Lido is projected to see a 23% decline in annual revenue in 2025 to $40.5 million, attributed to user withdrawals, reduced staking yields, and intensified competition. The protocol noted that the Ethereum staking landscape has shifted, with capital flowing out of its core Simple LST staking segment. Lido plans to explore LDO token buybacks in Q2 and is transitioning to launch new products targeting institutional and yield-focused customers.