$LDO as a leading project in Ethereum staking has recently started to lay off 15% of its staff. Besides the fact that the market conditions are indeed poor, I believe part of the reason is that LDO is currently facing a strong competitor challenge, namely $ETHFI .

Currently, ethfi's price-to-earnings ratio under full circulation is not as good as LDO's, and its leading position is not as strong as LDO's.

However, ethfi has three advantages: first, a lower circulation rate, which makes it easier to pump; second, it has a real dividend mechanism that uses part of the protocol revenue for token buybacks to distribute dividends; third, it has some additional businesses and the repurposing of liquid staking.

Therefore, the market, including the LDO team, is uncertain whether LDO can maintain good growth under increasing and intense competition.