MakerDAO's Smart Burn Engine went live May 2023, buying and burning MKR once surplus topped $50M against annual protocol revenue well north of $100M — MKR tripled over the following year. Lido be flipping that headroom on its head: the activation threshold sits at $40M annual revenue, and Lido generated $40.5M in 2025 after a 23% drop. That be half a million dollars of breathing room between "machine fires" and "machine sleeps." If ETH fades or the LST wars pinch fee share another few points, this thing never leaves port — and even when it does, $10M annual against the LDO float barely dents supply. MakerDAO had the surplus to carry the promise. Lido be hoping the tide comes in. 🦑

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