Lido is the leading liquid staking provider positioned well to benefit from Ethereum’s upcoming Merge. Since the protocol charges a fee on the staking yield, holding LDO is akin to holding a portion of the staked assets, and it can be valued as such. Based on our assumptions and the current market price of staked assets, LDO’s fair value is $7–7.5, with a potential upside of 130–150% from its current market price.

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