The bear case on Lido: Ethereum's largest staking protocol is hemorrhaging cash

Happy new year, and a special welcome to the new subscribers! Our goal is clear: provide readers with the knowledge and wisdom to participate in the next generation of wealth creation: crypto. This includes learning how to identify winners and losers. Today’s loser? Lido and its LDO token. In this post, we reflect upon the meme-like investment thesis that fueled the 2020-2021 bull run and define what I believe to be signs of continued capitulation into 2023. I’m focusing on Lido because it is the single largest liquid staking derivative protocol on Ethereum, and its LDO token commands a $1 billion market cap. I am 100% convinced if Lido were a traditional finance company, it would be bankrupt or in an active firesale. What is the value of an asset that lost $100 million in 2022 and will continue to lose more than it earns for as long as it exists? Keep reading to find out. For the uninitiated: Lido is the creator of “Staked Eth” (abbreviated stETH), an Ethereum liquid staking derivativ

Happy new year, and a special welcome to the new subscribers! Our goal is clear: provide readers with the knowledge and wisdom to participate in the next generation of wealth creation: crypto. This includes learning how to identify winners and losers. Today’s loser? Lido and its LDO token. In this post, we reflect upon the meme-like investment thesis that fueled the 2020-2021 bull run and define what I believe to be signs of continued capitulation into 2023. I’m focusing on Lido because it is the single largest liquid staking derivative protocol on Ethereum, and its LDO token commands a $1 bil