The current LDO level is very attractive, providing strong upside potential for ETH and ETH ETFs.

1. The supply is highly dispersed and there is almost no inflation.

2. It has experienced major blows such as the collapse of FTX, LUNA, and interest rate hikes, but historical data shows that it can rebound strongly to 3u.

3. As one of the core DeFi, LDO is one of the few DAPPs that generates more than $100 million in revenue per year (including LDO, MKR, ENA, and UNI).

4. When market risk appetite picks up, institutional investors can easily bid for these assets. The current ratio of LDO to ETH tends to rebound by 40%. $LDO