[Data: Lido's total revenue has been declining year by year since 2021] According to Foresight News, Lido strategic advisor Hasu tweeted that Lido's total revenue has been declining year by year since 2021, from $190 million in 2021 to $22.2 million from early 2025 to present. Due to the fact that Lido Treasury is mainly held in ETH, its non operating income has exceeded $100 million since 2022, totaling approximately $40 million. Personally, I think this is a strong argument against starting LDO buybacks today, as it requires selling ETH instead of USD. In addition, it stated that compared to its competitors' large-scale incentive plans, Lido's growth budget is much smaller, which is an important reason for its recent decline in market share. In terms of repurchase, Lido Labs' direction is consistent with recent community proposals, but a cautious approach is to wait for regulatory clarity and design the correct mechanisms. Meanwhile, NEST (a track to support various repurchase mechanisms) will be submitted to the forum in the coming days.