> For the complete documentation index, see [llms.txt](https://docs.laso.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.laso.finance/laso-finance-metadao/revenue-volatility.md).

# Revenue Volatility

Laso's revenue volatility has primarily been driven by **program changes**, particularly when issuing banks discontinued reloadable card programs. These changes explain the sharp declines in revenue seen at certain points over the past two years.

There is also some natural fluctuation tied to the broader cryptocurrency market. Since Laso's business is based on card spending, revenue is influenced by users' on-chain wealth and activity. For example, users who realize gains from trading or other crypto investments may choose to spend those funds through Laso.

However, Laso's revenue is generally **less sensitive to market movements** than businesses such as centralized exchanges or decentralized exchanges, where trading volume tends to rise and fall directly with market sentiment. Spending behavior is typically more stable than trading activity, making Laso's revenue less correlated with short-term market performance.

While crypto market conditions do have an impact, the most significant source of historical revenue volatility has been changes to card programs rather than changes in the market itself. As Laso continues to build a business around more stable non-reloadable card programs and deeper banking relationships, the goal is to reduce that volatility over time.