Lido's V3 rollout in mid-December brought institutional vaults to the table, marking a significant shift in liquid staking infrastructure. Days after launch, WisdomTree introduced its stETH ETP with BitGo custody backing—a move that signals real institutional confidence. BlackRock's staked ETH ETF filing is in the pipeline, too. At current LDO valuations hovering near $0.65, the competition in the staking space isn't just noise—it's evidence of actual adoption. Here's the thing: every new ETF entering the staking market needs robust infrastructure to operate. Lido's established network positions it as the backbone infrastructure layer that these products depend on. As institutional demand accelerates, the infrastructure play becomes increasingly central to the entire ecosystem.