Restaking给以太坊带来了什么？
作者：NingNing，独立研究员 来源：X，@0xNing0x
Restaking的价值基石是EigenLayer的AVS。从区块空间经济学的角度来看，Rollup L2是抽象出以太坊的区块空间转售，AVS是抽象出以太坊的经济安全性出售。
市场有一种理论假设，Restaking虽然增加了以太坊的共识负载，但有着更高的Staking收益率的LRT项目能够帮助提高以太坊的质押率和价格进而增强主网的经济安全性。
观察Dune的链上数据看板，我们会发现以上假设与事实有一些龃龉：
Restaking Fomo热潮带来的ETH Staking净流入增长趋势，持续时间很短。时间区间仅为今年1月19日~2月13日，不足1个月。目前虽然净流入仍然保持在0轴上方，但处于历史底部区间。
对ETH Staking的积极影响，整体远远不如上海升级。
24年以来，以太坊Staking总数量2920.60万增长到3212.14，增长率10%。但这个增长趋势的斜率，与2023 Q3横盘熊市期间几乎一致。而24年1月恰恰是比特币ETF通过后的市场调整期。
这里可以看出，Restaking项目的PMF，是Restaking高ETH本位被动收益+市场调整期。与EigenLayer的AVS叙事的相关性，反而比较弱。
Etherfi、Renzo等Restaking项目在吞噬Lido、Rocket Pool等LST的新增Staking的份额。目前Restaking项目占据了新增Staking 40%的市场份额。
从月度变化来看，Lido、Figment、币安、http://P2P.org等传统Staking协议和平台在流出，而Etherfi、Renzo等Restaking协议在大幅净流入。
但值得注意的是，Figment、币安都在一级市场不断出手投资孵化Restaking协议，而Lido由于受即将达到1/3 Staking市场份额阈值的约束而消极作为。
所以，其实Restaking可以看做是一场由Restaking项目和Lido竞对联合发起的围剿。
在这个过程中，Lido失去了市场份额，获得了以太坊生态内的伦理安全性。而Figment、币安不过是左手倒右手，以失去部分被动收入为代价在牛市做资产发行。Etherfi就是第一个成功的案例。
The value cornerstone of the author's independent researcher source is that from the perspective of block space economics, it abstracts the block space resale of Ethereum, which abstracts the economic security of Ethereum. There is a theoretical assumption that although the consensus load of Ethereum is increased, the projects with higher yield can help improve the pledge rate and price of Ethereum, thus enhancing the economic security of the main network. We will find that the above assumptions and facts are brought about by some discord. The growth trend of net inflow lasts for a short time, and the time interval is only less than a month. At present, although the net inflow is still above the axis, it is at the bottom of the history. The overall positive impact of the interval is far less than that of the total number of Ethereum in Shanghai since the upgrade of Ethereum in. However, the slope of this growth trend is almost the same as that during the sideways bear market, and the year is exactly the market adjustment period after the adoption of Bitcoin. It can be seen that the project is a high-standard passive income market adjustment period. On the contrary, the narrative relevance is relatively weak. At present, projects such as Ethereum occupy a new market share. From the monthly changes, traditional agreements such as Coin 'an and platforms are flowing out and other agreements are flowing into Ethereum. However, it is worth noting that Coin 'an is constantly investing in incubation agreements in the primary market, but because it is bound to reach the market share threshold, it can actually be regarded as a siege jointly launched by projects and competitors. In the process, we lost market share and gained ethical security in the ecological environment of Ethereum, but money security is just a left-handed and right-handed thing. It is the first successful case to issue assets in the bull market at the expense of losing some passive income. 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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