Thanks! Where do you get the numbers from that roughly half of the operating budget is dedicated towards growth initiatives?
Looking at GOOSE-2025 & EGGs-2025 Final Report growth & liquidity is roughly 10% of total operating cost, not 50%. “Operating expenses are primarily driven by Compensation and Service Fees.” One could maybe argue that the biggest block of costs (R&D) is discretionary, but I don’t think this holds true when without it, Lido would most likely not be able to maintain market share.