Let’s talk about Lido’s buyback. Recently, Lido released a proposal, preparing 10,000 stETH to buy back LDO. The motivation is pretty straightforward—they believe LDO has been oversold relative to ETH and provided some data to back it up. Currently, LDO:ETH is around 0.00016, which is about 63% lower than the two-year median of 0.00043. Meanwhile, protocol revenue has only dropped by about 20%. Looking at LDO’s price, it’s basically near its historical low. From a market cap perspective, it’s similar. At its peak, it was $3 billion, and now it’s around $300 million. What’s interesting is that Lido’s business remains stable and simple as always. It generates roughly $50–60 million annually, but a portion of that goes to operators. If we estimate conservatively, it’s still around $20–30 million. From this angle, it seems pretty cheap. The only question is whether the staking business is on an upward or downward trajectory. To be honest, pure staking is a declining business because the barriers to entry are getting lower, and solo staking is increasingly being encouraged. Does Lido have opportunities for growth? It does. With V3 modularizing staking services, it can directly cater to institutional needs. The key point is that it allows institutions to inherit stETH’s liquidity, which is arguably Lido’s biggest moat right now. If institutions need LSD liquidity for on-chain staking, Lido is a solid choice.