Why is $LDO a severely underestimated doubling opportunity in the market?

The market often sees Lido as a 'gradually declining LST protocol', but the fact is it remains the absolute leader in Ethereum staking and is on the eve of a potential revaluation.

1. Lido currently holds a 25% market share in Ethereum staking, with its stETH/wstETH becoming one of the most important underlying assets in DeFi. Although recent market increments have been diverted by Restaking and CEX, Lido's total staking amounts and income base have not declined. The protocol generates income through a 10% staking share (half of which goes to the DAO treasury), and has entered a phase of stable positive cash flow. The DAO treasury currently holds approximately $290 million in total assets and $150 million in net assets, meaning it is fully capable of supporting the ecosystem and the market in the long term.

2. Recent governance trends in the community are key catalysts: there are proposals suggesting that 70% of new income be used for secondary market buybacks of LDO, with a vote expected in late August. If implemented, this would mean significant buying pressure directly affecting the circulating supply. It's important to note that the total supply of LDO is 1 billion, with approximately 89% unlocked, around 896 million circulating, and the remaining locked primarily concentrated in the hands of the team, investors, and the DAO treasury. Considering the financial strength the DAO has accumulated, such buybacks would provide substantial support to the secondary market.

3. More importantly, the V3 upgrade is about to launch. This marks Lido's evolution from a single Liquid Staking protocol to a 'staking infrastructure layer', which can not only support ETH but also expand into new directions of multi-asset, multi-strategy, and Restaking. Compared to the current revenue share of over 70%, the market cap of LDO only accounts for 15%-20% of similar protocols, indicating a significant revaluation potential in the medium to long term.

Conclusion:

Short term: Buyback proposal vote next week (August 24) → Direct price support and catalyst

Medium term: V3 launch → Revaluation of staking infrastructure narrative

Long term: Strong DAO treasury + stable positive cash flow → Valuation anchoring and sustained upward momentum

With the dual catalysts overlapping, LDO has extremely strong doubling potential, and the market will sooner or later re-recognize this underestimated leading asset.