EigenLayer 的 Reststake 協議重塑以太坊 DeFi，為驗證者提供增強獎勵

EigenLayer 的重質押協議已成為以太坊上去中心化金融 (DeFi) 的第二大領域，為驗證者提供了賺取 ETH 獎勵的重要機會。透過重新質押質押的 ETH，驗證者可以確保主動驗證服務 (AVS) 的安全，並透過「安全即服務」賺取額外收入。該協議預計將透過降低費用和提高效率而特別有利於第 2 層 (L2) 交易。

EigenLayer's Restaking Protocol Reshapes the Ethereum DeFi Landscape, Unveiling Lucrative Rewards for Validators

EigenLayer 的重新抵押協議重塑了以太坊 DeFi 格局，為驗證者帶來豐厚獎勵

London, March 8, 2024 - A groundbreaking report by Coinbase Research has shed light on the meteoric rise of restaking, now the second-largest sector in decentralized finance (DeFi) on Ethereum. At the heart of this burgeoning ecosystem stands EigenLayer's innovative restaking protocol, poised to revolutionize the Ethereum network and unlock unprecedented rewards for validators.

倫敦，2024 年 3 月 8 日 - Coinbase Research 的一份開創性報告揭示了重新抵押的迅速崛起，目前重新抵押已成為以太坊上去中心化金融 (DeFi) 的第二大領域。這個蓬勃發展的生態系統的核心是 EigenLayer 的創新重新抵押協議，它有望徹底改變以太坊網路並為驗證者釋放前所未有的獎勵。

The Ethereum Ecosystem's Economic Powerhouse

以太坊生態系的經濟動力

Ethereum's proof-of-stake (PoS) consensus mechanism has catapulted it to the forefront of cryptocurrency security, boasting an economic value of nearly $112 billion. Validators play a crucial role in safeguarding the network, earning base rewards for their locked-up ETH. However, the advent of liquid staked tokens (LSTs) has opened new avenues for participants to engage with DeFi, allowing them to leverage their staked assets.

以太坊的股權證明（PoS）共識機制使其躍居加密貨幣安全的最前沿，擁有近1,120億美元的經濟價值。驗證者在保護網路方面發揮著至關重要的作用，透過鎖定的 ETH 獲得基本獎勵。然而，流動質押代幣（LST）的出現為參與者參與 DeFi 開闢了新的途徑，使他們能夠利用其質押資產。

EigenLayer's Disruptive Restaking Protocol

EigenLayer 的破壞性重新抵押協議

Launched on the Ethereum mainnet in June 2023, EigenLayer's restaking protocol has swiftly ascended to become the second-largest DeFi protocol by total value locked (TVL), currently standing at an impressive $12.4 billion. This protocol empowers validators to multiply their rewards by securing actively validated services (AVS) through restaking their staked ETH, introducing a novel income stream known as "security-as-a-service."

EigenLayer 的重質押協議於 2023 年 6 月在以太坊主網上推出，已迅速成為按總鎖定價值 (TVL) 計算的第二大 DeFi 協議，目前達到令人印象深刻的 124 億美元。該協議使驗證者能夠透過重新抵押 ETH 來保護主動驗證服務 (AVS)，從而增加獎勵，從而引入一種稱為「安全即服務」的新穎收入流。

A Glimpse into the Future: EigenDA and Beyond

未來一瞥：EigenDA 及未來

As EigenLayer prepares to unveil its maiden AVS, EigenDA, in early Q2 24, the Ethereum community eagerly anticipates its transformative potential. EigenDA's role as a data availability layer holds immense implications for layer-2 (L2) transactions, offering a modular solution to minimize fees and enhance efficiency.

隨著 EigenLayer 準備在 24 年第二季初推出首個 AVS EigenDA，以太坊社群熱切期待其變革潛力。 EigenDA 作為資料可用性層的角色對第 2 層 (L2) 交易具有巨大影響，它提供了模組化解決方案以最大限度地減少費用並提高效率。

The report projects that EigenDA's initial earnings will mirror Ethereum's blob storage expenses, with major layer-2 solutions currently spending approximately 10 ETH per day. Should EigenDA experience comparable usage, the projected yearly restaking rewards of around 3.5k ETH translate to an additional 0.1% in earnings for validators.

該報告預計，EigenDA 的初始收入將反映以太坊的 blob 儲存費用，主要的第 2 層解決方案目前每天花費約 10 ETH。如果 EigenDA 的使用情況類似，預計每年約 3.5k ETH 的重新抵押獎勵將轉化為驗證者額外 0.1% 的收入。

Risks and Complexities: Navigating the Challenges

風險與複雜性：應對挑戰

While the introduction of AVSs promises to bolster Ethereum's ecosystem, it also presents challenges. Each AVS establishes its own slashing and claims conditions, potentially leading to conflicts should multiple AVSs be involved. EigenLayer's "pooled security" model further complicates matters, allowing AVSs to customize their security with "attributable security," creating a complex technical landscape for operators.

雖然 AVS 的引入有望增強以太坊的生態系統，但它也帶來了挑戰。每個 AVS 都建立自己的削減和索賠條件，如果涉及多個 AVS，可能會導致衝突。 EigenLayer 的「池安全」模型使問題進一步複雜化，讓 AVS 透過「歸屬安全」客製化其安全性，從而為營運商創建複雜的技術環境。

Liquid Restaking Tokens: Convenience with Potential Pitfalls

Liquid 重新質押代幣：便利但也存在潛在陷阱

The introduction of liquid restaking tokens (LRTs) simplifies the restaking process for token holders, but it also introduces potential risks. LRT providers may prioritize maximizing yields to secure market share, potentially increasing the risk profile for investors. Additionally, LRTs could exert downward sell pressure on non-ETH AVS rewards if payouts are made in ETH, limiting value accrual for restakers.

流動性重新抵押代幣（LRT）的引入簡化了代幣持有者的重新抵押過程，但也帶來了潛在的風險。輕軌提供者可能會優先考慮最大化收益以確保市場份額，這可能會增加投資者的風險狀況。此外，如果以 ETH 支付，LRT 可能會對非 ETH AVS 獎勵施加下行拋售壓力，從而限制重新參與者的價值累積。

LRTs also face valuation risks, which may result in dislocations from their underlying value during periods of heavy staking withdrawals. Careful evaluation of LRTs' collateral value becomes paramount, as fluctuations in portfolio holdings or AVS earnings could impact their risk profile. In extreme cases, weaknesses in the restaking mechanism could jeopardize Ethereum's consensus protocol.

LRT 也面臨估值風險，這可能會導致在大量質押撤回期間其潛在價值發生錯位。仔細評估 LRT 的抵押品價值變得至關重要，因為投資組合持有量或 AVS 收益的波動可能會影響其風險狀況。在極端情況下，重新抵押機制的弱點可能會危及以太坊的共識協議。

Conclusion: A New Era for Ethereum DeFi

結論：以太坊 DeFi 的新時代

The Coinbase Research report has illuminated the remarkable growth and significance of restaking in the Ethereum DeFi ecosystem. EigenLayer's innovative protocol stands at the forefront of this revolution, offering validators new income opportunities and expanding the Ethereum network's capabilities. However, it is essential to proceed with caution, navigating the risks and complexities inherent in AVSs and LRTs. As EigenDA and other AVSs emerge, the future of Ethereum DeFi holds immense promise, with EigenLayer playing a pivotal role in shaping its trajectory.

Coinbase 研究報告闡明了以太坊 DeFi 生態系統中重新抵押的顯著增長和重要性。 EigenLayer 的創新協議站在這場革命的最前沿，為驗證者提供新的收入機會並擴展以太坊網路的功能。然而，必須謹慎行事，以應對 AVS 和 LRT 固有的風險和複雜性。隨著 EigenDA 和其他 AVS 的出現，以太坊 DeFi 的未來前景廣闊，而 EigenLayer 在塑造其發展軌跡方面發揮著關鍵作用。