Lido’s strategic advisor, Hasu, has shed light on significant cuts in operational expenses since 2021. The company’s expenditure has dramatically decreased from $190 million in 2021 to a mere $22.2 million early in 2025. This reduction is largely attributed to Lido’s substantial treasury, primarily composed of ETH, which has generated over $100 million in non-operating income since 2022, adding up to around $40 million. Hasu opposes initiating LDO buybacks at present, arguing for the sale of ETH rather than USD instead. Lido’s growth budget remains considerably smaller compared to its competitors’ expansive incentives programs, contributing to its recent market share decline. Buyback plans are in line with community proposals, but Hasu cautions against premature action, urging a wait for clearer regulatory guidance and the development of appropriate mechanisms. Additionally, NEST, a framework designed to support various buyback methods, will be submitted to the forum soon.