如何看待Metis去中心化排序器挖矿机制：layer2 原生DeFi生态萌芽的开始？

来源：链上观

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如何评价 @MetisL2的去中心化Sequencer挖矿机制上线？如果说以太坊生态上已经步入了卷Restaking积分+锁ETH流动性大战的DeFi“老年期”的话，Metis用去中心化Sequencer运行和 @ENKIProtocol LST平台的质押挖矿形成联动，有机会在layer2上复现一次DeFi“萌芽期”的生长过程? 接下来，说下我的看法：

1）当以太坊上Restaking平台一个接一个出现的时候，ETH原生资产就会成为平台间争抢的香饽饽。因此大量平台用Wrapped版本ETH换取用户的ETH资产，虽然封装版的资产也可以在DeFi系统内流通运转，然而用户却无法Redeem赎回自己的原生ETH资产。

When Ethereum's Restaking platforms appear one after another, ETH's native assets become a sought-after item among platforms. Therefore, many platforms use Wrapped ETH versions to exchange for users' ETH assets. Although the wrapped assets can also circulate and operate within the DeFi system, users cannot redeem their native ETH assets.

道理也简单，试想若一个Restaking平台上存放的都是一些其他平台的LRT凭证，而没有ETH原生资产，这个LST平台就如无根之木一样。所以，当然得想尽办法，用“一鱼多吃”想办法让用户把原生ETH资产“交出来”。

The reason is simple. Imagine if a Restaking platform only stores LRT certificates from other platforms, without any native ETH assets, then this LST platform is like a rootless tree. Therefore, of course, they must find a way to encourage users to "surrender" their native ETH assets.

当然，用户在Restaking Fomo期并不在乎这个问题，存入ETH可以换封装版ETH（可以流通），还可以获得Eigenlayer平台积分，LST质押平台积分，这些都是可以获得未来空投的凭证，何乐而不为。

Of course, users don't care about this issue during the Restaking Fomo period. Depositing ETH can exchange for wrapped ETH (which can circulate), and they can also receive Eigenlayer platform points, LST pledge platform points, which are all credentials for future airdrops, so why not do it.

如果这些Restaking平台之间的资产叠加组合，且任何一环都不出安全问题，并没有太大问题。用户一算账，交出了原生ETH，但换来了可流通的封装ETH和未来多平台的积分空投机会，似乎Make sense。但这一切需要，围绕 @eigenlayer 的Restaking组合经济体不会出现溃坝的前提，若等安全问题冒出用户想赎回原生资产出逃的时候，就会发现为时已晚了。

If these Restaking platforms overlay and combine their assets, and there are no security issues, then there isn't much of a problem. When users do the math, they give up their native ETH, but in exchange for circulable wrapped ETH and the opportunity to receive points from multiple platforms in the future, it seems to make sense. However, all of this requires that the Restaking combined economy around @eigenlayer does not face a dam bursting situation. If security issues arise and users want to redeem their native assets to escape, it will already be too late.

这么说并没有Fud 以太坊Restaking DeFi生态的意思，事实上，越来越多的Staking+Restaking平台出现，抢夺ETH原生资产的战役就不得不打响，都在抢ETH原生资产，市场上可流通的ETH越来越少，DeFi金融乐高大厦的“杠杆”会被越叠越高，激进点讲，也算是一种DeFi新Summer。

This is not to Fud the Ethereum Restaking DeFi ecosystem. In fact, with more and more Staking+Restaking platforms appearing, the battle to seize ETH's native assets has to be fought. Everyone is trying to grab ETH's native assets, and the amount of circulating ETH in the market is decreasing. The "leverage" of the DeFi financial Lego tower will stack higher and higher, speaking more aggressively, this can also be considered a new DeFi Summer.

但，换个角度看，这也是一个生态“垂垂老矣”的典型特征。市场上不带杠杆的原生资产就那么多，而要组合一个杠杆帝国大厦出来。谁能抢来原生资产，谁才有盖大厦的资格，结果是，大家都在做高杠杆的事情，一个Eigenlayer盘活了以太坊DeFi生态，但这背后的风险很难细想。

However, looking at it from a different perspective, this is also a typical characteristic of an ecosystem that is "old and declining." There are only so many native assets without leverage in the market, but in order to build a leveraged empire tower, whoever can grab the native assets will have the qualification to build the tower. As a result, everyone is engaging in high leverage activities. Eigenlayer has revitalized the Ethereum DeFi ecosystem, but the risks behind it are difficult to overlook.

2） Metis作为以太坊layer2生态的一份子，过去几年做了一些不走寻常路的举措：

1、替代$ETH为layer2平台的Gas Token，发链之初就以Metis为Utiliy实用Token，让$METIS 作为原生Token而筑底；

2、作为OP-Rollup，一开始就选择了链下去中心化Storage DA+关键可供验证数据提交到以太坊的组合DA范式，可以大幅降低Gas，还能随着以太坊Blob拓展空间的增强灵活调整DA，以提供更贴合市场趋势的DA方式，这为其Hybrid Rollup的实现也提供了基础灵活性；

3、推出去中心化Sequencer系统，用原生Token激励去中心化Sequencer节点进行挖矿，正式上线后可以有20%的APY收益。需要钱掉，这是原生底层收益，好比用户在Lido质押ETH，可以获得20%收益一样，Utility Token的价值在这个环节会被放到最大。理论上，这个原生挖矿收益持续性越强，对后续DeFi生态的组合性发展帮助越大。试想，Lido目前4%的收益都还在持续衍生，何况起步就20%的早期Metis DeFi生态；

4、有了原生Token的最底层去中心化Sequencer挖矿激励，像 @ENKIProtocol @Artemisfinance 这样的LST平台就会有很多涌现，毕竟这个挖矿收益对一些不愿意冒险在主网玩Restaking积分内卷的资金来说，吸引力还是蛮大的；

5、当大量LST平台涌现后，LRT平台也会跟着接踵而至，因为质押METIS产生eMetis，eMetis除了可以挖LST平台的积分之外，还能再质押给其他LRT平台去进一步赚取收益。与此同时，一些其他DEX、Derivatives、CDP等DeFi平台也都会参与到这个不断溢出的流动性接力当中，慢慢的，以太坊DeFi走过的DeFi Farming老路，理论上Metis完全可以复现一遍；

2) As a member of the Ethereum layer2 ecosystem, Metis has taken some unconventional measures in the past few years:

1. Substitute $ETH for the Gas Token of the layer2 platform. At the beginning of the chain, Metis was used as a utility token to lay the foundation for $METIS as a native token;

2. As an OP-Rollup, it initially chose a combination of chain-based decentralized Storage DA + key verifiable data submitted to Ethereum to significantly reduce Gas, and could flexibly adjust the DA with the enhancement of Ethereum Blob expansion space, to provide a DA method more in line with market trends, which also provides the foundation flexibility for its Hybrid Rollup implementation;

3. Launched the decentralized Sequencer system, using native tokens to incentivize decentralized Sequencer nodes for mining. After it officially goes live, it can generate an APY yield of 20%. This is the native underlying income. Similar to users staking ETH in Lido and earning a 20% yield, the value of Utility Tokens will be maximized in this process. The stronger the sustainability of this native mining income, the greater the help to the subsequent development of the DeFi ecosystem. Imagine, Lido's current 4% yield is still continuously derived, not to mention the early Metis DeFi ecosystem starting at 20%;

4. With the bottom-layer decentralized Sequencer mining incentives of native tokens, platforms like @ENKIProtocol and @Artemisfinance will emerge a lot, after all, the attractiveness of this mining income is quite significant for funds that are unwilling to take risks in the mainnet playing Restaking points;

5. When a large number of LST platforms emerge, LRT platforms will follow suit, because staking METIS generates eMetis, which can be staked in other LRT platforms to further earn profits. At the same time, some other DeFi platforms such as DEX, Derivatives, CDP, etc., will also participate in this overflowing liquidity relay, slowly, following the old path of DeFi Farming that Ethereum has gone through, theoretically Metis can completely replicate it;

总之，当遍地layer2开花处于发展困局的时候，Metis原本摒弃ETH为Gas Token的叛逆之举反倒为其建立了发展DeFi生态的基础，而其选择实现底层去中心化Sequencer系统，又为此DeFi经济体运转打下了地基。

总之，当遍地layer2开花处于发展困局的时候，Metis原本摒弃ETH为Gas Token的叛逆之举反倒为其建立了发展DeFi生态的基础，而其选择实现底层去中心化Sequencer系统，又为此DeFi经济体运转打下了地基。

In conclusion, when layer2 platforms are blooming everywhere and facing development dilemmas, Metis' original rebellious act of abandoning ETH as a Gas Token has actually laid the foundation for the development of the DeFi ecosystem, and its choice to implement the decentralized Sequencer system at the underlying level has further established the foundation for the operation of this DeFi economy.

当下，不少以太坊layer2 DeFi发展比较拉胯的根本，核心原因是二层根本没有原生资产驱动价值增长，纯靠二层封装ETH代币以及治理Token很难构建出来一个健康可持续增长的生态。

Currently, the fundamental reason why many Ethereum layer2 DeFi developments are lagging is that there is no native asset to drive value growth in the second layer. It is difficult to build a healthy and sustainable ecosystem solely relying on second-layer wrapped ETH tokens and governance tokens.

显然，Metis在layer2中的市值和那些含金汤匙出生的百亿估值layer2相比，Metis还是个小Baby。不过，若大家认同这种基于原生 Utility Token驱动去中心化经济体增长的范式，至少相比其他layer2，Metis在未来DeFi生态增长可能性这块，明显是最彻底，也最有可能成长起来的。

Obviously, compared to the billion-dollar valued layer2 platforms born with a golden spoon, Metis is still a small baby. However, if everyone agrees with this paradigm of growth of a decentralized economy driven by native Utility Tokens, at least compared to other layer2 platforms, Metis is the most thorough and likely to grow in terms of future DeFi ecosystem growth.

（So，这才是Vitalik妈妈力推Metis的真正原因么？为以太坊孕育新layer2新生机。

（So, is this the real reason why Vitalik's mother is pushing Metis? To nurture new vitality for Ethereum in layer2.