Let us consider the following lasso estimator: $$ \hat{\beta}_{L} = \arg\min \, \frac{1}{n}\sum_{i}^{n}||y_{i} - \textbf{x}_{i}\beta||_{2}^{2} + \frac{\lambda_{n}}{n}\sum_{j=1}^{p}|\beta_{j}| $$ and assume that $p$, the dimension of parameter, is fixed, smaller than $n$ and the design matrix $\textbf{X}$ is not singular and $$ \frac{1}{n}\sum_{i=1}^{n}\textbf{x}_{i}\textbf{x}_{i}^{T} \to C, $$ where $C$ is positive definite matrix and $$ \frac{1}{n} \max_{1\leq i \leq n}\textbf{x}_{i}^{T} \textbf{x}_{i} \to 0. $$ (note: the conditions on the design matrix are taken from famous Fu & Knight paper "Asymptotics for lasso-type estimators" (2000)).
Next, assume that for each $n$ we choose $\lambda_{n}$ by leave-one-out cross validation for $l_{2}$-norm.
What can we say about the sequence $\lambda_{n}$? Is it faster than $O(\sqrt{n})$?
Please, feel free to choose the design matrix $\textbf{X}$ as simple as possible, i.e. the diagonal matrix for repeated balances measurements.