Staking Competition Intensifies\",\"datePublished\":\"2026-03-25T13:07:48+01:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.kryptocasinos.com\/en\/news\/lido-revenue-down-23-percent-2025-staking-competition\/\"},\"wordCount\":858,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.kryptocasinos.com\/en\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.kryptocasinos.com\/en\/news\/lido-revenue-down-23-percent-2025-staking-competition\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.kryptocasinos.com\/wp-content\/uploads\/2026\/03\/lido-revenue-down-23-percent-2025-staking-competition.jpg\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.kryptocasinos.com\/en\/news\/lido-revenue-down-23-percent-2025-staking-competition\/#respond\"]}],\"description\":\"\",\"isAccessibleForFree\":true,\"articleBody\":\"Lido Reports 23% Revenue Decline in 2025 - Market Share Holds at 24% Amid Staking Competition\\n\\nKey Takeaways\\n\\nLido\u2019s annual revenue fell to $40.5 million in 2025, down from $52.4 million in 2024, a 23% year on year decline.The protocol cited rewards compression, staking outflows, and increased competition from exchanges and institutional providers.Despite outflows, Lido maintained a 24% market share with 8.8 million ETH staked.Lido is preparing a formal token alignment plan, including a proposed $10 million annual buyback program expected in Q2 2026.\\n\\nRevenue Declines as Staking Environment Tightens\\n\\nLido reported total revenue of $40.5 million for 2025, according to its annual report. This marks a decline from $52.4 million in 2024, representing a 23% decrease on a year on year basis.\\n\\nThe protocol attributed the revenue drop to a challenging macro landscape and what it described as rewards compression. According to the report, 2025 unfolded under pressure from staking outflows and a network wide decline in staking annual percentage rates. Lower staking yields directly affect revenue for staking providers, as protocol income is tied to rewards generated from staked assets.\\n\\nLido stated that staking outflows were also influenced by a structural shift in the market. Capital rotated away from what the report calls Simple LST toward exchange based and institutional staking solutions. As a result, the segment in which Lido holds category leadership became smaller.\\n\\nCompetition From Exchanges and Institutional Channels Intensifies\\n\\nThe annual report highlights intensified competition as a key factor behind the revenue decline. Lido noted that exchange and institutional staking products gained traction, reducing the share of capital allocated to its liquid staking offering.\\n\\nThis shift occurred even as overall Ethereum staking demand increased. According to the data cited in the report, staking reached a record 30.7% of the total ETH supply, equivalent to 38.2 million staked ETH. The increase was driven by Spot ETH ETFs and treasury firms activating yield features for investors.\\n\\nWhile total staked ETH grew at the network level, Lido experienced continued outflows. In March 2026 alone, nearly 310,000 ETH left the protocol, making it the largest source of staking outflows during that period, based on data referenced from Dune.\\n\\nFor users evaluating staking options, these figures indicate that overall demand for Ethereum staking remains strong, but the distribution of that demand across providers is shifting. Exchange integrated and institutional channels are capturing a larger share of inflows.\\n\\nMarket Share Remains at 24% Despite Outflows\\n\\nDespite revenue pressure and staking outflows, Lido maintained a 24% share of the Ethereum staking market. The protocol currently holds 8.8 million staked ETH.\\n\\nMaintaining this share in an environment of rising competition suggests that Lido remains the largest single staking provider within its category. However, the report makes clear that leadership is being challenged by alternative distribution channels and product structures.\\n\\nTo address this, Lido outlined a diversification strategy for 2026. The foundation stated that it plans to expand institutional distribution channels for low risk staking segments. One example referenced in the report is the WisdomTree Physical Lido Staked Ether product.\\n\\nIn addition, Lido intends to expand its Lido Earn product and scale its validator marketplace. These initiatives are positioned as part of a broader effort to adapt to the changing structure of staking demand.\\n\\nLDO Token Alignment and Proposed Buyback Program\\n\\nAlongside operational updates, Lido addressed plans to strengthen economic alignment between the protocol\u2019s performance and its native token, LDO.\\n\\nThe foundation stated that ongoing discussions include a token accrual plan featuring automated token buybacks through a treasury surplus fund. A proposal for this mechanism was first floated in November, outlining an annual budget of $10 million for buybacks.\\n\\nA formalized plan is expected in the second quarter of 2026. At the time of reporting, LDO was trading at $0.299. The token is down 80% from its second half 2025 high of $1.5.\\n\\nThe proposed buyback structure would link treasury surplus to token repurchases, creating a direct connection between protocol revenue generation and token supply dynamics. The final design and implementation details are scheduled to be clarified later this year.\\n\\nShifting Staking Flows in a Growing Market\\n\\nThe data presented in Lido\u2019s annual report shows a mixed picture. On one hand, Ethereum staking participation has reached a record level, with 38.2 million ETH staked across the network. On the other hand, Lido\u2019s revenue declined and the protocol experienced sustained outflows.\\n\\nThe divergence between overall network growth and Lido\u2019s financial performance reflects changes in how staking services are accessed. Spot ETH ETFs and treasury firms enabling yield for investors have contributed to growth in institutional and exchange based staking channels.\\n\\nFor market participants comparing staking providers, the figures illustrate how market share, revenue, and total network participation can move in different directions at the same time. Lido remains the largest single provider by staked ETH, yet faces pressure from alternative models.\\n\\nOur Assessment\\n\\nLido\u2019s 2025 results show a 23% revenue decline to $40.5 million, driven by rewards compression, staking outflows, and stronger competition from exchange and institutional staking channels. Despite these pressures, the protocol maintained a 24% market share with 8.8 million ETH staked. The foundation plans to diversify distribution, expand product offerings, and formalize a $10 million annual token buyback program in Q2 2026 to strengthen economic alignment between protocol performance and the LDO token.\\n\\n\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.kryptocasinos.com\/en\/news\/lido-revenue-down-23-percent-2025-staking-competition\/\",\"url\":\"https:\/\/www.kryptocasinos.com\/en\/news\/lido-revenue-down-23-percent-2025-staking-competition\/\",\"name\":\"Lido Revenue Down 23% as Competition Grows\",\"isPartOf\":{\"@id\":\"https:\/\/www.kryptocasinos.com\/en\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.kryptocasinos.com\/en\/news\/lido-revenue-down-23-percent-2025-staking-competition\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.kryptocasinos.com\/en\/news\/lido-revenue-down-23-percent-2025-staking-competition\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.kryptocasinos.com\/wp-content\/uploads\/2026\/03\/lido-revenue-down-23-percent-2025-staking-competition.jpg\",\"datePublished\":\"2026-03-25T13:07:48+01:00\",\"description\":\"Lido reports $40.5 million revenue in 2025, down 23% year on year, while maintaining 24% market share amid rising exchange and institutional staking.\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.kryptocasinos.com\/en\/news\/lido-revenue-down-23-percent-2025-staking-competition\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.kryptocasinos.com\/en\/news\/lido-revenue-down-23-percent-2025-staking-competition\/#primaryimage\",\"url\":\"https:\/\/www.kryptocasinos.com\/wp-content\/uploads\/2026\/03\/lido-revenue-down-23-percent-2025-staking-competition.jpg\",\"contentUrl\":\"https:\/\/www.kryptocasinos.com\/wp-content\/uploads\/2026\/03\/lido-revenue-down-23-percent-2025-staking-competition.jpg\",\"width\":1408,\"height\":736,\"caption\":\"Stack of coins with a red downward arrow, shield featuring a pie chart segment, and office buildings with outward arrows.\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.kryptocasinos.com\/en\/news\/lido-revenue-down-23-percent-2025-staking-competition\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.kryptocasinos.com\/en\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Lido Revenue Falls 23% in 2025 as Staking Competition Intensifies\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.kryptocasinos.com\/en\/#website\",\"url\":\"https:\/\/www.kryptocasinos.com\/en\/\",\"name\":\"Kryptocasinos.com\",\"description\":\"\",\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.kryptocasinos.com\/en\/#organization\",\"name\":\"Kryptocasinos.com\",\"url\":\"https:\/\/www.kryptocasinos.com\/en\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.kryptocasinos.com\/en\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/www.kryptocasinos.com\/wp-content\/uploads\/2025\/06\/kryptocasinos-com-logo.svg\",\"contentUrl\":\"https:\/\/www.kryptocasinos.com\/wp-content\/uploads\/2025\/06\/kryptocasinos-com-logo.svg\",\"width\":109,\"height\":34,\"caption\":\"Kryptocasinos.com\"},\"image\":{\"@id\":\"https:\/\/www.kryptocasinos.com\/en\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/kryptocasinoscomm\/\"],\"description\":\"Discover top-rated crypto casinos for %%currentyear%% with fast Bitcoin payouts, trustworthy security, and fair bonuses. See which casinos truly deliver.\",\"address\":{\"@type\":\"PostalAddress\",\"streetAddress\":\"557 Fuk Wing St\",\"addressLocality\":\"Cheung Sha Wan\",\"addressRegion\":\"HK\",\"postalCode\":\"999077\",\"addressCountry\":\"CN\"},\"contactPoint\":{\"@type\":\"ContactPoint\",\"email\":\"contact@kryptocasinos.com\"},\"foundingDate\":\"2021-03-27\",\"email\":\"hello@kryptocasinos.com\",\"numberOfEmployees\":{\"@type\":\"QuantitativeValue\",\"minValue\":\"11\",\"maxValue\":\"50\"},\"publishingPrinciples\":\"https:\/\/www.kryptocasinos.com\/en\/editorial-guidelines\/\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.kryptocasinos.com\/en\/#\/schema\/person\/badee6a5ed8b6777da5bd380d112bcdc\",\"name\":\"Isabella Brown\",\"description\":\"Online Gambling, Greece and my dog Gringo are my three favorite things in my life. Before working for Kryptocasinos.com I was leading the content team of an iGaming Online magazine where I was focused on researching casinos, their licenses and the connection between the members of the industry.\",\"birthDate\":\"1995-02-13\",\"url\":\"https:\/\/www.kryptocasinos.com\/en\/author\/isabella\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Lido Revenue Down 23% as Competition Grows","description":"Lido reports $40.5 million revenue in 2025, down 23% year on year, while maintaining 24% market share amid rising exchange and institutional staking.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.kryptocasinos.com\/en\/news\/lido-revenue-down-23-percent-2025-staking-competition\/","og_type":"article","og_title":"Kryptocasinos.com EN","og_description":"Lido reports $40.5 million revenue in 2025, down 23% year on year, while maintaining 24% market share amid rising exchange and institutional staking.","og_url":"https:\/\/www.kryptocasinos.com\/en\/news\/lido-revenue-down-23-percent-2025-staking-competition\/","og_site_name":"Kryptocasinos.com","article_publisher":"https:\/\/www.facebook.com\/kryptocasinoscomm\/","article_published_time":"2026-03-25T12:07:48+00:00","og_image":[{"width":1408,"height":736,"url":"https:\/\/www.kryptocasinos.com\/wp-content\/uploads\/2026\/03\/lido-revenue-down-23-percent-2025-staking-competition.jpg","type":"image\/jpeg"}],"author":"Isabella Brown","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Isabella Brown","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/www.kryptocasinos.com\/en\/news\/lido-revenue-down-23-percent-2025-staking-competition\/#article","isPartOf":{"@id":"https:\/\/www.kryptocasinos.com\/en\/news\/lido-revenue-down-23-percent-2025-staking-competition\/"},"author":{"name":"Isabella Brown","@id":"https:\/\/www.kryptocasinos.com\/en\/#\/schema\/person\/badee6a5ed8b6777da5bd380d112bcdc"},"headline":"Lido Revenue Falls 23% in 2025 as Staking Competition Intensifies","datePublished":"2026-03-25T13:07:48+01:00","mainEntityOfPage":{"@id":"https:\/\/www.kryptocasinos.com\/en\/news\/lido-revenue-down-23-percent-2025-staking-competition\/"},"wordCount":858,"commentCount":0,"publisher":{"@id":"https:\/\/www.kryptocasinos.com\/en\/#organization"},"image":{"@id":"https:\/\/www.kryptocasinos.com\/en\/news\/lido-revenue-down-23-percent-2025-staking-competition\/#primaryimage"},"thumbnailUrl":"https:\/\/www.kryptocasinos.com\/wp-content\/uploads\/2026\/03\/lido-revenue-down-23-percent-2025-staking-competition.jpg","inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.kryptocasinos.com\/en\/news\/lido-revenue-down-23-percent-2025-staking-competition\/#respond"]}],"description":"","isAccessibleForFree":true,"articleBody":"Lido Reports 23% Revenue Decline in 2025 - Market Share Holds at 24% Amid Staking Competition\n\nKey Takeaways\n\nLido\u2019s annual revenue fell to $40.5 million in 2025, down from $52.4 million in 2024, a 23% year on year decline.The protocol cited rewards compression, staking outflows, and increased competition from exchanges and institutional providers.Despite outflows, Lido maintained a 24% market share with 8.8 million ETH staked.Lido is preparing a formal token alignment plan, including a proposed $10 million annual buyback program expected in Q2 2026.\n\nRevenue Declines as Staking Environment Tightens\n\nLido reported total revenue of $40.5 million for 2025, according to its annual report. This marks a decline from $52.4 million in 2024, representing a 23% decrease on a year on year basis.\n\nThe protocol attributed the revenue drop to a challenging macro landscape and what it described as rewards compression. According to the report, 2025 unfolded under pressure from staking outflows and a network wide decline in staking annual percentage rates. Lower staking yields directly affect revenue for staking providers, as protocol income is tied to rewards generated from staked assets.\n\nLido stated that staking outflows were also influenced by a structural shift in the market. Capital rotated away from what the report calls Simple LST toward exchange based and institutional staking solutions. As a result, the segment in which Lido holds category leadership became smaller.\n\nCompetition From Exchanges and Institutional Channels Intensifies\n\nThe annual report highlights intensified competition as a key factor behind the revenue decline. Lido noted that exchange and institutional staking products gained traction, reducing the share of capital allocated to its liquid staking offering.\n\nThis shift occurred even as overall Ethereum staking demand increased. According to the data cited in the report, staking reached a record 30.7% of the total ETH supply, equivalent to 38.2 million staked ETH. The increase was driven by Spot ETH ETFs and treasury firms activating yield features for investors.\n\nWhile total staked ETH grew at the network level, Lido experienced continued outflows. In March 2026 alone, nearly 310,000 ETH left the protocol, making it the largest source of staking outflows during that period, based on data referenced from Dune.\n\nFor users evaluating staking options, these figures indicate that overall demand for Ethereum staking remains strong, but the distribution of that demand across providers is shifting. Exchange integrated and institutional channels are capturing a larger share of inflows.\n\nMarket Share Remains at 24% Despite Outflows\n\nDespite revenue pressure and staking outflows, Lido maintained a 24% share of the Ethereum staking market. The protocol currently holds 8.8 million staked ETH.\n\nMaintaining this share in an environment of rising competition suggests that Lido remains the largest single staking provider within its category. However, the report makes clear that leadership is being challenged by alternative distribution channels and product structures.\n\nTo address this, Lido outlined a diversification strategy for 2026. The foundation stated that it plans to expand institutional distribution channels for low risk staking segments. One example referenced in the report is the WisdomTree Physical Lido Staked Ether product.\n\nIn addition, Lido intends to expand its Lido Earn product and scale its validator marketplace. These initiatives are positioned as part of a broader effort to adapt to the changing structure of staking demand.\n\nLDO Token Alignment and Proposed Buyback Program\n\nAlongside operational updates, Lido addressed plans to strengthen economic alignment between the protocol\u2019s performance and its native token, LDO.\n\nThe foundation stated that ongoing discussions include a token accrual plan featuring automated token buybacks through a treasury surplus fund. A proposal for this mechanism was first floated in November, outlining an annual budget of $10 million for buybacks.\n\nA formalized plan is expected in the second quarter of 2026. At the time of reporting, LDO was trading at $0.299. The token is down 80% from its second half 2025 high of $1.5.\n\nThe proposed buyback structure would link treasury surplus to token repurchases, creating a direct connection between protocol revenue generation and token supply dynamics. The final design and implementation details are scheduled to be clarified later this year.\n\nShifting Staking Flows in a Growing Market\n\nThe data presented in Lido\u2019s annual report shows a mixed picture. On one hand, Ethereum staking participation has reached a record level, with 38.2 million ETH staked across the network. On the other hand, Lido\u2019s revenue declined and the protocol experienced sustained outflows.\n\nThe divergence between overall network growth and Lido\u2019s financial performance reflects changes in how staking services are accessed. Spot ETH ETFs and treasury firms enabling yield for investors have contributed to growth in institutional and exchange based staking channels.\n\nFor market participants comparing staking providers, the figures illustrate how market share, revenue, and total network participation can move in different directions at the same time. Lido remains the largest single provider by staked ETH, yet faces pressure from alternative models.\n\nOur Assessment\n\nLido\u2019s 2025 results show a 23% revenue decline to $40.5 million, driven by rewards compression, staking outflows, and stronger competition from exchange and institutional staking channels. Despite these pressures, the protocol maintained a 24% market share with 8.8 million ETH staked. The foundation plans to diversify distribution, expand product offerings, and formalize a $10 million annual token buyback program in Q2 2026 to strengthen economic alignment between protocol performance and the LDO token.\n\n"},{"@type":"WebPage","@id":"https:\/\/www.kryptocasinos.com\/en\/news\/lido-revenue-down-23-percent-2025-staking-competition\/","url":"https:\/\/www.kryptocasinos.com\/en\/news\/lido-revenue-down-23-percent-2025-staking-competition\/","name":"Lido Revenue Down 23% as Competition Grows","isPartOf":{"@id":"https:\/\/www.kryptocasinos.com\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.kryptocasinos.com\/en\/news\/lido-revenue-down-23-percent-2025-staking-competition\/#primaryimage"},"image":{"@id":"https:\/\/www.kryptocasinos.com\/en\/news\/lido-revenue-down-23-percent-2025-staking-competition\/#primaryimage"},"thumbnailUrl":"https:\/\/www.kryptocasinos.com\/wp-content\/uploads\/2026\/03\/lido-revenue-down-23-percent-2025-staking-competition.jpg","datePublished":"2026-03-25T13:07:48+01:00","description":"Lido reports $40.5 million revenue in 2025, down 23% year on year, while maintaining 24% market share amid rising exchange and institutional staking.","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.kryptocasinos.com\/en\/news\/lido-revenue-down-23-percent-2025-staking-competition\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.kryptocasinos.com\/en\/news\/lido-revenue-down-23-percent-2025-staking-competition\/#primaryimage","url":"https:\/\/www.kryptocasinos.com\/wp-content\/uploads\/2026\/03\/lido-revenue-down-23-percent-2025-staking-competition.jpg","contentUrl":"https:\/\/www.kryptocasinos.com\/wp-content\/uploads\/2026\/03\/lido-revenue-down-23-percent-2025-staking-competition.jpg","width":1408,"height":736,"caption":"Stack of coins with a red downward arrow, shield featuring a pie chart segment, and office buildings with outward arrows."},{"@type":"BreadcrumbList","@id":"https:\/\/www.kryptocasinos.com\/en\/news\/lido-revenue-down-23-percent-2025-staking-competition\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.kryptocasinos.com\/en\/"},{"@type":"ListItem","position":2,"name":"Lido Revenue Falls 23% in 2025 as Staking Competition Intensifies"}]},{"@type":"WebSite","@id":"https:\/\/www.kryptocasinos.com\/en\/#website","url":"https:\/\/www.kryptocasinos.com\/en\/","name":"Kryptocasinos.com","description":"","inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.kryptocasinos.com\/en\/#organization","name":"Kryptocasinos.com","url":"https:\/\/www.kryptocasinos.com\/en\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.kryptocasinos.com\/en\/#\/schema\/logo\/image\/","url":"https:\/\/www.kryptocasinos.com\/wp-content\/uploads\/2025\/06\/kryptocasinos-com-logo.svg","contentUrl":"https:\/\/www.kryptocasinos.com\/wp-content\/uploads\/2025\/06\/kryptocasinos-com-logo.svg","width":109,"height":34,"caption":"Kryptocasinos.com"},"image":{"@id":"https:\/\/www.kryptocasinos.com\/en\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/kryptocasinoscomm\/"],"description":"Discover top-rated crypto casinos for %%currentyear%% with fast Bitcoin payouts, trustworthy security, and fair bonuses. 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