SSV联创：再质押的风险被极度高估
作者：SSV 核心团队联合创始人Adam Efrima，Blockworks；编译：五铢，比特币买卖交易网
The co-founder of the author's core team compiled the five-baht bitcoin trading network 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
EigenLayer is a major proponent and implementer of re-staking, and it's starting to shed its training wheels. After a brief pause on the staking cap for Liquid Staked ETH (LST), the total value locked for "re-staking" has soared from $2.1 billion to $11.5 billion.
The core of re-staking is about improving capital efficiency.
ETH is an extremely liquid asset, making it an ideal choice for bootstrapping new Proof of Stake (PoS) protocols. The tradeoff is simple: the new network gains significant security from day one, while ETH stakers can earn additional income using the same assets they already hold.
Re-staking is quickly becoming a buzzword, and EigenLayer's team's current cautious approach has kept it relatively modest in terms of total locked value. As a relatively new staking mechanism, enhancing existing liquidity staking protocols like Lido, Rocket Pool, Frax, and others, it stands to unlock billions of dollars in additional value within the broader staking industry. However, as with any new cryptographic primitive, some are concerned that re-staking might pose a threat to the stability of Ethereum and cryptocurrencies themselves.
Some of these concerns may be unfounded—such as concerns about financial stability. Other risks, namely technical risks, are legitimate but exaggerated. Critics argue that injecting a large portion of Ethereum into re-staking protocols could unnecessarily and dangerously compound these technical risks. But the fact is, not embracing re-staking may pose greater risks.
How Re-staking Improves Ethereum's Financial Stability
Re-staking offers a great way to ultimately unlock the potential of LST, which can enhance the security of ETH. It's important to remember that, besides convenience, the existence of LST serves an important structural reason directly beneficial to Ethereum's security.
In essence, staking yields on Ethereum compete with DeFi yields. Lending protocols and liquidity pools can offer significantly higher returns than the roughly 4% from ETH staking. If ETH's average yield is significantly higher than that figure (which is easily achievable in particularly active markets), then only a small amount of ETH supply will be staked, making the network more vulnerable.
With LST, ETH holders don't have to choose: they can earn the baseline ETH staking yield anytime and, if willing to take the risk, boost their returns with DeFi yields.
Unfortunately, in the current environment, holding LST seems to be the only thing you can do. LST's utility in DeFi is mainly limited to easy swapping for regular ETH, while DeFi trading purposes are extremely limited—according to Uniswap analytics, ETH's trading volume is over 10 times that of Lido's wstETH.
Re-staking can address this issue by providing another potential revenue stream for ETH holders, which should make staking naturally more competitive than DeFi. The end result is a win for the network as more ETH gets staked.
Are There Financial Risks with Re-staking?
It's worth noting that re-staking is a strictly technical practice—assets deposited into EigenLayer remain within the system and are never lent out to anyone else. Despite sounding similar to "re-staking," it's an entirely different mechanism that doesn't introduce financial risk at all. It's worth noting that currently, EigenLayer is the only significant player in the Ethereum re-staking space, and future protocols may present different risk profiles.
EigenLayer is a decentralized protocol, and there's a risk of losing LST value if delegated to flawed EigenLayer operators. Thus, the cumulative risk also depends on the stakeholders' community to conduct their due diligence, akin to current LST market products.
Liquidity Re-staking Tokens (LRT) could cause confusion, being financialized positions on EigenLayer—essentially LST of ETH deposited into the EigenLayer protocol. The EigenLayer FAQ mentions LST liquidation, in which case, this explanation might do more harm than good.
In practice, it's important to note that these risks are entirely outside the protocol. If users deposit their LRT into lending protocols to enter leveraged positions, their liquidation is entirely an external event. While there's an incentive for users to deposit LRT due to the potential for leverage yields, the level of risk is unlikely to reach catastrophic levels.
Just as no one worried about Ethereum or Lido's security during the stETH detachment period in 2022, no one should worry about EigenLayer users being liquidated. In such cases, others will control their assets, and the system will continue to operate. Additionally, the stETH detachment occurred before the staked ETH was withdrawn, meaning significant arbitrage was impossible.
Are the Technical Risks of Re-staking Significant?
Concerns about the technical aspects of re-staking are valid. After all, the failure of the EigenLayer protocol (or similar protocols) could result in significant losses for the entire Ethereum holder community. Over-slashing, loss of control over staking, malicious applications, and more are risks Ethereum holders may face with re-staking.
But it's important to understand the context of technical risks. There's always a risk of technical failures with the implementation of new protocols, which is a risk the community needs to understand and mitigate. Every Ethereum upgrade raises similar concerns—merely due to minor errors in implementation, the merge itself could go wrong.
Ongoing audits, bug bounties, testnets, and active protocol monitoring are all integral parts of a defense-in-depth security model, which both prevents losses and minimizes them when they occur. Common old redundant solutions achieved through competitors' solutions can also be used to mitigate the risks brought by specific implementations of re-staking.
Some may argue that re-staking unnecessarily adds complexity to Ethereum's consensus. This is valid but must be viewed against the backdrop of the general risks of
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