流動質押激增推動加密貨幣市場復甦

在最近的加密貨幣市場復甦中，流動性重新質押協議獲得了極大的歡迎，控制著近 5% 的質押以太幣 (ETH)。這些協議以 32.7 億美元的 TVL 為首，透過 EigenLayer 提供更高的靈活性和對質押資金的訪問，從而推動了它們的採用。然而，對潛在安全和財務風險的擔憂凸顯了在廣泛採用流動性重新抵押代幣（LRT）之前需要進一步評估。

Surge in Popularity for Liquid Restaking Protocols amidst Cryptocurrency Market Resurgence

加密貨幣市場復甦，流動性重新抵押協議人氣激增

Recent months have witnessed a stratospheric rise in the prominence of liquid restaking protocols within the crypto market. These protocols have swiftly established a commanding presence, now controlling nearly 5% of staked Ether (ETH), signaling a fundamental shift in industry dynamics.

近幾個月來，加密貨幣市場中流動性重新抵押協議的重要性急劇上升。這些協議迅速佔據了主導地位，目前控制著近 5% 的質押以太坊 (ETH)，標誌著產業動態發生了根本性轉變。

Pseudonymous DeFi researcher @hildobby_ has meticulously compiled data, revealing that the majority of ETH staking occurred in 2024, a period of remarkable buoyancy for the digital asset realm.

匿名 DeFi 研究員 @hildobby_ 精心整理了數據，顯示大部分 ETH 質押發生在 2024 年，這是數位資產領域顯著繁榮的時期。

DefiLlama data indicates that the total value locked (TVL) of liquid restaking tokens (LRTs) has surged past the $8.3 billion mark, with ether.fi spearheading the charge. Ether.fi boasts an impressive TVL of $3.27 billion, while Renzo trails closely behind with a TVL of $2.3 billion.

DefiLlama 數據顯示，流動性重新抵押代幣 (LRT) 的鎖定總價值 (TVL) 已飆升至 83 億美元大關，其中以 ether.fi 為首。 Ether.fi 擁有令人印象深刻的 32.7 億美元的 TVL，而 Renzo 緊隨其後，其 TVL 為 23 億美元。

Over the past few weeks, protocols such as Kelp and Puffer have witnessed substantial growth, propelled by the relentless surge in the popularity of ETH liquid restaking protocols.

在過去的幾周里，在 ETH 流動性重新抵押協議的受歡迎程度不斷飆升的推動下，Kelp 和 Puffer 等協議出現了大幅增長。

The adoption of EigenLayer lies at the epicenter of this trend, facilitating restaking while enabling investors to retain unfettered access to their funds. This innovative approach has been instrumental in augmenting the TVL of the aforementioned protocols.

EigenLayer 的採用是這一趨勢的中心，它促進了重新質押，同時使投資者能夠不受限制地使用其資金。這種創新方法有助於增強上述協議的 TVL。

In a recent report, Coinbase analysts David Han and David Duong astutely observed that Ethereum's restaking protocol, EigenLayer, possesses the potential to emerge as "the bedrock for a wide range of new services and middleware on Ethereum."

在最近的一份報告中，Coinbase 分析師 David Han 和 David Duong 敏銳地觀察到，以太坊的重新抵押協議 EigenLayer 有潛力成為「以太坊上各種新服務和中介軟體的基石」。

However, Han and Duong caution against complacency, emphasizing that LRTs "can compound risks" and "may pose additional risks compared to existing staking products, both from a security and financial perspective."

然而，Han 和 Duong 警告不要自滿，強調輕軌“可能會加劇風險”，並且“從安全和財務角度來看，與現有的質押產品相比，可能會帶來額外的風險”。

Conversely, DeFi researcher Ignas predicts that the upcoming crypto bull cycle will be propelled by restaking and Bitcoin Ordinals.

相反，DeFi 研究員 Ignas 預測，即將到來的加密貨幣牛市週期將由重新抵押和比特幣序數推動。