Navigating Crypto News
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Navigating Crypto News
Quick market read from this story
Lido DAO's proposed $20 million LDO buyback signals a strong conviction from the DAO that the governance token is significantly undervalued relative to its underlying protocol fundamentals.
The buyback, if approved, could provide a near-term catalyst for LDO price appreciation by reducing circulating supply and addressing the 'price dislocation' from its all-time highs.
Despite a recent revenue dip, Lido's core staking fundamentals remain robust, with a dominant market share in staked Ether, suggesting the proposed buyback is a strategic move to realign token value with protocol strength.
Deep Dive
Lido’s decentralized autonomous organization (DAO) is contemplating a significant one-off buyback of its governance token, Lido DAO (LDO), valued at $20 million. This move is intended to address a notable price dislocation where LDO is trading at historically depressed levels relative to Ether (ETH). The proposal suggests swapping 10,000 Lido Staked Ether (stETH) tokens from the DAO’s treasury for LDO, arguing that the governance token is currently undervalued.
The proposal highlights that the current market price of LDO is experiencing one of the most significant dislocations from its underlying protocol fundamentals in the token’s history. LDO has fallen approximately 96% from its all-time high. This initiative follows a previous, unimplemented proposal from November that suggested an automated buyback mechanism for LDO.
Lido DAO currently leads the Ethereum liquid staking market with a 23.2% share of staked Ether, according to Dune Analytics data. Despite this dominant position, LDO is trading at a steep discount to ETH, with a ratio of 0.00016, which is about 63% below its two-year median. At the time of reporting, LDO was trading at $0.30, down 95.9% from its August 2021 high of $7.30, and held a market capitalization of $255 million, ranking it as the 141st largest token.
The proposed buyback involves acquiring up to 10,000 stETH in smaller batches of 1,000 to purchase LDO. Lido DAO plans to utilize limit orders or a dollar-cost averaging strategy to mitigate market volatility. Each batch would require individual approval, and tokenholders would have the ability to halt the process. Results from each batch would need to be reported before further execution.
The proposal comes at a time when Lido’s revenue saw a 23% decrease to $40.5 million in 2025, primarily due to a 23% drop in staking fees to $37.4 million. However, Lido DAO asserts that the protocol’s fundamentals remain robust. Rewards declined by only 20% amidst a broader market pullback, costs improved by 13% in 2025 compared to 2024, and Lido’s take rate (the percentage of staked ETH rewards kept as fees) increased from 5% to over 6.1%, thereby enhancing fee capture.
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Solana DEX Stabble urged users to withdraw liquidity due to a former CTO's alleged ties to North Korean hackers, causing a 62% drop in TVL. The incident highlights ongoing security concerns within the DeFi space, particularly concerning state-sponsored hacking groups. While no exploit occurred on Stabble, the rapid TVL decline underscores user sensitivity to perceived security risks, especially following recent large-scale exploits on Solana. The Solana Foundation's recent security initiatives may be tested by such events, indicating a continued need for robust security measures across the ecosystem.
Prosecutors are pushing back against Tornado Cash developer Roman Storm's attempt to use a recent Supreme Court ruling for dismissal, arguing it is not applicable to his case. The DOJ's stance highlights a continued aggressive prosecution of crypto developers despite some signals of a more favorable stance from the Trump administration. The legal battle underscores the ongoing tension between crypto privacy advocacy and regulatory enforcement, with potential implications for other developers in similar situations. The rejection of Storm's argument suggests the retrial will proceed, focusing on charges of conspiracy to commit money laundering and sanctions evasion.
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