$UNI yesterday, $LDO today proposes buy backs.

Lido’s buybacks start only when:

- ETH above $3k;

- Yearly revenue above $40M

- If both are true, 50% of the extra revenue buys LDO.

(Numbers not final)

This makes buybacks anti cyclical.

In good markets Lido buys more LDO.

In bad markets buybacks slow down so the DAO does not drain its treasury.

Lido pairs bought LDO with wstETH and adds it to the LDO wstETH LP, removing LDO from circulation and boosting liquidity.

The yearly cap is $10M and current revenue levels mean ~$4M of LDO bought per year.

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