pSTAKE 的战略布局:在多链生态中的市场优势

币圈资讯 阅读:37 2024-04-22 07:35:28 评论:0
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作者:Haotian,独立研究员 来源:X,@tmel0211

当以太坊 Restaking 赛道如火如荼时,大家很自然地会联想到立足于 Cosmos POS 应用链生态的 @pStakeFinance 应该会有更广阔的市场空间吧?毕竟是全 POS 应用链环境的 Staking 方案。没错,理论上是。

如何看待 pSTAKE 的战略卡位以及潜在市场空间呢?pSTAKE 的业务模型究竟如何?接下来,我再详细说下我的理解:

pSTAKE 是针对包括以太坊、BNBChain、Cosmos、dYdX 等生态系统在内的 POS 公链提供流动性质押服务平台。

具体而言:用户可以将各条链原生 token 直接存入 pSTAKE 平台,平台会将用户资产质押给节点运营商 Validators 然后获取收益,与此同时平台会向用户铸造 stkASSET,可直接用于生态流通,并在一些 DeFi 应用中产生额外收益。

由于 pSTAKE 允许用户直接质押各条链的原生资产给对应的 POS Validators,因此需要对不同链做相应的适配工作,比如:

1、Cosmos 链,用户通过 pSTAKE 质押资产,可立即获得 stkATOM 代币,且资产会以安全非托管方式质押在 Cosmos 链上,由于 Cosmos 质押赎回需要 21 天,pSTAKE 每 4 天可发起一次赎回请求,最差情况用户需要 25 天才能完成赎回;

2、BNB 链,用户质押 BNB 到 pSTAKE,会先发送到 StakePool 合约中,每天 23:00 UTC,自动程序会叠加所有质押资产将它们委托给 pSTAKE 验证者,若用户向赎回 BNB 资产需要等待 15 天,当然用户也可以选择直接把 stkBNB 换成 BNB 以避免等待。

1)就业务模式而言,pSTAKE 定位为流动性质押管理协议,需要管理适配好各条 POS 链的质押特性,并参与相应原生质押和赎回流程,整个过程中新铸造的 stkASSETS 可以用于随时流通。

它的业务核心是跨多条链和多协议的流动性管理平台,将各个 POS 链的流动性打通并汇聚到一个统一管理的平台当中管理和消化,同时又不牺牲原有的流动性。

通俗理解,pSTAKE 相当于为 Cosmos 应用链生态构建了一个流动性共享层,用户通过它可以共享各条链的流动性同时还能获取质押收益,而不必受锁定期困扰,成功实现了“一举多得”:质押到 pSTAKE,1、获得了 POS 链质押收益;2、不牺牲锁定期流动性;3、具备了多链流通价值。

2)pSTAKE 基于 Cosmos IBC 的跨链可交互操作性构建,通过 pBridge 跨链桥实现了资产在各个异构链之间的流通。

IBC 跨链通信协议是 Cosmos 构建庞大应用链生态的技术基础,可以传输任何类型的数据或资产,从而使异构链之间可以相互通信,实现资产流通;

pBridge 则是 pSTAKE 实现跨链通信的关键技术,用来管理用户在多链的资产状态更新维护统一的账本安全。

关键是,用户在各个 POS 链上的原生资产都在原链上完成质押,由双向管道的智能合约来管理和解锁资产的状态。

3)pSTAKE 的战略卡位是在多个 POS 公链之间构建一个公共流动性层,而作为一个流动性管理和供应平台,pSTAKE 可以直接选择优质的 Validators 节点合作,谁更有实力和安全保障就把流动性投给谁。

pSTAKE 作为一个统一管账平台,需要严格筛查 Quilified 节点并对其资产的流向负责,因为一旦 pSTAKE 投放在 POS 公链节点上的资产遭到 Slash,pSTAKE 整个流动性平台要共同分摊并承担损失。

当然,这对用户其实是个更佳选择,选择 pSTAKE 等同于避免了被 Slash 损失资产的可能性。这对面临复杂多链环境的用户而言,等同于又一层托底保障。

4)理论上,pSTAKE 可以服务包括 BNBChain、dYdX、以太坊等在内的较为广泛的 POS 应用链生态,而且大凡是基于 Cosmos IBC 可接入的链都可以。一旦集成,用户就可以将他们在任意一个链上的质押资产转换为对应的 stkTOKEN。

只不过,它不会刻意偏向哪一家应用链生态,会用同一套标准,一个一个生态各个击破来叠加自己公共层的流动性。只有这样,来自各个多链环境下的资产,才能享受同等的资产流动性提升,pSTAKE 才能成为横跨多条链的流动性解决方案。如果个别链的流动性过大,一些弱流动性的生态势必会成为薄弱点,虽然可以服务的面很广,但一碗水得端平,不然就会出现潜在流动性失衡危机。

这正是为何,明明可以服务更广的 POS 链生态,pSTAKE 倾向于在 BNB、ETH 等大链间逐个铺开市场,其实,也必须这样做才行。

总的来说,以太坊上掀起的再质押赛道热,对精耕 POS 公链流动性协议管理的 pSTAKE 而言,会有长期增益 Buff 效果,尤其是当以太坊流动性不断向链外渗透,多链环境成为重心的时候。


When the Ethereum circuit is in full swing, people will naturally think that there should be a broader market space based on the application chain ecology. After all, it is a scheme of the whole application chain environment. Yes, what is the theoretical view of the strategic card position and the potential market space? What is the business model? Next, I will talk about it in detail. My understanding is to provide a liquidity pledge service platform for public chains including Ethereum and other ecosystems. Specifically, users can put each chain. Direct deposit of native resources into the platform platform will pledge the user's assets to the node operators and then obtain the benefits. At the same time, the platform will cast the user's assets that can be directly used for ecological circulation and generate additional benefits in some applications. Because the user is allowed to directly pledge the native assets of each chain to the corresponding ones, it is necessary to do corresponding adaptation work for different chains. For example, chain users can immediately obtain tokens by pledging assets, and assets will be pledged on the chain in a safe and unmanaged way. Due to the need for pledge redemption, it can be initiated every day. In the worst case of a redemption request, it takes days for the user to complete the redemption chain. The pledge will be sent to the contract first. Every day, the automatic program will superimpose all the pledged assets and entrust them to the verifier. If the user needs to wait days to redeem the assets, of course, the user can also choose to change them directly to avoid waiting. In terms of business model, it is positioned as a liquid pledge management agreement, which needs to manage and adapt the pledge characteristics of each chain and participate in the corresponding protoplasm pledge and redemption process. Newly minted ones can be used in the whole process. At any time, the core of its business is to open up the liquidity of each chain across multiple chains and multi-protocol liquidity management platforms and gather it into a unified management platform to manage and digest it without sacrificing the original liquidity. Popular understanding is equivalent to building a liquidity sharing layer for the application chain ecology, through which users can share the liquidity of each chain and get the pledge income without being troubled by the lock-up period, and successfully realize the pledge of multiple benefits without sacrificing the chain pledge income. The liquidity in lock-up period has the value of multi-chain circulation, and the cross-chain interoperability based on cross-chain bridge realizes the circulation of assets among various heterogeneous chains. The cross-chain communication protocol is the technical basis for building a huge application chain ecology, which can transmit any type of data or assets so that heterogeneous chains can communicate with each other, and the realization of asset circulation is the key technology to realize cross-chain communication, which is used to manage users' asset status update in multiple chains and maintain a unified account book security. All the original assets in the chain are pledged on the original chain. The strategic card position is to build a public liquidity layer between multiple public chains, and as a liquidity management and supply platform, you can directly choose the high-quality nodes to cooperate with, and whoever has more strength and security guarantee, as a unified account management platform, you need to strictly screen the nodes and be responsible for the flow of their assets, because once the assets put on the public chain nodes are met, The whole liquidity platform should share and bear the losses. Of course, this is actually a better choice for users. The choice is equivalent to avoiding the possibility of lost assets. This is equivalent to another layer of guarantee for users facing a complex multi-chain environment. Theoretically, it can serve a wider application chain ecology including Ethereum, and most users can convert their pledged assets in any chain into corresponding ones once they are integrated, but it will not be engraved. Which application chain ecology will use the same set of standards, one ecology by one, to superimpose the liquidity of its own public layer. Only in this way can assets from various multi-chain environments enjoy the same asset liquidity improvement and become a liquidity solution across multiple chains. If the liquidity of individual chains is too large, some weak-liquidity ecosystems will inevitably become weak points. Although they can serve a wide range, a bowl of water will be flat, otherwise there will be a potential liquidity imbalance crisis. This is precisely because. He Mingming can serve a wider chain ecology, and tends to spread the market among large chains one by one. In fact, it is also necessary to do so. Generally speaking, the re-pledge track fever in Ethereum will have a long-term gain effect on the management of intensive public chain liquidity agreement, especially when the liquidity of Ethereum continues to penetrate outside the chain and the multi-chain environment becomes the focus. 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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