MIIX Capital:预期Restaking(再质押)正在激活ETH上涨行情

币圈资讯 阅读:40 2024-04-22 10:12:24 评论:0
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作者:MIIX Capital 来源:X,@MIIXCapital_CN

引言

近期,比特币现货ETF的通过后,触发市场调节机制,行情出现阶段性回落,但是ETH的质押量却在不断地提高,Restaking(再质押)的需求也日益暴增,很明显,这是人们对ETH引领新一轮行情的预期在起作用。

在这种预期下,Restaking已经开始了热度的爬升,并被越来越多的人关注到,尤其ALT上线Binance后,24H涨幅接近58倍,而ALT(AltLayer )锚定的空投对象是参与Restaking用户,这充分显现了Restaking业务的预期潜力。

ETH ShowTime,叙事和预期相辅相成

如果说前不久的上涨行情,是属于BTC的专场,那么接下来就是ETH的Showtime,毕竟BTC现货ETF的通过和预期行情的表现,已经为ETH的接棒做足了示范,并且对比起来ETH似乎满足了所有符合激活预期行情必要条件:

  • BTC即将减半,ETH即将迎来坎昆升级;

  • BTC现货ETF已经通过,ETH现货ETF将面临批准;

  • BTC是加密市场的最强共识,ETH是加密行业的最强应用域;

  • BTC是加密市场最高价值载体,ETH是行业叙事最强的活力生态;

叙事和预期一定相辅相成,上面唯一漏掉的,就在BTC的行情预期中,铭文的借势发力正式开启了BTC生态,同时为行业增加了更丰富的叙事可能,而ETH的既有生态中,还并未出现如铭文这样能够为新的行情预期进行额外加成,甚至引领行情的焦点。

而ETH生态接下来的主旋律是坎昆升级直接利好的Layer2板块,以及是 EigenLayer引领的Restaking生态。但是如果说与ETH强相关,那一定还是Restaking,尤其是Restaking的金融属性,不但能够承接并拓展LSD现有业务框架,还能够进一步激活市场资金的热度,让行情预期变得与我们距离更近。因此,Restaking最有可能在ETH的ShowTime成为叙事的关键焦点。

以点带面,EigenLayer点燃 Restaking风潮

MIIX Capital:预期Restaking(再质押)正在激活ETH上涨行情

最近EigenLayer的热度非常高,仅仅一个多月时间,EigenLayer就吸纳70多万枚ETH,TVL达到515.92K ETH(折合约18亿美金),成为以太坊链上排名第 12 的顶级协议。随着 EigenLayer增加 LST抵押额度,ETH质押成为市场焦点,Restaking风潮也被彻底点燃。

我们来看下最近EigenLayer相关动态:

  • 1月11日,EigenLayer 宣布将天赋带到Cosmos, 为Cosmos 子链提供再质押服务,从而获得以太坊的安全性;

  • 1月21日,以太坊再质押协议 EigenLayer TVL(锁仓额)超过 18 亿美元(DefiLlama 数据);

  • 1月23日,EigenLayer计划为 DApps 提供「共享安全」模式,允许协议通过利用公共ETH质押池加入网络;

  • 1月24日,AltLayer公布对EigenLayer参与者的空投规则:ETH直接质押用户、LST再质押用户、LRT质押用户;

  • 1月25日,EigenLayer宣布在生态系统中引入sfrxETH、mETH 和 LsETH,并取消LST的20万枚 ETH 个人上限;

  • 1月26日,Polyhedra Network 与以太坊再质押协议 EigenLayer 合作,建设以太坊至比特币网络的跨链协议;

从月初开始,EigenLayer 相关动态就接连而至,不管是为了营销炒作,还是出于对Restaking业务的支撑建设,大家都开始把目光聚焦在EigenLayer身上,实际上这些都是为Restaking的后续发力夯实地基,让Restaking可以更容易的撬动整个行业生态和用户市场。

Restaking崛起,是需求也是必然

MIIX Capital:预期Restaking(再质押)正在激活ETH上涨行情

从本质上看,Restaking是传统金融的常见做法,这应用在加密市场中,在ETH2.0基础上进行Restaking,将会让ETH2.0更加的金融化。这可以看作是人们对ETH金融属性的又一次认同,但是这种认同也与市场需求强相关。

首先,在加密市场中,金融属性和金融特征是吸引增量用户、增量资金的一个关键要素,也是促进市场活跃和行业活跃的有效工具,当人们对ETH将引领新一轮行情产生了预期,并不断强化这种预期的时候,金融策略就会被优先考虑,这是市场需求在起作用。

其次,在LSD领域,基于ETH2.0的相关业务与传统金融相比,显得过于简单和单薄,不论是抗风险性,还是对市场需求的支撑都不太够,尤其是无法支撑起对ETH预期的叙事能力;同时作为本质上已经金融化的LSD业务,借此机会完成业务周边的拓展和结构化金融的搭建,就成为了必然。

所以,在人们对ETH行情不断进行预期叠加的背景下,Restaking的崛起既是市场的需求,也是发展的必然,归根结底是预期驱动下对自我叙事能力的完善。

从 Restaking开始,利好 ETH行情

如同铭文借BTC行情发力,为行业拓展开一条新的故事线分支,Restaking也将成为这场Showtime中的关键角色。在不断地动作下,Restaking已经成为性价比非常高的投资选择,只要参与Staking就可以一鱼双吃或三吃。仅就已经开始发力的方向来看,作为Layer2热点的AltLayer已经与EigenLayer进行捆绑和互动,EigenLayer取消LST的个人上限也在为市场和用户提供更大的操作空间,似乎已经开始为ETH主导新一轮周期进行铺垫。

结合市场对ETH行情的预期,在对预期和叙事的演变中,EigenLayer掀起的Restaking风潮是一种必然,而Restaking也确实如人们所期盼的那样,正在激活新一轮行情周期,激活ETH的Showtime,利好ETH周期。


Author's Source Introduction Recently, after the adoption of bitcoin spot, it triggered the market regulation mechanism to decline in stages, but the amount of pledge is constantly increasing, and the demand for re-pledge is also increasing sharply. Obviously, this is people's expectation of leading a new round of market. Under this expectation, the heat has started to climb and more and more people have paid attention to it, especially after the launch, the growth rate is nearly doubled, and the anchored airdrop target is the participating users, which fully shows that the expected potential of the business is complementary to the expected narrative. If it is said that the recent rising market belongs to the special performance, then the following is true. After all, the adoption of the spot and the performance of the expected market have demonstrated the success of the project, and by comparison, it seems that all the necessary conditions for activating the expected market have been met. Cancun is about to be halved, and the spot will face approval. The strongest consensus in the encryption market is that the strongest application field of the encryption industry is the highest value carrier of the encryption market, and the strongest dynamic ecological narrative and expectation of the industry narrative. Must complement each other. The only thing missing above is the inscription in the market expectation, which officially opens up the ecology and increases the narrative possibility for the industry. However, there is no such thing as the inscription in the existing ecology, which can add to the new market expectation and even lead the focus of the market. The next theme of the ecology is Cancun's upgrading, which is directly beneficial to the plate and the leading ecology. However, if it is strongly related, it must be especially the financial attribute, which can not only undertake and lead. Expanding the existing business framework can further activate the enthusiasm of market funds and make the market expectation closer to us, so it is most likely to become the key focus of the narrative. The expected re-pledge is activating the rising market. Recently, the popularity is very high. In just over a month, it has absorbed more than 10,000 pieces and reached a contract value of 100 million US dollars, becoming the top agreement in the Ethereum chain. With the increase of mortgage line pledge, the trend has become the focus of the market, and it has also been completely ignited. Let's take a look at the recent situation. Related dynamics announced on March, bringing talents to provide re-pledge service for sub-chains to gain the security of Ethereum. The lock amount of Ethereum re-pledge agreement exceeded US$ 100 million. The data was planned on March, to provide a shared security model. The agreement was allowed by using the public pledge pool to join the network. The airdrop rules for participants were announced on March, and the users pledged the 10,000 personal caps that were introduced and cancelled in the ecosystem. Since the beginning of the month, the cross-chain agreement between Taifang and Bitcoin network has been in succession. Whether for marketing hype or for supporting business construction, everyone has begun to focus on the body. In fact, these are all for the follow-up efforts to lay a solid foundation and make it easier to incite the whole industry ecology and the rise of the user market. It is a demand and an inevitable expectation that re-pledge is activating the rising market. In essence, it is a common practice of traditional finance. This application in the encryption market will be based on it. It will make it more financialized, which can be seen as people's recognition of financial attributes again, but this recognition is also strongly related to market demand. First, in the encryption market, financial attributes and financial characteristics are a key factor to attract incremental users and incremental funds, and it is also an effective tool to promote market activity and industry activity. When people expect to lead a new round of market and continuously strengthen this expectation, financial strategies will be given priority, which is that market demand is at work, and secondly, it is based on the field. Compared with traditional finance, Yu's related businesses are too simple and thin, and neither the anti-risk nor the support to market demand is enough, especially the narrative ability to expectations can not be supported. At the same time, as a business that has been financialized in essence, it is inevitable to take this opportunity to complete the expansion of business periphery and the construction of structured finance. Therefore, the rise under the background of people's continuous expectation of the market is not only the demand of the market, but also the necessity of development. The perfection of my narrative ability has benefited the market from the beginning, just as the inscription has opened a new story line for the industry to expand, and it will also become a key role in this game. Under the constant action, it has become a very cost-effective investment choice. As long as you participate, you can eat one fish and eat two or three. As far as the direction that has already begun to exert strength is concerned, the personal ceiling that has been tied and interactively cancelled as a hot spot is also providing more operating space for the market and users. It seems that it has begun to lead a new round. It is an inevitable and indeed good cycle that is activating a new round of market cycle activation as people expect, combining the market's expectation of the market and the wave set off in the evolution of expectation and narrative. 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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