Ethereum staking protocol Lido disclosed that its total revenue for 2025 was $40.5 million, down 23% year-over-year (compared to $52.4 million in 2024), primarily affected by user net redemptions leading to staking capital outflows and compression of network-wide staking yield (APR). Lido also stated that it is evaluating the launch of an LDO buyback program in Q2 2026, planning to use staking yields generated by the protocol to purchase LDO on the secondary market and allocate it to LDO/wstETH liquidity positions; previously, it had laid off approximately 15% of its workforce in 2025. (The Block)