Trading Crypto Inflection Points | Hal Press
Empire
Is Lido Valuable?
The largest expense of these protocols is the emissions that they pay to maintain the peg on their state ETH derivative versus ETH. Lido has to pay out Lido tokens to the curve pool such that people will LP in the curve pool and provide the quantity to maintain peg. After withdrawals, you shouldn't need to pay out so many emissions, because there's a natural arbitrage. The market forces alone should be enough to keep peg. They should be able to reduce those emissions. So the actual fundamental thesis is that on the one hand, revenue is as a beneficiary, and on the other hand, expenses are reduced.
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