EigenLayer 產生危機迫在眉睫，威脅協議的可行性

一位加密貨幣分析師最近的分析強調了 EigenLayer 潛在的收益率危機，威脅到其承諾的安全性和可擴展性。該分析師提出了兩種補救措施：一種是自下而上的方法，涉及為ETH 人為創建市場；另一種是自上而下的方法，涉及金融創新，以抵消與持有重新抵押的ETH 相關的機會成本。

EigenLayer Yield Crisis Looms, Threatening Protocol's Viability

EigenLayer 產量危機迫在眉睫，威脅協議的可行性

Introduction

介紹

EigenLayer, an Ethereum-based protocol designed to enhance network security and scalability, faces an imminent threat that could potentially jeopardize its future. A recent analysis by chudnov, a respected crypto analyst, has revealed a major yield crisis on the horizon that could cause revenue to plummet drastically.

EigenLayer 是一種基於以太坊的協議，旨在增強網路安全性和可擴展性，它面臨著迫在眉睫的威脅，可能會危及其未來。受人尊敬的加密貨幣分析師楚德諾夫最近的一項分析顯示，一場重大的收益率危機即將到來，可能導致收入大幅下降。

Yield Crisis Explained

產量危機的解釋

The EigenLayer protocol utilizes a unique restaking mechanism to improve the security of the Ethereum network. Users deposit ETH into the protocol, which is then distributed to node operators who secure the network and earn rewards. However, the analyst's concerns stem from the massive discrepancy between the amount of ETH deposited and the actual security needs of the network.

EigenLayer協議利用獨特的重質押機制來提高以太坊網路的安全性。用戶將 ETH 存入協議中，然後將其分發給節點運營商，以確保網路安全並獲得獎勵。然而，分析師的擔憂源於存入的 ETH 數量與網路實際安全需求之間的巨大差異。

Oversupply of Security

安全供給過剩

The EigenLayer Token-Locking contract has attracted over $15 billion in Total Value Locked (TVL), but the Actively Validated Service (AVS) required to secure the network only requires a fraction of this amount. This oversupply of capital leads to a yield crisis, where the supply of security outstrips the demand, resulting in downward pressure on prices.

EigenLayer 代幣鎖定合約吸引了超過 150 億美元的總鎖定價值 (TVL)，但保護網路所需的主動驗證服務 (AVS) 僅需要此金額的一小部分。資本供應過剩導致收益率危機，證券供給超過需求，導致價格下行壓力。

Bottom-Up and Top-Down Remedies

自下而上和自上而下的補救措施

To address this yield crisis, the analyst proposes two potential remedies: a bottom-up approach and a top-down approach. The bottom-up approach involves creating incentives for the creation of "shitcoins" that require large security budgets. This approach, however, is seen as unsustainable, as it artificially inflates tokenomics and creates a false demand for security.

為了解決這個收益率危機，分析師提出了兩種可能的補救措施：自下而上的方法和自上而下的方法。自下而上的方法涉及為需要大量安全預算的「垃圾幣」的創建提供誘因。然而，這種方法被認為是不可持續的，因為它人為地誇大了代幣經濟並創造了虛假的安全需求。

The top-down approach, on the other hand, involves the Eigenlayer team developing financial tools on top of the existing infrastructure to offset the opportunity costs associated with holding restaked ETH. This approach seeks to create additional revenue streams and financial products that would reduce the burden on the AVS security budget.

另一方面，自上而下的方法涉及 Eigenlayer 團隊在現有基礎設施之上開發金融工具，以抵消與持有重新質押 ETH 相關的機會成本。這種方法旨在創造額外的收入來源和金融產品，以減輕 AVS 安全預算的負擔。

Analyst's Assessment

分析師評估

The analyst acknowledges that both approaches have their merits but leans towards the top-down approach as a more sustainable solution. While the bottom-up approach may provide short-term relief, it could ultimately lead to unsustainable token price volatility and inefficient allocation of capital.

分析師承認，這兩種方法都有其優點，但傾向於自上而下的方法作為更永續的解決方案。雖然自下而上的方法可能會帶來短期緩解，但最終可能導致不可持續的代幣價格波動和資本配置效率低下。

Conclusion

結論

The yield crisis facing EigenLayer poses a significant threat to the protocol's viability. The community and the Eigenlayer team must carefully consider the proposed remedies and take proactive steps to address the underlying imbalances. Failure to do so could result in a significant loss of revenue and damage to the protocol's reputation.

EigenLayer 面臨的產量危機對該協議的可行性構成了重大威脅。社區和 Eigenlayer 團隊必須仔細考慮建議的補救措施，並採取積極措施解決潛在的不平衡。如果不這樣做，可能會導致收入的重大損失並損害協議的聲譽。