为什么LSD协议会是Metis layer2生态发展的根基?

币圈资讯 阅读:34 2024-04-22 09:46:37 评论:0
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 作者:郝天;来源:链上观

如果说POW公链的Lending平台为生态根基的话,那POS公链的LSD协议则一定掌握着生态发展命脉。

最近, @MetisL2 去中心化Sequencer进程还在如火如荼时,又开始不遗余力扶持 @ENKIProtocol 等LSD协议的发展,其根本逻辑就在此。毫无疑问,LSD会是Metis生态万米高楼平地起的根基。接下来,说说我的看法:

1)LSD(Liquid Staking Derivatives)协议,目标让生态用户把原生平台Token质押给POS挖矿节点,进而促进公链平台的安全和稳定运转。相当于LSD协议向用户筹集Token来支撑节点Nodes的正常运转,也让用户可以参与进POS的挖矿Reward过程。

要在Metis构建的去中心化Sequencer节点,基础门槛是2万个 $METIS,对节点运维商而言成本巨大,若由LSD协议先来筹集METIS资产,再把相应的质押Token配额给Sequencer Miner。不仅可以降低节点参与去中心化Sequencer挖矿的门槛,又能给质押METIS的用户提供原生Staking 收益。

长此以往,会形成一个Sequencer Miner和LSD Staking的正向激励飞轮:用户质押METIS给LSD——降低去中心化Sequencer门槛——更多Sequencer参与挖矿——Token质押率上升,链安全共识变强——带动Token资产价格上涨——用户想质押更多参与LSD。某种程度上,发展LSD协议是为了进一步巩固去中心化Sequencer挖矿系统。

当然,LSD参与Sequencer Miner会有相应的配额限制,以确保节点技术、运营、市场等综合能力的平衡,避免资源过度集中,违背了去中心化Sequencer的根本要义。

本质上,这和POW公链发展Lending平台的逻辑类似,矿工可以把挖矿收益资产借给借贷平台获得稳定币来支付挖矿所需电费,实现了不用卖出资产也能正常挖矿Cover成本的衍生金融玩法。

2)Metis是以METIS作为原生Token的layer2平台, Enki Protocol则定位是Metis平台上的第一个LSD协议,原生layer2 Token +原生 Layer2 LSD目标为layer2平台带来真正的流动性质押收益源?为什么这么说?

此前 @Blast_L2  掀起的TVL冲击大战,Blast承诺给用户的除了积分换Token之外,最大看点在于,Blast可以把用户质押的ETH质押给layer1的LSD协议获取收益,来给layer2生态赋能。

在这个场景下,layer2吸收layer1跨链过来的原生Token,然后再被layer2的平台运维方拿去layer1做质押理财获取收益,这让人难免困惑,layer2存在意义是啥?

若layer2上的LSD协议能直接承接layer2上原生资产获取稳健收益的可能性,像Metis这样的layer2平台自身不仅拥有了造血能力,而且随着layer2之间可交互操作的互通,更多layer2平台的流动性会涌入。届时Enki再搞一波类似Blast的TVL积分奖励机制岂不更顺理成章?

如果说Blast拿用户质押的ETH返回到主网参与Lido的质押是“机构”统一的资产理财行为,用户还无法选择资产最后的停留归属,当layer2 LSD协议质押的可行性跑通后,会有大量“散户”从各个layer2平台之间跨layer2来做流动性的溢出理财,其未来的想象空间不容小觑。

3)为了刺激Metis生态LSD协议发展,Metis推出了 Metis Liquid Staking Blitz(LSB),以加速众多LSD协议的增长计划,除了Enki Protocol之外,这会持续吸引包括Artemis等在内的LSD协议快速崛起,LSD在Metis上会越来越多。循着以太坊的发展范式,LSD之后,Restaking机制也势必会在某个时间点出现,进一步带动layer2的流动性的精细化管理和落地应用。

在以太坊上,LIDO、RockX、SSV等Staking协议的涌现把layer1上ETH的质押率拉高到了38%,在Metis上,Enki Protocol等LSD协议会给Metis带来多大的想象空间呢?

当然,Staking +Restaking目标都是为了锁住更大的流动性,Metis的优势在于:

1、Sequencer Miner +LSD协议的双向需求正向飞轮会构成Metis上Staking的成熟基本面,好比Eigenlayer的基本面其实是向新兴layer2链输送以太坊主网安全共识能力一样,Staking价值最终一定得落到实处才够稳健;

2、Metis构建了一个专为METIS原生Token而存在的去中心化经济体,这区别于其他传统layer2以Token为治理代币的模式,正在构建生态过程中持续发挥自我造血能力。若layer2的Token只停留在拉新、治理阶段,其纯激励的Tokenomics就很难对Token Holder产生有效赋能。

以上

话到此,大家应该感知到了,Metis抢先做layer2原生LSD Staking以及未来的ReStaking平台,其实暗藏野心。

在诸多layer2都在开放共享“模块化”技术组件,以Rollup As A Service开疆扩土的时候,Metis则构建了一套Rollup Ecosystem As A Service的生态流动性共享组件,试图把一个原生token+原生LSD的去中心化经济体作为“模块化”商品输送出去。

Note:锁定关注Metis的LSD协议生态发展情况,这是决定Metis生态后续增长的基石,也是判断 #METIS 会不会迎来第二波价值增长的关键。


If the platform of public chain is the ecological foundation, then the protocol of public chain must hold the lifeblood of ecological development. Recently, when the decentralization process is still in full swing, it has begun to spare no effort to support the development of the protocol. Its fundamental logic is here, which will undoubtedly be the foundation of the ecological 10,000-meter-high building. Next, let me talk about my opinion. The goal of the protocol is to let ecological users pledge the original platform to mining nodes, thus promoting the safe and stable operation of the public chain platform, which is equivalent to the use of the protocol. The basic threshold of decentralized nodes to be built by households to support the normal operation of nodes and allow users to participate in the mining process is 10,000. For node operators, the cost is huge. If the assets are raised by agreement first and then the corresponding pledge quota is given, it can not only lower the threshold for nodes to participate in decentralized mining, but also provide primary income for pledged users. In the long run, it will form a positive incentive for flywheel users to pledge to lower the threshold of decentralization, and the pledge rate will increase. The stronger consensus on chain security drives asset prices to rise. To some extent, users want to pledge more participation in the development agreement in order to further consolidate the decentralized mining system. Of course, there will be corresponding quota restrictions for participation to ensure the balance of comprehensive capabilities such as node technology operation market and avoid excessive concentration of resources, which violates the fundamental essence of decentralization. In essence, this is similar to the logic of the public chain development platform. Miners can lend mining income assets to the lending platform to obtain stable coins to pay the electricity bills needed for mining. The derivative financial game of mining costs can be normal without selling assets. As a native platform, the positioning is the first agreement on the platform. The native goal brings real liquidity pledge income sources to the platform. Why do you say that the impact war that was launched before promised users that in addition to the exchange of points, the biggest point of view is that the agreement pledged by users can gain income to empower the ecology. In this scenario, the native students from across the chain can be absorbed and then taken by the platform operation and maintenance parties. It is inevitable that people will be confused about the existence significance of pledge financing to obtain income. What if the agreement can directly undertake the possibility of obtaining stable income from the original assets? A platform like this not only has hematopoietic capacity, but also with the interoperability between them, the liquidity of more platforms will flood in. Wouldn't it be more logical to engage in a similar reward mechanism at that time? If the pledge of returning to the main network with the pledge of users is a unified asset financing behavior of the organization, users can't choose the most assets. When the feasibility of agreement pledge runs through, there will be a large number of retail investors to do liquidity overflow financing from various platforms, and their future imagination space should not be underestimated. In order to stimulate the development of ecological agreements, plans have been put forward to accelerate the growth of many agreements. In addition, this will continue to attract the rapid rise of agreements, including others. Following the development paradigm of Ethereum, the mechanism will inevitably lead to further refined management and decline of liquidity at some point. The emergence of protocols such as Ethernet Square has raised the pledge rate of the world to how much imagination space will it bring to the first-class protocols? Of course, the goal is to lock in greater liquidity. The advantage lies in the two-way demand of the protocols. The mature fundamentals of the positive flywheel will be like the fundamentals of conveying the security consensus capability of the Ethernet Square main network to emerging chains. The value must be implemented in the end to be stable enough to build a decentralized economy that exists exclusively for the original, which is different from it. Traditionally, he thought that the model of token governance was continuously exerting its self-hematopoietic ability in the process of ecological construction. If it only stayed in the stage of governance, it would be difficult to effectively empower it. So, everyone should have sensed that the platform of preempting the original and the future actually had hidden ambitions. At a time when many people were opening up and sharing modular technology components to expand their territory, they built a set of ecological mobility sharing components, trying to modularize a native decentralized economy. It is the cornerstone to determine the subsequent growth of ecology and the key to judge whether the second wave of value growth will come. 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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