EigenLayer 飆升：DeFi 巨頭因重新抵押熱潮而飆升

EigenLayer 是一種支援以太坊重新抵押的 DeFi 協議，已超越 Aave，成為第二大協議，TVL 達 140 億美元。這一增長是在取消質押限制並遷移到主網之後實現的，進一步簡化了重新質押。這個概念由 EigenLayer 首創，透過貢獻多種協議來提高抵押權者收益，為新興項目提供經濟高效的安全解決方案。然而，EigenLayer 的 TVL 計算方式一直存在爭議，並且重質押模式也受到了以太坊聯合創始人 Vitalik Buterin 的審查，他對潛在的系統故障和對以太坊社會共識的破壞表示擔憂。

EigenLayer's Meteoric Rise and the Surge of Restaking

EigenLayer 的崛起和重新抵押的浪潮

In the ever-evolving landscape of decentralized finance (DeFi), EigenLayer has emerged as a formidable force, swiftly ascending to become the second-largest DeFi protocol behind Lido. With an impressive total value locked (TVL) of approximately $14 billion, EigenLayer has surpassed lending behemoth Aave, demonstrating its unwavering dominance in the Ethereum restaking arena. Notably, this surge in TVL was ignited by the protocol's strategic decision to eliminate the cap on user staking, paving the way for exponential growth.

在不斷發展的去中心化金融（DeFi）格局中，EigenLayer 已成為一股強大的力量，迅速崛起成為僅次於 Lido 的第二大 DeFi 協議。 EigenLayer 的總鎖定價值 (TVL) 約為 140 億美元，令人印象深刻，已經超越了借貸巨頭 Aave，展示了其在以太坊重質押領域中堅定不移的主導地位。值得注意的是，TVL 的激增是由該協議取消用戶質押上限的策略決策引發的，為指數級增長鋪平了道路。

Beyond the sheer scale of its operations, EigenLayer distinguishes itself through its groundbreaking restaking concept. This innovative mechanism empowers Ethereum stakers to multiply their yields by actively contributing to the security of multiple protocols concurrently. This ingenious model not only unlocks unparalleled earning potential for stakers, but also presents a cost-effective security solution for burgeoning projects, eliminating the need for independent validator sets.

除了龐大的營運規模之外，EigenLayer 還透過其突破性的重新抵押概念而脫穎而出。這種創新機制使以太坊質押者能夠同時積極為多個協議的安全做出貢獻，從而增加收益。這種巧妙的模型不僅為質押者釋放了無與倫比的獲利潛力，而且還為新興專案提供了一種經濟高效的安全解決方案，消除了對獨立驗證器集的需求。

The meteoric rise of EigenLayer has sparked lively debates surrounding the appropriate calculation of TVL for restaking protocols. Unlike conventional staking protocols, EigenLayer's unique mechanism enables liquidity restaking providers to seamlessly route tokens 'wrapped' by EigenLayer back onto the protocol. This interplay has raised questions regarding the accuracy of TVL calculations, a topic that continues to be scrutinized by industry experts.

EigenLayer 的迅速崛起引發了圍繞重質協議 TVL 的適當計算的激烈爭論。與傳統的質押協議不同，EigenLayer 獨特的機制使流動性重新質押提供者能夠將 EigenLayer「包裝」的代幣無縫路由回協議。這種相互作用引發了有關 TVL 計算準確性的問題，這一主題仍在受到行業專家的密切關注。

In a recent Coinbase research report, analysts David Han and David Duong astutely observed that restaking will likely play a pivotal role in incentivizing validators in the long term, particularly as native staking emissions dwindle. However, the report also shed light on potential risks associated with this emerging technology, such as the unpredictable slashing conflicts that may arise from the interplay of various protocols.

在Coinbase 最近的一份研究報告中，分析師David Han 和David Duong 敏銳地觀察到，從長遠來看，重新質押可能會在激勵驗證者方面發揮關鍵作用，特別是在本地質押排放量減少的情況下。然而，該報告也揭示了與這種新興技術相關的潛在風險，例如各種協議的相互作用可能產生不可預測的削減衝突。

While EigenLayer basks in the spotlight, it is important to acknowledge that Coinbase, a formidable player in the centralized crypto exchange space, harbors indirect competitive aspirations. Coinbase allows its users to reap "staking" rewards by locking ETH, a strategy that has drawn the scrutiny of regulatory authorities like the U.S. SEC. In 2023, Coinbase was compelled to revise its terms and exercise heightened caution in response to the SEC's inquiries into the legality of such operations.

雖然 EigenLayer 備受關注，但重要的是要承認 Coinbase 作為中心化加密貨幣交易領域的強大參與者，也懷抱著間接的競爭抱負。 Coinbase 允許用戶透過鎖定 ETH 來獲得「質押」獎勵，這項策略引起了美國 SEC 等監管機構的審查。 2023 年，Coinbase 被迫修改其條款，並更加謹慎回應 SEC 對此類業務合法性的調查。

The meteoric rise of EigenLayer has not escaped the watchful eyes of renowned crypto luminaries such as Ethereum co-founder Vitalik Buterin. In a thought-provoking blog post titled "Don't Overload Ethereum's Consensus," Buterin expressed his concerns about the potential consequences of a large-scale restaking failure on a layer-2 solution. He painted a vivid picture of a scenario where aggrieved users might clamor for a "fork" of the Ethereum blockchain itself to resolve the issue. In Buterin's view, such a drastic measure could jeopardize Ethereum's delicate "social consensus," the ability of the network to maintain harmony and agreement on its governing rules without resorting to disruptive hard forks.

EigenLayer 的快速崛起並沒有逃過以太坊聯合創始人 Vitalik Buterin 等著名加密貨幣名人的密切關注。在一篇題為「不要超載以太坊共識」的發人深省的部落格文章中，Buterin 表達了他對大規模重新抵押失敗對第 2 層解決方案的潛在後果的擔憂。他生動地描繪了這樣一個場景：憤憤不平的用戶可能會要求以太坊區塊鏈本身「分叉」來解決問題。 Buterin 認為，如此激烈的措施可能會危及以太坊微妙的“社會共識”，即網絡在不訴諸破壞性硬分叉的情況下維持治理規則和諧和一致的能力。

As the restaking ecosystem flourishes and EigenLayer's influence expands, the concerns raised by Buterin become increasingly pertinent. EigenLayer currently holds a substantial portion (around 8%) of all staked ETH, a statistic that underscores its significance within the Ethereum ecosystem. The continued growth and evolution of EigenLayer and the wider restaking landscape merit close monitoring, as they have the potential to reshape the future of staking and security in the DeFi realm.

隨著 restake 生態系統的蓬勃發展和 EigenLayer 影響力的擴大，Buterin 提出的擔憂變得越來越切合實際。 EigenLayer 目前持有所有質押 ETH 的很大一部分（約 8%），這項統計數據強調了其在以太坊生態系統中的重要性。 EigenLayer 的持續成長和演變以及更廣泛的重新質押格局值得密切關注，因為它們有可能重塑 DeFi 領域質押和安全的未來。