Coinbase：再质押——旧的一切皆为重生

The consensus mechanism for proving the rights and interests of Ethereum, a bitcoin trading network in Shanouba, is the largest economic security fund in cryptocurrency. However, the verifier who protects network security can not only earn basic rewards by locking. For a long time, mobile pledge tokens have been a way for participants to bring their and consensus benefits into the field, and they can be traded in other transactions or re-mortgaged as collateral. Now re-mortgaged appears in the form of mobile re-mortgaged tokens. The introduction of another layer of Ethereum's relatively mature pledge infrastructure and excessive safety budget has enabled it to grow into the second largest agreement in the ecosystem. The total locked value is to enable verifiers to ensure the safety of active verification services through re-mortgage, thus obtaining additional rewards. Therefore, intermediaries in the form of liquid re-mortgage agreements have become more and more common, which has promoted the proliferation of light rail, that is to say, we think that from the perspective of safety and finance, compared with existing pledge products, re-pledge and re-pledge. It may bring additional risks. With the increase of the number of autonomous driving systems and the differentiation of light rail operators' strategies, these risks may become more and more opaque. Nevertheless, re-pledge and pledge incentives are laying the foundation for new agreements. If these proposals are implemented, separate discussions around reducing pledge issuance to the minimum feasible issuance may further increase the relative importance of long-term re-pledge yield. Therefore, excessive attention to regaining opportunities is becoming the biggest this year. One of the encryption themes of Ethereum, the remortgage protocol based on remortgage was launched on the main network of Ethereum in June, and the actual remortgage concept will be launched in the second quarter of the next phase of its multi-phase deployment, which has established a method for the verifier to protect the new functions of Ethereum, such as the data availability layer summarizing the cross-chain messages of the bridge Oracle, and may get additional rewards in the process, which represents a new source of income for the verifier in the form of security-as-a-service. Why has this become so popular? Topic, as the largest cryptocurrency, has a huge economic foundation to protect its network from malicious majority attacks. However, at the same time, the continuous growth of verifiers and pledges can be said to have exceeded the scope needed to protect the network. At the time of merger, 10,000 were pledged, which is probably enough to ensure that 10,000 networks were pledged at that time. As of the news we are about to release, the number of pledged products has tripled, but the price of Ethereum is actually lower than that at the end of the year, which is 10,000. The security, liquidity and reliability of pledged and basic assets make it have unique advantages, which helps to promote the security of other decentralized services. In other words, we believe that re-mortgage as a concept is inevitable to a great extent as an extension of inherent value. However, there is no free lunch in the world. In order to ensure the correctness of these services, re-mortgage is used for behavior verification and may be detained or reduced, which is similar to traditional mortgage, that is, when the first group is in the second year. When the quarterly launch, the reduction will not be enabled, just like pledge. The operators will get extra or token pledge for their services. The growth so far is shocking, second only to the leading liquidity pledge agreement of Ethereum, which has achieved this goal, while retaining the deposit ceiling of most processes, and before starting any real time, it is difficult to decouple the continuous pledge demand from the users' interest in short-term points and air-drop mining, although it has been pledged with the maturity of the agreement. The number may continue to increase, but we think that there may be a short-term decline when the integral mining is over or the early reward is lower than expected. By mortgaging various bottom pools or protoplasm, the verifier will point his withdrawal address on the basis of the existing pledge ecosystem in order to obtain points, and these points will be converted into 10,000 points locked in the agreement reward in the future, accounting for about all, while the total amount locked in the pledge occupies nearly 10,000 points, accounting for all pledges in the ecosystem. In fact, we think that the recent interest in new verifiers after the pledge demand has stabilized is caused by the re-pledge, and more than 10,000 bets have been added in the year, which coincides with the suspension of the deposit ceiling. In fact, some providers are raising their goals as a way to attract new users to use their own platforms by using the interest of re-mortgage. The popular and rich ecosystem has developed, with more than six agreements providing various points and airdrop schemes. We have seen similar models in the liquidity pledge market before, and believe that with the development of the industry, the diversification of alternatives will be very important. In the long run, if the circulation of protoplasm pledge decreases due to the increase of pledge participation, the yield will decrease with the participation of more verifiers. Re-pledge may become an increasingly important way to reduce local pledge emissions. It will further improve the relevance of the re-pledge rate of return, although it is still in the early stage of discussion. Nevertheless, the rate of return is expected to be relatively low after the launch, which may bring challenges to the light rail in the short term, such as the annualized platform fee charged by the largest light rail for its treasury management. However, not all light rails have the same charging structure, so there is room for competition in this respect. However, if we use this fee as the standard for calculating the break-even cost, we will need annual safety clothing. It is necessary to pay about 100 million US dollars to achieve breakeven based on the re-mortgage value, which is more than the fees charged. In the past year, this has raised the question of how much business needs to be generated to improve the overall income of the pledger. As of today, the emergence of active verification service has not started any first release on the main network. At the beginning of the first quarter of the year, it will be a data availability layer that can play a similar role to the storage of or Ethereum. After the successful upgrade, we believe that the first layer fee will be reduced above. In order to become another tool in the modular tool library, cheaper transactions can be realized. However, construction or migration is a slow process, and it may take several months to bring meaningful income to the agreement. In order to estimate the initial income, we can compare it with the storage cost of Ethereum. At present, it is used for many major transactions every day, including and as shown in the figure. If we see similar usage levels, according to our conservative estimation, the annualized rate of re-mortgage incentives is about the same as that of additional incentives. We think that although adding more may increase the income rapidly, the fees in the first few months may be low. 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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