After 4 years in operation, Lido is yet to become profitable.

Even with $34B in TVL and dominating 28% of the entire ETH staking market share.

In 2024, Lido expenditures accounted for $97.6M while revenue "just" $92.1M

To cut costs, Lido stopped SOL staking business a year ago.

Now, the DAO proposes to sunset Lido staking business for Polygon and focus solely on Ethereum ecosystem.

We all like to talk about "revenue sharing" fee switch for token holders.

That's one of my main motivations why I joined a few DAOs as a delegate this year, notably Lido.

But running a profitable DAO is tough.

Lido is not alone: Multiple L2s and DeFi protocols just burn cash.

In April, Lido DAO voted on the rev share proposal but it failed to reach quorum.

In fact, to turn a revenue sharing, there first must be some real profit to share.

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