Lido ETH staking yield 4.5%→2.2%… alternatives come with loss risk

Lido's Ethereum staking yield has fallen to roughly 2.2% from a 2022 average of 4.5%, as staked ETH grew about 3.5x to 45.2 million tokens from 12.9 million, spreading the same rewards across far more capital. A report from Kairos Research with Golem Foundation and Ethereum Institutional found yields across major liquid staking tokens now cluster between 2.1% and 2.3%, and that about 74% of ETH at the 28 treasuries it tracked with disclosed allocations was staked. Listed companies hold 8.03 million ETH, or 6.6% of total supply, while US spot ETFs hold roughly 6.1 million. The compression matters because staking is increasingly the default treasury strategy for ETH holders even as returns converge toward a low, uniform band. Watch whether staking inflows keep outpacing reward growth and whether treasuries rotate into higher-risk alternatives as yields stay subdued.