EigenLayer 的 Reststake 协议重塑以太坊 DeFi，为验证者提供增强奖励

EigenLayer 的重质押协议已成为以太坊上去中心化金融 (DeFi) 的第二大领域，为验证者提供了赚取 ETH 奖励的重要机会。通过重新质押质押的 ETH，验证者可以确保主动验证服务 (AVS) 的安全，并通过“安全即服务”赚取额外收入。该协议预计将通过降低费用和提高效率而特别有利于第 2 层 (L2) 交易。

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

EigenLayer 的重新抵押协议重塑了以太坊 DeFi 格局，为验证者带来丰厚奖励

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.

伦敦，2024 年 3 月 8 日 - Coinbase Research 的一份开创性报告揭示了重新抵押的迅速崛起，目前重新抵押已成为以太坊上去中心化金融 (DeFi) 的第二大领域。这个蓬勃发展的生态系统的核心是 EigenLayer 的创新重新抵押协议，它有望彻底改变以太坊网络并为验证者释放前所未有的奖励。

The Ethereum Ecosystem's Economic Powerhouse

以太坊生态系统的经济动力

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.

以太坊的股权证明（PoS）共识机制使其跃居加密货币安全的最前沿，拥有近1120亿美元的经济价值。验证者在保护网络方面发挥着至关重要的作用，通过锁定的 ETH 获得基本奖励。然而，流动质押代币（LST）的出现为参与者参与 DeFi 开辟了新的途径，使他们能够利用其质押资产。

EigenLayer's Disruptive Restaking Protocol

EigenLayer 的破坏性重新抵押协议

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 的重质押协议于 2023 年 6 月在以太坊主网上推出，已迅速成为按总锁定价值 (TVL) 计算的第二大 DeFi 协议，目前达到令人印象深刻的 124 亿美元。该协议使验证者能够通过重新抵押 ETH 来保护主动验证服务 (AVS)，从而增加奖励，从而引入一种称为“安全即服务”的新颖收入流。

A Glimpse into the Future: EigenDA and Beyond

未来一瞥：EigenDA 及未来

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.

随着 EigenLayer 准备在 24 年第二季度初推出其首个 AVS EigenDA，以太坊社区热切期待其变革潜力。 EigenDA 作为数据可用性层的角色对第 2 层 (L2) 交易具有巨大影响，它提供了模块化解决方案以最大限度地减少费用并提高效率。

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.

该报告预计，EigenDA 的初始收入将反映以太坊的 blob 存储费用，主要的第 2 层解决方案目前每天花费约 10 ETH。如果 EigenDA 的使用情况类似，预计每年约 3.5k ETH 的重新抵押奖励将转化为验证者额外 0.1% 的收入。

Risks and Complexities: Navigating the Challenges

风险和复杂性：应对挑战

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.

虽然 AVS 的引入有望增强以太坊的生态系统，但它也带来了挑战。每个 AVS 都建立自己的削减和索赔条件，如果涉及多个 AVS，可能会导致冲突。 EigenLayer 的“池安全”模型使问题进一步复杂化，允许 AVS 通过“归属安全”定制其安全性，从而为运营商创建复杂的技术环境。

Liquid Restaking Tokens: Convenience with Potential Pitfalls

Liquid 重新质押代币：便利但也存在潜在陷阱

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.

流动性重新抵押代币（LRT）的引入简化了代币持有者的重新抵押过程，但也带来了潜在的风险。轻轨提供商可能会优先考虑最大化收益以确保市场份额，这可能会增加投资者的风险状况。此外，如果以 ETH 支付，LRT 可能会对非 ETH AVS 奖励施加下行抛售压力，从而限制重新参与者的价值累积。

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 还面临估值风险，这可能会导致在大量质押撤回期间其潜在价值发生错位。仔细评估 LRT 的抵押品价值变得至关重要，因为投资组合持有量或 AVS 收益的波动可能会影响其风险状况。在极端情况下，重新抵押机制的弱点可能会危及以太坊的共识协议。

Conclusion: A New Era for Ethereum DeFi

结论：以太坊 DeFi 的新时代

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 研究报告阐明了以太坊 DeFi 生态系统中重新抵押的显着增长和重要性。 EigenLayer 的创新协议站在这场革命的最前沿，为验证者提供新的收入机会并扩展以太坊网络的功能。然而，必须谨慎行事，应对 AVS 和 LRT 固有的风险和复杂性。随着 EigenDA 和其他 AVS 的出现，以太坊 DeFi 的未来前景广阔，而 EigenLayer 在塑造其发展轨迹方面发挥着关键作用。