EigenLayer面臨迫在眉睫的殖利率危機，威脅以太坊最大的重新抵押協議

EigenLayer 是 TVL 上以太坊上最大的重新抵押協議，由於快速增長超過其主動驗證服務（AVS），可能會面臨收益危機。產業觀察家警告稱，AVS 的安全要求可能遠低於目前的 15B 美元 TVL，從而導致潛在的產量下降。

EigenLayer: The Looming Yield Crisis Shadowing Ethereum's Largest Restaking Protocol

EigenLayer：迫在眉睫的殖利率危機為以太坊最大的重新抵押協議帶來陰影

EigenLayer, the behemoth among Ethereum's restaking protocols, currently reigning supreme in total value locked (TVL), is teetering on the precipice of a "major" yield crisis, raising alarm among industry observers.

EigenLayer 是以太坊重質押協議中的龐然大物，目前在鎖定總價值（TVL）方面佔據主導地位，正瀕臨「重大」收益率危機的邊緣，引起了行業觀察人士的警惕。

This impending crisis stems from EigenLayer's meteoric rise in TVL, outpacing its Actively Validated Services (AVS), the backbone of its security apparatus. This imbalance, according to Chudnov, a pseudonymous architect at 3Jane derivatives exchange, could trigger a catastrophic yield reduction. In a stark April 22 X post, he wrote:

這場迫在眉睫的危機源自於 EigenLayer TVL 的快速崛起，超過了其安全設備的支柱——主動驗證服務 (AVS)。 3Jane 衍生性商品交易所的匿名架構師 Chudnov 表示，這種不平衡可能會引發災難性的收益率下降。在 4 月 22 日的一篇鮮明的帖子中，他寫道：

"EigenLayer boasts over $15 billion in TVL, but AVSs will require less than 10% of that for their security needs. This stark disparity portends a potential collapse in yields."

“EigenLayer 擁有超過 150 億美元的 TVL，但 AVS 只需要不到 10% 的資金來滿足其安全需求。這種明顯的差異預示著產量可能會崩潰。”

On April 16, EigenLayer lifted all restrictions on liquid staking tokens (LSTs), according to an X announcement. Its mainnet debut occurred on April 10.

根據 X 公告，4 月 16 日，EigenLayer 取消了流動質押代幣（LST）的所有限制。它的主網首次亮相於 4 月 10 日。

When users stake LSTs through EigenLayer, the protocol automatically assigns them to a node operator. These operators leverage the deposited funds to bolster their AVSs on EigenLayer, securing the network and earning staking rewards, a portion of which is shared with users.

當使用者透過 EigenLayer 質押 LST 時，協定會自動將它們指派給節點業者。這些業者利用存入的資金來支持 EigenLayer 上的 AVS，保護網路並賺取質押獎勵，其中一部分與用戶共享。

However, the security requirements for Actively Validated Services on the protocol demand far less staked Ether (ETH), casting a pall over the protocol's future, as Chudnov cautions:

然而，正如 Chudnov 所警告的那樣，該協議上主動驗證服務的安全要求要求的抵押以太幣（ETH）要少得多，這給該協議的未來蒙上了一層陰影：

"The crux of the issue lies in the fact that none of the AVSs will approach the $1.5 billion security threshold, let alone the colossal $15 billion. Proof-of-Stake's very essence hinges on the principle that the value of the stake exceeds the potential illicit gains from validator misconduct."

「問題的關鍵在於，沒有一個 AVS 能夠達到 15 億美元的安全門檻，更不用說 150 億美元的巨額資金了。權益證明的本質取決於權益價值超過潛力的原則。驗證者不當行為帶來的非法收益。

Cointelegraph has reached out to EigenLayer for comment.

Cointelegraph 已聯繫 EigenLayer 徵求意見。

EigenLayer, the second-largest protocol on Ethereum after Lido, the liquid staking behemoth, has witnessed a remarkable 16% surge in TVL over the past month, reaching a staggering $14.15 billion, as per DefiLlama.

根據 DefiLlama 的數據，EigenLayer 是以太坊上僅次於流動性質押巨頭 Lido 的第二大協議，過去一個月的 TVL 大幅飆升 16%，達到驚人的 141.5 億美元。

The situation could spiral further as altcoin prices dwindle, disincentivizing AVSs from holding the surplus on-chain capital. A potential interim solution involves a series of token launches to augment security budget requirements, effectively "kicking the can down the road."

隨著山寨幣價格下跌，這種情況可能會進一步惡化，從而抑制 AVS 持有過剩鏈上資本的動機。一個潛在的臨時解決方案涉及一系列代幣發行，以增加安全預算需求，從而有效地「解決問題」。

Nevertheless, a more enduring solution may lie in intertwining EigenLayer with the decentralized finance (DeFi) ecosystem, unlocking wider utility for LSTs. As Chudnov proposes:

然而，更持久的解決方案可能在於將 EigenLayer 與去中心化金融（DeFi）生態系統交織在一起，為 LST 釋放更廣泛的效用。正如楚德諾夫所提出的：

"If [the EigenLayer] ecosystem can forge deeper ties with DeFi through [Liquid restaking tokens] and advanced financial primitives, it will erect a formidable moat, affording AVS more time to stabilize their operations at a fraction of the cost."

「如果[EigenLayer] 生態系統能夠透過[Liquid restake 代幣] 和先進的金融原語與DeFi 建立更深入的聯繫，它將豎起一條強大的護城河，為AVS 提供更多的時間以較低的成本穩定其運作。

As Solana's trajectory illustrates the stark difference between expectations and reality, the potential implications of EigenLayer's looming yield crisis warrant serious consideration.

由於 Solana 的發展軌跡說明了預期與現實之間的明顯差異，因此 EigenLayer 迫在眉睫的殖利率危機的潛在影響值得認真考慮。