$LDO Lido has laid off 15%, even with such a good market.

Apart from the pressure on expenses, the biggest issue is that this wave of buyers, E's $ETH micro-strategies and institutions, are all pursuing their own staking plans.

For example, BMNR has chosen Anchorage Digital, SBET has disclosed that part of it has gone with Coinbase custody, while BlackRock and other ETFs have all opted for offline staking. Each market leader supports and uses the projects they recognize.

This is what I was worried about before; in the future, ETH is ETH, and the altcoins on E are just altcoins. The previous wave of DeFi projects that were not favored by this generation of Wall Street have become a reflection of the times, and the excitement has nothing to do with them.