[News] In the first half of 2024, cryptocurrency investors sold off Ethereum staking giant Lido Finance in large quantities, causing LDO to fall to multi-year lows against ETH. However, Lido's fundamentals have never been stronger. In 2023, Lido accumulated a third of the staked ETH and doubled the amount of ETH under management. In 2024, Lido's share of ETH staked fell to 29%, the lowest level since April 2022. The rise of re-staking services such as EigenLayer, ether.fi, Renzo, Puffer, and Kelp has challenged Lido's dominance. Symbiotic's deposit contract landed on the mainnet two weeks ago and has accumulated $300 million in deposits, making it the fastest-growing re-staking protocol in June. Symbiotic's close ties with Lido make it unique in the re-staking ecosystem. The launch of Mellow Finance, which provides Lido with re-staking vault management services, was designated as the first member of the "Lido Alliance". Although the SEC attempted to designate Lido’s stETH as a cryptoasset security, this event may have created a local bottom, and there is little unexpected danger of derailing LDO before the pending litigation is decided. Lido manages more than $30 billion worth of ETH with an annual interest rate of 3%, and the protocol currently generates $1 billion in annual revenue at an interest rate of 10%, giving the token a price-to-earnings (P/E) ratio of about 23 times.