流動性質押衍生性商品：釋放權益證明網絡的流動性與效益

隨著去中心化金融（DeFi）的不斷發展，新的創新不斷湧現，以解決希望最大限度地發揮數位資產潛力的用戶所面臨的挑戰。

As decentralized finance (DeFi) continues to evolve, new innovations are emerging to address the challenges faced by users looking to maximize the potential of their digital assets. One such innovation that has gained significant attention is liquid staking derivatives. These derivatives allow users to participate in staking activities while retaining liquidity—offering the best of both worlds: earning staking rewards without locking up assets.

隨著去中心化金融（DeFi）的不斷發展，新的創新不斷湧現，以解決希望最大限度地發揮數位資產潛力的用戶所面臨的挑戰。其中一項廣受關注的創新是流動性質押衍生性商品。這些衍生性商品允許用戶參與質押活動，同時保留流動性——提供兩全其美的方案：無需鎖定資產即可獲得質押獎勵。

In traditional proof-of-stake (PoS) networks like Ethereum, staking involves locking assets in a network to help secure the blockchain in exchange for rewards. While staking offers attractive yields, the trade-off is that assets remain locked and inaccessible for a set period. Liquid staking, however, solves this problem by tokenizing staked assets, enabling users to maintain liquidity while still earning staking rewards.

在以太坊等傳統的權益證明 (PoS) 網路中，權益質押涉及將資產鎖定在網路中，以幫助保護區塊鏈以換取獎勵。雖然質押提供了有吸引力的收益，但代價是資產在一段時間內保持鎖定且無法訪問。然而，流動性質押透過對質押資產進行代幣化來解決這個問題，使用戶能夠在保持流動性的同時仍然獲得質押獎勵。

Platforms like Lido and Rocket Pool are at the forefront of this innovation, enabling liquid staking as a service on their DeFi platforms. Through these platforms, users can stake assets in PoS networks like Ethereum, receive liquid staking tokens in return, and use those tokens for other DeFi activities such as lending, trading, or liquidity provision. This article will explore the mechanics of liquid staking derivatives, the benefits they offer, and how platforms like Lido and Rocket Pool are driving their adoption.

像 Lido 和 Rocket Pool 這樣的平台處於這項創新的最前沿，在其 DeFi 平台上實現了流動性質押服務。透過這些平台，用戶可以在以太坊等 PoS 網路中質押資產，獲得流動性質押代幣作為回報，並將這些代幣用於其他 DeFi 活動，例如借貸、交易或流動性提供。本文將探討流動質押衍生性商品的機制、它們提供的好處，以及 Lido 和 Rocket Pool 等平台如何推動其採用。

Key Highlights

主要亮點

What Are Liquid Staking Derivatives?

什麼是流動質押衍生品？

Liquid staking derivatives are tokenized assets that represent staked assets in a proof-of-stake (PoS) network. When users stake their assets through liquid staking platforms, they receive a derivative token in return, which is essentially a claim to the staked asset and its associated rewards. These tokens are tradeable and can be used across other DeFi protocols while still earning staking rewards in the background.

流動質押衍生性商品是代幣化資產，代表權益證明 (PoS) 網路中的質押資產。當用戶透過流動性質押平臺質押其資產時，他們會收到衍生代幣作為回報，這本質上是對質押資產及其相關獎勵的索取。這些代幣是可交易的，可以在其他 DeFi 協議中使用，同時仍在後台賺取質押獎勵。

Key Features of Liquid Staking Derivatives:

流動質押衍生性商品的主要特徵：

How Liquid Staking Works

流動性押如何運作

Liquid staking works by taking the assets a user wants to stake (e.g., Ethereum) and locking them into a smart contract, which then distributes them across multiple validators in the PoS network. In return, the user receives a liquid staking token that represents their stake in the network.

流動質押的工作原理是獲取用戶想要質押的資產（例如以太坊）並將其鎖定到智能合約中，然後智能合約將它們分配給 PoS 網路中的多個驗證器。作為回報，用戶會收到代表他們在網路中的權益的流動質押代幣。

Step-by-Step Process:

逐步過程：

Key Platforms in Liquid Staking – Lido and Rocket Pool

流動性質押的關鍵平台－Lido 和 Rocket Pool

Lido

麗都

Lido is one of the largest and most popular liquid staking platforms, especially for Ethereum 2.0 staking. Lido allows users to stake their Ethereum (ETH) and receive stETH, which represents their staked ETH and the staking rewards associated with it.

Lido 是最大、最受歡迎的流動性質押平台之一，尤其是以太坊 2.0 質押。 Lido 允許用戶質押他們的以太坊 (ETH) 並接收 stETH，這代表他們質押的 ETH 以及與之相關的質押獎勵。

Rocket Pool

火箭池

Rocket Pool is a decentralized liquid staking protocol that is built on top of Ethereum and allows users to stake ETH in a more decentralized manner. Instead of relying on a centralized staking service, Rocket Pool connects users to a decentralized network of node operators who maintain the Ethereum network.

Rocket Pool 是一種建立在以太坊之上的去中心化流動質押協議，允許用戶以更去中心化的方式質押 ETH。 Rocket Pool 不依賴中心化的質押服務，而是將使用者連接到維護以太坊網路的節點營運商的去中心化網路。

Advantages of Liquid Staking Derivatives

流動質押衍生性商品的優勢

1. Liquidity Without Sacrificing Yield

1. 不犧牲收益率的流動性

The primary advantage of liquid staking is that it provides liquidity while allowing users to earn staking rewards. In traditional staking, users must lock their assets for a certain period, but liquid staking tokens allow users to trade, lend, or use them for other DeFi purposes.

流動性質押的主要優點是它提供流動性，同時允許用戶獲得質押獎勵。在傳統質押中，用戶必須將其資產鎖定一段時間，但流動性質押代幣允許用戶交易、借貸或將其用於其他 DeFi 目的。

2. Access to DeFi Markets

2. 進入 DeFi 市場

Users can use liquid staking derivatives (such as stETH or rETH) in DeFi platforms to access lending protocols, liquidity pools, and yield farming opportunities. This increases the utility of staked assets and allows users to maximize their returns.

使用者可以在 DeFi 平台中使用流動性質押衍生品（例如 stETH 或 rETH）來存取借貸協議、流動性池和流動性挖礦機會。這增加了質押資產的效用，並允許用戶最大化他們的回報。

3. Reduced Entry Barriers

3. 減少進入壁壘

Platforms like Rocket Pool and Lido lower the barriers to entry for staking, making it easier for smaller holders to participate in Ethereum staking and earn rewards. Users don’t need to own 32 ETH to run a validator node, and even small holders can contribute to staking.

Rocket Pool和Lido等平台降低了質押的准入門檻，使較小的持有者更容易參與以太坊質押並獲得獎勵。使用者不需要擁有 32 個 ETH 來運行驗證節點，即使是小持有者也可以參與質押。

4. Decentralization and Security

4. 去中心化和安全

Both Lido and Rocket Pool promote decentralization by distributing staked assets across multiple validators, ensuring the security and integrity of the staking process. Rocket Pool, in particular, is focused on ensuring that the staking process is more decentralized by involving independent node operators.

Lido 和 Rocket Pool 都透過在多個驗證者之間分配質押資產來促進去中心化，確保質押過程的安全性和完整性。 Rocket Pool 尤其專注於透過獨立節點業者的參與來確保質押過程更加去中心化。

5. Compound Earnings

5. 複合收益

Staked assets that are converted into liquid staking derivatives can continue to compound in DeFi protocols. This allows users to earn rewards from both staking and the activities they engage in with their liquid tokens.

轉換為流動性質押衍生品的質押資產可以在 DeFi 協議中繼續複合。這使得用戶可以從質押和使用行動代幣參與的活動中獲得獎勵。

Risks and Challenges in Liquid Staking

流動質押的風險與挑戰

1. Smart Contract Risks

1. 智能合約風險

As with all DeFi protocols, liquid staking derivatives come with smart contract risks. Bugs or vulnerabilities in the smart contract could potentially lead to loss of funds. However, both Lido and Rocket Pool have been audited and have insurance mechanisms in place to mitigate this risk.

與所有 DeFi 協議一樣，流動性質押衍生品也存在智能合約風險。智能合約中的錯誤或漏洞可能會導致資金損失。然而，Lido 和 Rocket Pool 都經過了審計，並設有保險機制來減輕這種風險。

2. Centralization Risks (For Lido)

2.中心化風險（Lido）

While Lido has become a dominant player in the liquid staking space, some critics argue that it may lead to centralization, as the platform controls a significant portion of Ethereum’s staked assets. This could result in a single point of failure and a lack of decentralization in Ethereum’s validator network.

儘管 Lido 已成為流動質押領域的主導者，但一些批評者認為，這可能會導致中心化，因為該平台控制著以太坊質押資產的很大一部分。這可能會導致以太坊驗證器網路出現單點故障和缺乏去中心化。

3. Slashing Risks

3. 削減風險

Slashing is a penalty imposed on validators who act maliciously or fail to perform their duties. Although liquid staking platforms like Lido and Rocket Pool mitigate this risk by spreading assets across multiple validators, users may still face slashing penalties if a validator is penalized.

削減是對惡意行為或不履行職責的驗證者施加的懲罰。儘管像 Lido 和 Rocket Pool 這樣的流動質押平台透過將資產分散到多個驗證者來降低這種風險，但如果驗證者受到懲罰，用戶仍然可能面臨大幅處罰。

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