Lido Finance 四岁了，终于实现年度盈利

Lido Finance 团队表示，该协议已成为从零售 web3 参与者到受监管机构参与者等各个领域用户的明确选择。

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.

推出四年后，去中心化金融（DeFi）协议 Lido 终于有望实现自成立以来首次实现年度盈利。根据加密咨询和咨询公司 Steakhouse Financial 策划的 Dune Analytics 仪表板的数据，到 2024 年，Lido 的净收入将超过 9900 万美元，而其成本和支出总计约为 9400 万美元，使该协议的收入达到 500 万美元。丽都的财务报表。

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 年标志着 Lido 首次实现正收入水平，除了 2020 年该协议的第一年收入低于 400 美元。根据 Steakhouse 的仪表板，2021 年协议总收入接近 1.91 亿美元，而 2022 年和 2023 年的总收入为 1.538 亿美元。自 2020 年 12 月成立以来，Lido 仅实现了 11 个盈利月份，其中 6 个月份发生在去年。

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 的创始人兼区块链项目 Nillion 的贡献者 Hitesh Malviya 在 X 上表示，这一变化是一次“重大转变”，这是由于 2024 年重新抵押协议 EigenLayer 的推出，对 ETH 抵押的需求增加的结果。周日早些时候。

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 联合创始人 Adrian Vasiljevic 告诉 Unchained，Lido 在特定日历年积累的盈余收入“很大程度上反映了 ETH 价格走势”。今年迄今为止，ETH 的价格已上涨约 67%，从 2,350 美元上涨至撰写本文时的不到 4,000 美元。

Chosen by Retail and Institutional Users

零售和机构用户选择

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 协议 Lido 的锁定总价值在 2024 年增长了 5%，从 1 月初的不到 940 万 ETH 增加到截至发稿时超过 981 万 ETH，价值约 387 亿美元。根据 Hildobby 创建的另一个 Dune 仪表板的数据，目前通过 Lido 智能合约质押的 ETH 数量，这家流动质押巨头控制着 ETH 质押总量的近 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.

通过其旗舰产品 stETH，Lido 启动了流动性质押领域，使加密货币用户能够质押 ETH，同时保持流动性，以参与各种 DeFi 活动，例如提供流动性和提供抵押品。 Lido 的 stETH 代表加密货币用户质押的 ETH 以及帮助以太坊区块链安全的奖励。

“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 写道：“该协议已成为各个领域用户的明确选择，从零售 web3 参与者到首次进入以太坊的受监管机构参与者。” “如今，我们估计 Lido 约 25% 的 TVL 来自专业、机构或受监管用户，随着 Lido 进入新的增长阶段，巩固了其在该领域的市场领导地位。”

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 的四岁生日是在该协议开始取消其在 Polygon 网络上的服务的第二天。 “Lido on Polygon 日落流程是在 Lido DAO 论坛上进行广泛讨论以及 LDO 代币持有者进行治理投票之后进行的，”Lido 团队于周一上午写道。 “对以太坊的战略重新关注以及 Polygon POS 缺乏可扩展性导致相应网络上的质押服务停止。” （Lido 并不是唯一离开或考虑离开 Polygon 的协议，Aave 也在考虑是否对其借贷服务和 DAO 投票采取同样的做法。）

Further Signs of Maturing

进一步成熟的迹象

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 的周年纪念日大约两个月前，Lido 在以太坊主网上激活了一个新的社区质押软件模块，该模块允许社区质押者无需许可即可作为节点运营商加入。自从 Lido 首次进入加密领域以来，该协议的 DAO 筛选了所有想要充当节点运营商的公司和团体。

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.

根据 CoinGecko 的数据，Lido 的原生治理代币 LDO 的价格在过去 24 小时内下跌了 7.7%，但在过去 30 天内上涨了 82%，交易价格为 2.11 美元，市值接近 19 亿美元。