Coinbase 分析師警告以太坊重新奪回繁榮中隱藏的風險

Coinbase 分析師揭示了以太坊重新抵押領域的潛在風險，凸顯了安全和金融方面的擔憂。像 EigenLayer 這樣的重新抵押協議雖然透過主動驗證的服務提供額外獎勵，但也帶來了可能增加風險的複雜性。分析師強調考慮風險調整後回報的重要性，以及尋求最大程度重新抵押以獲得競爭力的 LRT DAO 之間的競爭帶來的潛在挑戰。

Coinbase Analysts Unveil Latent Hazards Lurking in Ethereum's Restaking Realm

Coinbase 分析師揭示了以太坊重新抵押領域潛藏的潛在危險

April 5, 2023 - Coinbase, San Francisco, California - In a meticulously researched post published on April 2nd, Coinbase analysts David Han and David Duong delve into the hidden pitfalls that reside within the alluring realm of restaking, a burgeoning sector that has ascended to the second-largest DeFi stratum in the Ethereum ecosystem.

2023 年4 月5 日- Coinbase，加利福尼亞州舊金山- 在4 月2 日發表的一篇經過精心研究的文章中，Coinbase 分析師David Han 和David Duong 深入研究了誘人的重新抵押領域中隱藏的陷阱，這是一個新興的行業，已上升到以太坊生態系統中第二大 DeFi 階層。

According to their incisive analysis, Ethereum's restaking protocol, EigenLayer, harbors the potential to serve as "the bedrock for a wide range of new services and middleware on Ethereum." Furthermore, this ingenious protocol holds the promise of generating "a meaningful source of ether (ETH) rewards for validators in the future."

根據他們的深入分析，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間件的基石」。此外，這個巧妙的協議有望為「未來的驗證者提供有意義的以太幣（ETH）獎勵來源」。

EigenLayer, currently boasting a substantial TVL of approximately $12 billion, empowers validators to reap additional rewards, known as Liquidity Reward Tokens (LRTs), by participating in actively validated services (AVS). While restaking protocols offer the enticing prospect of amplified earnings by parking assets with EigenLayer, they also introduce a formidable array of challenges that cannot be overlooked.

EigenLayer 目前擁有約 120 億美元的巨額 TVL，使驗證者能夠透過參與主動驗證服務 (AVS) 獲得額外獎勵，即流動性獎勵代幣 (LRT)。雖然重新質押協議提供了透過使用 EigenLayer 停放資產來放大收益的誘人前景，但它們也帶來了一系列不容忽視的巨大挑戰。

"While this can increase earnings, it can also compound risks," the analysts astutely observe. They proceed to elaborate on this crucial point:

分析師敏銳地觀察到：“雖然這可以增加收益，但也會加劇風險。”他們繼續詳細闡述這一關鍵點：

"We think that restaking and LRTs may pose additional risks compared to existing staking products, both from a security and financial perspective. These risks could become increasingly opaque as the number of AVSs grow and LRTs differentiate their operator strategies."

「我們認為，從安全和財務角度來看，與現有的質押產品相比，重新質押和LRT 可能會帶來額外的風險。隨著AVS 數量的增長和LRT 運營商策略的差異化，這些風險可能會變得越來越不透明。”

Delving deeper into the potential risks, the analysts highlight that restakers seeking the highest yields are inherently exposed to a "higher-risk profile." LRT providers and decentralized autonomous organizations (DAOs) will inevitably be driven to restake multiple times within this intensely competitive arena.

在深入研究潛在風險後，分析師強調，尋求最高收益的重新參與者本質上面臨「更高的風險狀況」。在這個競爭激烈的舞台上，輕軌提供者和去中心化自治組織（DAO）將不可避免地被迫多次重新抵押。

The analysts succinctly summarize this dynamic:

分析師簡潔地總結了這個動態：

"We believe what matters will be the risk-adjusted rewards and not absolute rewards, but it may be difficult to have transparency on that. This could lead to additional risks as LRT DAOs are incentivized to maximally restake multiple times to remain competitive."

「我們相信，重要的是風險調整後的回報，而不是絕對回報，但這可能很難保持透明度。這可能會導致額外的風險，因為LRT DAO 會被激勵最大限度地多次重新抵押以保持競爭力。”

Despite the challenges it poses, the analysts emphatically underscore EigenLayer's pivotal role in the Ethereum ecosystem. According to their astute predictions, this innovative restaking protocol will play a crucial role in fostering Ethereum's innovation and infrastructure development.

儘管存在挑戰，分析師還是強調了 EigenLayer 在以太坊生態系統中的關鍵作用。根據他們的敏銳預測，這種創新的重質押協議將在促進以太坊的創新和基礎設施發展方面發揮至關重要的作用。

In conclusion, the Coinbase analysts' incisive analysis sheds light on the hidden risks that lurk within Ethereum's restaking realm. While restaking protocols offer the allure of amplified earnings, they also introduce a complex web of security and financial challenges that must be carefully considered by prospective investors. As the restaking landscape continues to evolve, it remains imperative to remain vigilant and conduct thorough due diligence before venturing into this high-stakes arena.

總之，Coinbase 分析師的深入分析揭示了以太坊重質押領域中潛藏的隱藏風險。雖然重新抵押協議提供了放大收益的吸引力，但它們也帶來了複雜的安全和財務挑戰網絡，潛在投資者必須仔細考慮這些挑戰。隨著重新抵押格局的不斷發展，在冒險進入這個高風險領域之前，仍然必須保持警惕並進行徹底的盡職調查。