Lido 2025 Report: Total Revenue Down 18.2%, ETH Staking Market Share at 24.12%

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Lido’s 2025 report shows total revenue declined by 18.2%, with the ETH update reflecting a 17.4% drop in ETH terms. ETH news highlights a 24.12% staking market share amid APR compression and capital outflows. The report also outlines leadership changes and 2026 goals, including stETH expansion and completion of the validator market. Treasury surplus constraints will shape LDO incentive alignment in the coming year.

According to ChainCatcher, Lido’s GOOSE-2025 & EGGs-2025 report reveals that in 2025, Lido faced APR compression, outflows from simple LSTs to exchanges and institutional staking, and increased competition, resulting in a 18.2% year-over-year decline in total revenue (a 17.4% decline in ETH terms), with an ETH staking market share of 24.12%. The report also announces leadership changes within the foundation and states that in 2026, Lido will continue to focus on scaling the stETH product line, completing the validator market infrastructure, and advancing LDO incentive alignment within treasury surplus constraints.

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