以太坊的冒險重賭：揭露隱藏風險，權衡回報

Coinbase 分析師強調了與以太坊新的重新抵押協議 Eigenlayer 相關的潛在風險，包括風險放大和驗證者集中度。儘管它有望成為去中心化應用程式的基礎，但人們對使用流動性重新抵押代幣（LRT）感到擔憂，這可能會導致更高（儘管是隱藏的）風險狀況，因為重新抵押者專注於提供最高收益率的高風險提供者。

Ethereum's Restaking Gamble: Unveiling the Hidden Risks and Balancing the Rewards

以太坊的重新賭注：揭示隱藏的風險並平衡回報

In a comprehensive research report, Coinbase analysts have sounded the alarm on potential risks lurking within Ethereum's novel restaking protocol, Eigenlayer. Despite its alluring promise to amplify yields through liquid restaking tokens (LRTs) and serve as the cornerstone for a multitude of decentralized applications, Eigenlayer's implementation raises concerns over risk amplification and validator concentration.

在一份綜合研究報告中，Coinbase 分析師對以太坊新穎的重新抵押協議 Eigenlayer 中潛藏的潛在風險發出了警報。儘管它承諾透過流動性重新抵押代幣（LRT）來放大收益，並作為眾多去中心化應用程式的基石，但 Eigenlayer 的實施引起了人們對風險放大和驗證者集中度的擔憂。

The Two-Edged Sword of Restaking

重新抵押的雙面刃

Coinbase's analysts, David Han and David Duong, have meticulously outlined several risks associated with restaking and the issuance of LRTs. Eigenlayer, at its core, allows users to reap additional rewards in the form of LRTs for bolstering actively validated services (AVS) by staking derivative tokens. These tokens are then distributed to individuals who have already staked Ether via liquid staking protocols like Lido (LDO).

Coinbase 的分析師 David Han 和 David Duong 仔細概述了與重新抵押和發行 LRT 相關的幾個風險。 Eigenlayer 的核心是允許用戶透過抵押衍生代幣來支援主動驗證服務 (AVS)，以 LRT 的形式獲得額外獎勵。然後，這些代幣會分發給已經透過 Lido (LDO) 等流動質押協議質押以太幣的個人。

While introducing Eigenlayer, the analysts asserted that restaking would be a relatively straightforward process. However, a crucial aspect of EigenLayer is that staked tokens committed to one AVS can be further staked to another AVS. "While this can increase earnings, it can also compound risks," the analysts caution, as it implies allocating the same funds to similar validators in pursuit of higher yields.

在介紹 Eigenlayer 時，分析師聲稱重新抵押將是一個相對簡單的過程。然而，EigenLayer 的一個重要方面是，投入一個 AVS 的質押代幣可以進一步質押到另一個 AVS。分析師警告：「雖然這可以增加收益，但也可能加劇風險，」因為這意味著將相同的資金分配給類似的驗證者以追求更高的收益率。

Compounding this concern is the introduction of LRTs, which could inadvertently lead to a concentration of restakers among higher-risk providers offering the most enticing yields. "As such, LRTs may be incentivized to maximize their yields in order to gain market share, but these could come at the cost of a higher (albeit hidden) risk profile," the authors warn.

LRT 的引入加劇了這種擔憂，這可能會無意中導致重新參與者集中在提供最誘人收益的高風險提供者中。作者警告說：“因此，輕軌可能會被激勵最大化其收益率，以獲得市場份額，但這可能會以更高（儘管是隱藏的）風險狀況為代價。”

EigenLayer's Aspirations Amidst Ethereum's Restaking Landscape

EigenLayer 在以太坊重新佈局中的願望

Despite these risks, the analysts acknowledge EigenLayer's restaking protocol as a potential "bedrock for a wide range of new services and middleware on Ethereum." This, in turn, could generate a substantial stream of ETH rewards for validators in the future. Han and Duong anticipate a continuous increase in the amount of restaked ETH over the long term. However, they foresee a possible short-term decline in Eigenlayer's TVL if point farming ceases or early AVS rewards fall short of expectations.

儘管存在這些風險，分析師承認 EigenLayer 的重新抵押協議是潛在的「以太坊上各種新服務和中間件的基石」。反過來，這可能會在未來為驗證者帶來大量的 ETH 獎勵。 Han 和 Duong 預計從長遠來看，重新質押的 ETH 數量將持續增加。然而，他們預計，如果點耕種停止或早期 AVS 獎勵達不到預期，Eigenlayer 的 TVL 可能會出現短期下降。

On March 6, Eigenlayer surpassed lending behemoth Aave to become the second-largest DeFi protocol, boasting a TVL of $11.5 billion per DefiLlama, trailing only Ethereum liquid staking protocol Lido. The market's enthusiasm for restaking has not gone unnoticed, prompting warnings from Ethereum developers about the potential for excessive leverage.

3 月 6 日，Eigenlayer 超越借貸巨頭 Aave，成為第二大 DeFi 協議，每個 DefiLlama 的 TVL 達到 115 億美元，僅次於以太坊流動質押協議 Lido。市場對重新抵押的熱情並沒有被忽視，這促使以太坊開發商對過度槓桿的可能性發出警告。

Proponents of restaking, on the other hand, argue that it provides additional incentives for individuals who have already staked their Ethereum. The debate over risk versus reward continues to simmer, with the long-term implications of EigenLayer's implementation remaining uncertain.

另一方面，重新抵押的支持者認為，它為已經抵押以太坊的個人提供了額外的激勵。關於風險與回報的爭論持續發酵，EigenLayer 實施的長期影響仍然不確定。

Conclusion

結論

Coinbase's research report serves as a timely reminder of the inherent trade-offs associated with Ethereum's restaking landscape. While EigenLayer holds the potential to unlock new opportunities, its implementation requires careful consideration and mitigation strategies to address the associated risks. As the DeFi ecosystem evolves, it is imperative to strike a balance between innovation and risk management to ensure the long-term viability and resilience of decentralized finance.

Coinbase 的研究報告及時提醒人們注意與以太坊重新抵押景觀相關的固有權衡。雖然 EigenLayer 具有釋放新機會的潛力，但其實施需要仔細考慮和緩解策略來解決相關風險。隨著 DeFi 生態系統的發展，必須在創新和風險管理之間取得平衡，以確保去中心化金融的長期生存能力和彈性。