Lido Finance 四歲了，終於實現年度獲利

Lido Finance 團隊表示，該協議已成為從零售 web3 參與者到受監管機構參與者等各個領域用戶的明確選擇。

Four years after its launch, decentralized finance (DeFi) protocol Lido is finally on pace to generate a yearly profit for the first time since its inception. Lido’s net revenue stands at over $99 million in 2024, while its cost and expenses total roughly $94 million, making the protocol’s income $5 million, according to data from a Dune Analytics dashboard curated by crypto advisory and consulting firm Steakhouse Financial, which also helps create financial statements for Lido.

推出四年後，去中心化金融（DeFi）協議 Lido 終於有望自成立以來首次實現年度獲利。根據加密諮詢和諮詢公司Steakhouse Financial 策劃的Dune Analytics 儀表板的數據，到2024 年，Lido 的淨收入將超過9,900 萬美元，而其成本和支出總計約為9,400 萬美元，使該協議的收入達到500萬美元。

2024 marks the first time Lido has had a positive income level, except for the protocol’s first year in 2020 when its income was less than $400. Total protocol income in 2021 was nearly -$191 million, while 2022 and 2023 had a combined income of -$153.8 million, per Steakhouse’s dashboard. Since its inception in Dec. 2020, Lido has only had 11 profitable months with six of them occurring in the past year.

2024 年標誌著 Lido 首次實現正收入水平，除了 2020 年該協議的第一年收入低於 400 美元。根據 Steakhouse 的儀表板，2021 年協議總收入接近 1.91 億美元，而 2022 年和 2023 年的總收入為 1.538 億美元。自 2020 年 12 月成立以來，Lido 僅實現了 11 個盈利月份，其中 6 個月份發生在去年。

The change is a “significant turnaround,” that was a result of increased demand for ETH staking in light of the launch of restaking protocol EigenLayer in 2024, argued Hitesh Malviya, founder of crypto analytical tool Dyor and contributor of blockchain project Nillion, on X early Sunday.

加密分析工具Dyor 的創始人兼區塊鏈項目Nillion 的貢獻者Hitesh Malviya 在X 上表示，這一變化是一次“重大轉變”，這是由於2024 年重新抵押協議EigenLayer 的推出，對ETH 抵押的需求增加的結果。

However, Adrian Vasiljevic, the co-founder of Steakhouse Financial, told Unchained that the surplus revenue that Lido accumulates in a given calendar year is “largely a reflection of ETH price movements.” Year-to-date, the price of ETH has increased about 67% from $2,350 to under $4,000 at the time of writing.

然而，Steakhouse Financial 聯合創始人 Adrian Vasiljevic 告訴 Unchained，Lido 在特定日曆年積累的盈餘收入「很大程度上反映了 ETH 價格走勢」。今年迄今為止，ETH 的價格已上漲約 67%，從 2,350 美元上漲至撰寫本文時的不到 4,000 美元。

Chosen by Retail and Institutional Users

零售和機構用戶選擇

Lido, the largest DeFi protocol, has seen its total value locked increase by 5% in 2024 from less than 9.4 million ETH at the start of January to over 9.81 million ETH worth about $38.7 billion at presstime. With the current amount of ETH staked through Lido’s smart contracts, the liquid staking titan controls nearly 28.5% of total ETH staked, according to data from a different Dune dashboard created by Hildobby.

最大的 DeFi 協議 Lido 的鎖定總價值在 2024 年增長了 5%，從 1 月初的不到 940 萬 ETH 增加到截至發稿時超過 981 萬 ETH，價值約 387 億美元。根據 Hildobby 創建的另一個 Dune 儀表板的數據，目前透過 Lido 智能合約質押的 ETH 數量，這家流動質押巨頭控制著 ETH 質押總量的近 28.5%。

Through its flagship product stETH, Lido jumpstarted the liquid staking sector, which enables crypto users to stake their ETH while maintaining liquidity to participate in various DeFi activities such as providing liquidity and supplying collateral. Lido’s stETH represents a crypto user’s staked ETH plus rewards from aiding the security of the Ethereum blockchain.

透過其旗艦產品 stETH，Lido 啟動了流動性質押領域，使加密貨幣用戶能夠質押 ETH，同時保持流動性，以參與各種 DeFi 活動，例如提供流動性和提供抵押品。 Lido 的 stETH 代表加密貨幣用戶質押的 ETH 以及幫助以太坊區塊鏈安全的獎勵。

“The protocol has become the clear choice for users across the spectrum, from retail web3 participants to regulated institutional players entering Ethereum for the first time,” Vasiljevic wrote to Unchained in Telegram. “Today, we estimate that around 25% of Lido’s TVL comes from professional, institutional, or regulated users—solidifying its market leadership in that segment as it enters a new phase of growth.”

Vasiljevic 在 Telegram 中向 Unchained 寫道：“該協議已成為各個領域用戶的明確選擇，從零售 web3 參與者到首次進入以太坊的受監管機構參與者。” “如今，我們估計 Lido 約 25% 的 TVL 來自專業、機構或受監管用戶，隨著 Lido 進入新的增長階段，鞏固了其在該領域的市場領導地位。”

Lido’s fourth birthday comes the day after the protocol started its process of sunsetting its services on the Polygon network. “The Lido on Polygon sunset process is taking place following extensive discussions across [the] Lido DAO forum and a governance vote by LDO token holders,” wrote the Lido team on X Monday morning. “A strategic refocus on Ethereum and lack of scalability on Polygon POS has led to the discontinuation of staking services on the respective network.” (Lido isn’t the only protocol to leave or consider leaving Polygon, with Aave weighing whether to do the same both for its lending services and DAO voting.)

Lido 的四歲生日是在協議開始取消其在 Polygon 網路上的服務的第二天。 「Lido on Polygon 日落流程是在 Lido DAO 論壇上進行廣泛討論以及 LDO 代幣持有者進行治理投票之後進行的，」Lido 團隊於週一上午寫道。 “對以太坊的戰略重新關注以及 Polygon POS 缺乏可擴展性導致相應網絡上的質押服務停止。” （Lido 並不是唯一離開或考慮離開 Polygon 的協議，Aave 也在考慮是否對其借貸服務和 DAO 投票採取相同的做法。）

Further Signs of Maturing

進一步成熟的跡象

Lido’s anniversary also comes roughly two months after Lido activated a new community staking software module on Ethereum mainnet, which allowed community stakers to join as node operators without needing permission. Since Lido first entered the crypto scene, the protocol’s DAO screened all the firms and parties that wanted to serve as node operators.

Lido 的周年紀念日大約兩個月前，Lido 在以太坊主網上啟動了一個新的社區質押軟體模組，該模組允許社區質押者無需許可即可作為節點運營商加入。自從 Lido 首次進入加密領域以來，該協議的 DAO 篩選了所有想要充當節點運營商的公司和團體。

The price of Lido’s native governance token LDO has decreased 7.7% in the last 24 hours but has grown 82% over the past 30 days to trade at $2.11, giving it a market cap of nearly $1.9 billion, per CoinGecko.

根據 CoinGecko 的數據，Lido 的原生治理代幣 LDO 的價格在過去 24 小時內下跌了 7.7%，但在過去 30 天內上漲了 82%，交易價格為 2.11 美元，市值接近 19 億美元。