流动性重新抵押代币或“LRT”复兴了以太坊 DeFi:炒作能持续吗?

币圈资讯 阅读:37 2024-04-22 04:57:49 评论:0
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作者:Sam Kessler;编译:白话区块链

仅在过去一个月内,数十亿美元涌入了新的基于以太坊的流动性重新抵押项目,如Ether.Fi和Puffer。这些新兴平台正竞相取代Lido的抵押ETH(stETH)Token,成为去中心化金融(DeFi)交易者的首选资产。

整个趋势的核心是一个名为EigenLayer的新协议的发展,该协议于去年6月首次推出了一种全新的“重新抵押”系统。该平台正在构建一种解决方案,让区块链应用和网络借用以太坊的安全系统,并且在本月的24小时内吸引了超过10亿美元的新存款。现在,总金额超过70亿美元,根据DefiLllama的数据,这意味着该平台单独积累了超过1.5%的流通以太币(ETH)。

重新抵押提供了一种使用从以太坊的权益证明网络借用的安全性来保护区块链协议和网络的方式。在EigenLayer中的ETH存款可以“重新抵押”到其他协议中,这意味着它们不必建立自己的权益证明网络。

投资者纷纷涌入EigenLayer,因为它承诺比传统的ETH抵押更高的利息。然而,该平台的最近增长主要归功于一群第三方——“流动性重新抵押协议”,如Ether.Fi,Puffer和Swell,它们声称可以代表用户简化重新抵押过程。

这些流动性重新抵押平台充当用户和EigenLayer之间的中间人:这些平台将用户的存款“重新抵押”到EigenLayer,并交付相应的新生成的LRT作为交换,以便用户即使在其存款被用于重新抵押时也可以继续交易。

LRT代表用户在EigenLayer中的存款,这意味着它们可以积累抵押利息,并可以兑换回其基础价值。LRT还可以在DeFi中使用,这意味着人们可以借代并交换LRT以获得更大的回报。

除了LRT的便利性,最近流动性重新抵押平台的真正吸引力在于“积分”——这种奖励可能使用户有资格获得未来的Token空投。虽然积分的货币价值模糊不清,但它们催生了一个全新的附加平台生态系统,例如Pendle,该平台允许用户通过通常涉及高杠杆的交易策略最大化积分。

这种复杂的积分系统、高收益和高风险的交易策略让人不禁想起2021年的情景——“收益农场”和对高回报的追逐引发了DeFi的繁荣和衰退,而该行业至今尚未完全恢复。尽管一些专家对流动性重新抵押的风险持谨慎态度,但该技术的支持者坚称在炒作之外存在真正的实质。

1、Staking 101

流动性重新抵押是建立在以太坊抵押行业两年增长基础之上的。

以太坊由超过900000个验证者运营,他们是全球各地的人们将ETHToken锁定在网络上的地址,以帮助保护链的安全。抵押的Token会积累稳定的利息,但一旦它们被用于运行网络,就无法用于其他用途,比如贷款或其他类型的投资。

这种限制促使了“流动性抵押”的崛起。像Lido这样的服务为用户代表他们进行抵押,并给予他们代表其基础存款的“流动性抵押Token”(LST)。像Lido的抵押ETH(stETH)Token一样,LST也可以像普通的抵押以太币一样获得利息(目前约为3%),但它们还可以在DeFi中使用——这意味着投资者可以借代这些Token,以获取额外的收益。

在过去的几年中,流动性抵押行业蓬勃发展。迄今为止最大的流动性抵押协议Lido拥有超过250亿美元的存款。它的抵押ETH(stETH)Token在网络上最大的借代协议中经常出现比普通ETH更高的交易量。

2、从流动性质押到流动性重新抵押

现在,类似的流动性抵押趋势正在EigenLayer上兴起,这是一种引入重新抵押到以太坊的备受关注的新协议。

"EigenLayer基本上是构建了一个工具,允许其他网络利用以太坊的安全性进行引导," Omni Labs的首席执行官奥斯汀·金解释道,他正在构建一个由重新抵押驱动的桥接协议。

投资者已经转向EigenLayer,在他们的ETH上获得额外的奖励:一方面是为了保护以太坊而获得的利息,另一方面是为了保护使用EigenLayer借用以太坊安全性的所谓AVS(主动验证服务)而获得的重新抵押利息。

根据EigenLayer的说法,这些AVS最终将包括Celo,这是一个正在转变为基于以太坊的第二层网络的第一层区块链;EigenDA,EigenLayer自己的数据可用性服务;以及Omni,它正在构建桥接基础设施,帮助不同的区块链网络相互通信。

但该系统也有缺点,其中一个关键问题是通过EigenLayer重新抵押的Token在存款后无法在DeFi中使用。对于希望最大化回报的投资者来说,这种锁定机制是一个主要的不利因素。

于是,流动性重新抵押应运而生,本质上就是为EigenLayer而设计的流动性抵押。

流动性重新抵押协议接受存款(例如stETH),通过EigenLayer重新抵押,然后发放“流动性重新抵押Token”,如pufETH、eETH和rswETH,可在DeFi中使用以获得额外的积分和其他奖励。

相关人员解释说:"基本上就是抵押ETH的价值主张,你可以获得抵押ETH的收益,而无需费心设置验证者节点。不仅如此,还能获得这些AVS网络带来的任何奖励的补偿。"

3、激励性游戏

Puffer的pufETH、Ether.Fi的eETH、Swell的rswETH以及其他流动性重新抵押Token(LRTs)正在与Lido的stETH竞争,成为DeFi中的下一个重要资产。为了做到这一点,它们已经转向了DeFi中当前的激励模型:积分。

尽管EigenLayer已经接受了数十亿的存款,但它的AVSs尚未启动,这意味着存款人并未收到存款的利息。目前,将Token存入EigenLayer的主要激励是重新抵押积分,这是一个模糊定义的计数,投资者希望通过这些积分能够获得未来确认的EigenLayer空投。

"Puffer Finance的首席执行官阿米尔·福鲁扎尼上个月在接受CoinDesk采访时指出:"EigenLayer尚未启动,它没有任何重新抵押。" "他们现在唯一的激励就是积分,基本上是对这些积分未来价值的猜测。" 主要的流动性重新抵押协议(包括Puffer)已经开始提供自己的积分,作为早期投资者的额外激励。

围绕积分交换也出现了新的服务,推广了涉及反复抵押同一Token的高风险交易策略-以更高的未来回报为代价,增加对协议的敞口。

其中一个协议是Pendle,它将流动性重新抵押Token分成两个独立的Token-收益Token和本金Token-以解锁杠杆交易。Pendle的一种产品接受Ether.Fi的eETHToken的存款,并根据该网站的广告,可以获得45倍的Ether.Fi积分和15倍的EigenLayer积分。

虽然积分仍然高度投机,但它们似乎对流动性重新抵押存款产生了积极影响。根据DeFiLlama的数据,现在市场领导者Ether.Fi有12亿美元的存款,是一个月前的五倍。Puffer Finance以9.7亿美元的存款紧随其后,仅在过去三周内就增加了10倍。

4、惩罚风险

随着流动性重新抵押存款的激增,这种趋势的风险也在增加。

一方面,与EigenLayer相关的一般风险是在将资金投入到一套由层层协议构成的复杂系统中时所带来的:随着相互连接的AVS网络的复杂性增加,错误将不可避免地变得更加可能。

这些错误的最大风险将是“惩罚”,即由于违反网络规则或使用有缺陷的软件连接到网络而导致抵押人受到经济处罚。流动性重新抵押协议在其营销中经常提到“防惩罚”功能,但在AVS开始运行之前,这些承诺将无法在实际中得到验证。

在EigenLayer重新抵押的背景下,惩罚发生在AVS层面上:每个AVS都将设定自己的惩罚规则,而流动性重新抵押提供商将能够选择他们想要为用户验证的AVS协议。如果流动性重新抵押平台选择验证具有恶意(或有缺陷)惩罚参数的网络,那么就会使用户面临存款被削减的风险。

“我们将在更广泛的重新抵押生态系统中建立类似的声誉系统”,关键管理服务公司Cubist的首席执行官Riad Wahby在接受CoinDesk采访时预测道。“如果我要将资金投入到一个运营商中,我很可能会选择一个在风险和回报之间给我正确平衡的运营商。”

5、投机风险

流动性重新抵押最明显的风险是,尽管有数十亿美元的存款,但目前这种做法非常投机。

AVS可能无法向存款人提供他们期望的利息回报,这可能会导致投资者离开该系统,寻找更有利可图的投注机会。在所有关于积分的激动中,也有一些可能性,即伴随的空投可能会失败或永远不会发生,使积分和建立在其上的新市场几乎毫无价值。

这种结果的风险被放大的原因在于,积分通常不是在区块链上发行的,而是由发行者直接跟踪。这意味着很难知道特定类型的积分有多少在流通,使得难以确定它们的价值。

流动性重新抵押积分的投机吸引力让人联想起收益农场的日子。在2021-2022年,当DeFi行业达到鼎盛时期时,资金纷纷涌入像Olympus和Terra这样的项目,它们承诺向用户提供市场领先的收益,以换取对其复杂系统的信任。批评者指责这些项目创造了毫无价值的Token,并肆意印制它们,以人为地支撑收益数字,而在这些平台崩溃后,这些批评最终被证明是正确的。

无论表面上的相似之处如何,EigenLayer以一种yield farming最糟糕的行为者从未做到的方式进入了以太坊开发者的思维,而且流动性重新抵押的支持者表示,它有潜力支持应用程序和基础设施的发展,超越了狭窄的积分和游戏化的投机领域。


The author compiled vernacular blockchain. Only in the past month, billions of dollars poured into new liquid re-mortgage projects based on Ethereum. For example, the mortgage that these emerging platforms are competing to replace has become the first choice asset for decentralized financial traders. The core of the whole trend is the development of a new protocol called "The Protocol", which launched a brand-new re-mortgage system for the first time last month. The platform is building a solution to let blockchain applications and networks borrow the security system of Ethereum. According to the data, it means that the platform has accumulated more than 100 million dollars in circulation. Re-mortgage provides a way to protect the blockchain protocol and network by using the security borrowed from Ethereum's equity certificate network. Deposits in China can be re-mortgaged to other agreements, which means that they don't have to establish their own equity certificate network, and investors flock in because it promises to be higher than the traditional mortgage. However, the recent growth of the platform is mainly attributed to a group of third-party liquidity re-mortgage agreements, such as and they claim to simplify the re-mortgage process on behalf of users. These liquidity re-mortgage platforms act as intermediaries between users and deliver the corresponding newly generated deposits in exchange, so that users can continue to trade deposits on behalf of users even when their deposits are used for re-mortgage, which means that they can accumulate mortgage interest. It can be redeemed back to its basic value and can also be used in the market, which means that people can borrow and exchange to get greater returns. In addition to the convenience, the real attraction of the recent liquidity re-mortgage platform lies in the points. This kind of reward may make users eligible for future airdrops. Although the monetary value of points is vague, they have spawned a brand-new additional platform ecosystem. For example, the platform allows users to maximize the complex product of points through trading strategies that usually involve high leverage. The trading strategy of sub-system with high returns and high risks reminds people of the prosperity and decline caused by the scenario income farm and the pursuit of high returns in 2006, but the industry has not fully recovered yet. Although some experts are cautious about the risks of liquidity re-mortgage, the supporters of this technology insist that there is real real liquidity re-mortgage outside the hype, which is based on the two-year growth of the Ethereum mortgage industry. Ethereum is operated by more than 100 verifiers, and they are people all over the world. Mortgaged addresses locked in the network to help protect the safety of the chain will accumulate stable interest, but once they are used to run the network, they cannot be used for other purposes, such as loans or other types of investments. This restriction has promoted the rise of liquid mortgages. Services like this can mortgage users on their behalf and give them liquid mortgages representing their basic deposits, which can also earn interest like ordinary mortgage ethereum, but they can still be used in the market. This means that investors can borrow these to obtain additional income. In the past few years, the liquid mortgage industry has flourished. So far, the largest liquid mortgage agreement has more than 100 million US dollars in deposits. Its mortgage often has higher transaction volume than ordinary in the largest agency agreement on the Internet, from liquid pledge to liquid re-mortgage. Now a similar trend of liquid mortgage is on the rise. This is a new agreement that has attracted much attention by introducing re-mortgage to Ethereum. Austin King, CEO who has built a tool to allow other networks to take advantage of the security of Ethereum, explained that he is building a bridge protocol driven by remortgage. Investors have turned to get extra rewards on their website, on the one hand, to protect the interest earned by Ethereum, and on the other hand, to protect the remortgage interest earned by using the so-called active authentication service that borrows the security of Ethereum. According to the statement, these will eventually include this is a transformation. It serves the data availability of the first-tier blockchain of the second-tier network based on Ethereum, and it is building a bridging infrastructure to help different blockchain networks communicate with each other. However, the system also has shortcomings. One of the key problems is that it can not be used in the deposit after re-mortgage. For investors who want to maximize returns, this locking mechanism is a major disadvantage, so liquidity re-mortgage comes into being, which is essentially a liquidity mortgage flow designed for this purpose. The sexual remortgage agreement accepts deposits, for example, by remortgage and then issuing liquidity remortgage, for example, and it can be used in the mortgage to get extra points and other rewards. Relevant personnel explained that it is basically the value of mortgage, and you can get the benefits of mortgage without bothering to set up a verifier node. Not only that, but also you can get any rewards brought by these networks, such as compensation for incentive games and other liquidity remortgage, which is becoming the next important asset in the competition. To do this, they have turned to the current incentive model points. Although billions of deposits have been accepted, it has not been started yet, which means that depositors have not received the interest of deposits. The main incentive to be deposited at present is to re-mortgage points, which is a vaguely defined count. Investors hope to obtain future confirmation through these points. Amir Ruzsanyi, CEO of Airdrop, pointed out in an interview last month that it has not been started yet and there is no re-mortgage for them. The incentive is the integral, which is basically a guess of the future value of these points. The main liquidity re-mortgage agreements include the provision of their own points as an additional incentive for early investors. New services have also emerged around the exchange of points, and the same high-risk trading strategy involving repeated mortgage has been promoted to increase the exposure to the agreement at the expense of higher future returns. One of the agreements is that it divides the liquidity re-mortgage into two independent income and principal to unlock a kind of production of leveraged trading. According to the data, the market leader now has a deposit of US$ 100 million, which is five times that of a month ago, followed by a deposit of US$ 100 million, which has increased by times in the past three weeks only. The risk of this trend is also increasing with the surge of liquid re-mortgage deposits. On the one hand, the related general risk is the interconnected network when the funds are invested in a complex system composed of layers of agreements. 比特币今日价格行情网_okx交易所app_永续合约_比特币怎么买卖交易_虚拟币交易所平台

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