None of the hyperbole is productive here. The fact of the matter is that Lido is underfunded if we are in fact in an extended bear market. It doesn’t matter how we got here. We are here now.
At 1K ETH Lido has a 8 M / year burn rate which needs plugged. At 500 ETH Lido a 12.5M / year burn rate.
Its easy to rely on ETH mooning as our saving grace but its financially and strategically incompetent.
Should Lido ask for a lockup: probably
Should Lido evaluate how to reduce our burn rate: certainly
Do we have some other options: at 1500 ETH, yes. At 500 ETH, no.
At face value, this is not a bad deal.