流動性押：釋放權益證明加密貨幣的價值

流動質押使區塊鏈參與者能夠獲得獎勵，同時保持其質押加密資產的流動性。透過利用 Lido Finance 和 Rocket Pool 等流動性質押服務，持有者可以獲得更廣泛的 DeFi 應用和產生收益的機會。然而，重要的是要考慮與這種做法相關的潛在風險，包括大幅削減風險、集中化擔憂、監管不確定性和治理權利減少。

Liquid Staking: Unlocking Value in Proof-of-Stake Cryptocurrencies

流動質押：釋放權益證明加密貨幣的價值

Introduction

介紹

In the realm of blockchain technology, the process of securing transactions and generating new blocks is crucial. Proof-of-Stake (PoS) blockchains revolutionized this process by introducing a mechanism that requires participants to deposit a portion of their cryptocurrency holdings as collateral, known as staking. This practice, implemented to enhance network security, came with a caveat: the staked cryptocurrency became temporarily inaccessible for other uses within the blockchain ecosystem.

在區塊鏈技術領域，保護交易和產生新區塊的過程至關重要。股權證明 (PoS) 區塊鏈透過引入一種機制徹底改變了這一過程，該機制要求參與者存入部分加密貨幣作為抵押品，即「質押」。這種做法是為了增強網路安全性而實施的，但有一個警告：質押的加密貨幣暫時無法用於區塊鏈生態系統中的其他用途。

The Problem: Inaccessible Staked Assets

問題：質押資產無法訪問

While staking strengthened network security, it also posed a challenge: a significant amount of crypto assets were immobilized, limiting their utility in other blockchain applications. This immobilization was necessary to incentivize validators tasked with verifying transactions and upholding the integrity of the network. In the event of misconduct, validators risked losing their staked funds, ensuring their adherence to protocol guidelines.

在強化網路安全性的同時，它也帶來了挑戰：大量加密資產被固定化，限制了它們在其他區塊鏈應用中的效用。這種固定化對於激勵負責驗證交易和維護網路完整性的驗證者來說是必要的。如果發生不當行為，驗證者將面臨失去質押資金的風險，以確保遵守協議準則。

Liquid Staking: A Solution Emerges

流動質押：解決方案的出現

As blockchain technology evolved, the issue of inaccessible staked assets gained prominence. To address this challenge, liquid staking emerged as a solution. Liquid staking provides a means to maintain blockchain security while unlocking the potential of staked assets for utilization in decentralized liquid staking protocols and other blockchain applications.

隨著區塊鏈技術的發展，質押資產無法進入的問題變得越來越突出。為了因應這項挑戰，流動性質押作為一種解決方案應運而生。流動性質押提供了一種維護區塊鏈安全性的方法，同時釋放質押資產在去中心化流動性質押協議和其他區塊鏈應用中的利用潛力。

What is Liquid Staking?

什麼是流動性質押？

Liquid staking is a process that allows cryptocurrency holders to stake their assets in a way that preserves the liquidity of their tokens while still earning rewards for participating in the network's consensus mechanism. In essence, liquid staking is like traditional staking, but with the added benefit of retaining access to the staked crypto tokens at any time.

流動性質押是一個允許加密貨幣持有者以保留其代幣流動性的方式質押其資產的過程，同時仍能透過參與網路的共識機制獲得獎勵。從本質上講，流動質押就像傳統的質押，但具有隨時保留對質押加密代幣的存取權的額外好處。

Liquid staking addresses the drawbacks of traditional staking by allowing staked tokens to be used as collateral or traded on secondary markets while continuing to earn staking rewards. This is accomplished through various mechanisms, such as tokenization or the use of derivatives, which represent staked assets and can be freely transferred or traded.

流動質押透過允許質押代幣用作抵押品或在二級市場上交易，同時繼續賺取質押獎勵，解決了傳統質押的缺點。這是透過各種機制來實現的，例如代幣化或使用衍生性商品，這些衍生性商品代表質押資產，可以自由轉讓或交易。

How Does Liquid Staking Work?

流動性押如何運作？

In traditional staking, users lock up their crypto assets to contribute to the security of a proof-of-stake (PoS) blockchain network and earn rewards in return. However, the locked assets remain inaccessible during the staking period.

在傳統的質押中，用戶鎖定他們的加密資產，為權益證明（PoS）區塊鏈網路的安全做出貢獻，並獲得回報。然而，鎖定資產在質押期間仍然無法存取。

Liquid staking offers a more flexible alternative. Through liquid staking, users simply deposit their crypto tokens with a liquid staking service provider. The provider then combines these tokens with others deposited by other users, forming a larger stake that enhances the efficiency and security of the proof-of-stake blockchain. This pooled stake is then delegated to validators.

流動質押提供了更靈活的選擇。透過流動性質押，用戶只需將其加密代幣存入流動性質押服務提供者。然後，提供者將這些代幣與其他用戶存入的其他代幣結合起來，形成更大的權益，從而提高權益證明區塊鏈的效率和安全性。然後，該集合權益將委託給驗證者。

In exchange for the deposit, the provider issues new LSTs (liquid staking tokens). These tokens represent the user's original stake and any rewards accumulated over time, effectively serving as receipts for the staked tokens. As the validators process transactions, they earn rewards for securing the network, and the liquid staking provider distributes a portion of these rewards proportionally to LST holders.

作為存款的交換，提供者發行新的 LST（流動質押代幣）。這些代幣代表用戶的原始質押以及隨著時間推移積累的任何獎勵，有效地充當質押代幣的收據。當驗證者處理交易時，他們會因保護網路而獲得獎勵，而流動性質押提供者將這些獎勵的一部分按比例分配給 LST 持有者。

Liquid Staking Tokens (LSTs)

Liquid 質押代幣（LST）

LSTs are digital receipts that confirm ownership of a staked digital asset. Their value is directly tied to that of the original asset, and they possess a wide range of applications within the decentralized finance (DeFi) ecosystem. LSTs can be traded, exchanged for other cryptocurrencies, used for lending purposes, or even used as collateral for borrowing other tokens.

LST 是確認質押數位資產所有權的數位收據。它們的價值與原始資產的價值直接相關，並且在去中心化金融（DeFi）生態系統中擁有廣泛的應用。 LST 可以進行交易、兌換成其他加密貨幣、用於借貸目的，甚至可以用作借入其他代幣的抵押品。

Advantages of Liquid Staking

流動質押的優點

Liquidity: Liquid staking allows users to earn staking rewards while still having access to their assets, which can be traded or used in DeFi applications through LSTs.

流動性：流動性質押允許用戶在獲得質押獎勵的同時仍然可以使用其資產，這些資產可以透過 LST 在 DeFi 應用中進行交易或使用。

DeFi Participation: LSTs open doors to various DeFi applications like lending platforms and prediction markets, enabling users to earn additional yield on top of their staking rewards.

DeFi 參與：LST 為借貸平台和預測市場等各種 DeFi 應用程式打開了大門，使用戶能夠在質押獎勵之外獲得額外收益。

Increased Returns: Liquid staking combines staking rewards with potential DeFi yield, creating a compounding effect that boosts overall returns.

增加回報：流動性質押將質押獎勵與潛在的 DeFi 收益結合起來，產生複合效應，提高整體回報。

Accessibility: Liquid staking eliminates technical barriers and minimum stake requirements, making it accessible to all users with any amount of tokens.

可訪問性：流動性質押消除了技術障礙和最低質押要求，使所有擁有任意數量代幣的用戶都可以使用它。

Disadvantages of Liquid Staking

流動質押的缺點

Security: Liquid staking inherits slashing risk from the validators chosen by the provider. If these validators engage in misconduct, the staked assets may be penalized.

安全性：流動性質押繼承了提供者選擇的驗證者所帶來的大幅削減風險。如果這些驗證者有不當行為，質押的資產可能會受到處罰。

Centralization: There's a potential risk of a single provider accumulating a dominant share of staked assets in a network, leading to centralization and reduced decentralization.

中心化：單一提供者在網路中累積了質押資產的主導份額，從而導致中心化和去中心化程度降低，存在潛在風險。

Regulation: Crypto staking regulations are evolving and may impact liquid staking participation in certain jurisdictions.

監管：加密貨幣質押法規正在不斷發展，可能會影響某些司法管轄區的流動性質押參與。

Governance: Liquid staking may involve giving up some control over assets, including sacrificing voting rights in on-chain governance proposals related to the underlying token.

治理：流動質押可能涉及放棄對資產的部分控制權，包括犧牲與基礎代幣相關的鏈上治理提案的投票權。

Examples of Liquid Staking Platforms

流動性質押平台範例

Lido Finance: Lido is the largest liquid staking protocol, supporting Ethereum (ETH) and other blockchain ecosystems. It issues stETH (staked ETH) LSTs, representing staked assets and enabling users to earn staking rewards without locking their ETH.

Lido Finance：Lido是最大的流動性質押協議，支援以太坊（ETH）和其他區塊鏈生態系統。它發行 stETH（質押 ETH）LST，代表質押資產，使用戶無需鎖定 ETH 即可獲得質押獎勵。

Rocket Pool: Rocket Pool is another popular liquid staking protocol for Ethereum, offering a decentralized network of validators. It issues rETH LSTs, allowing users to stake any amount of ETH and earn staking rewards.

Rocket Pool：Rocket Pool 是以太坊另一種流行的流動性質押協議，提供去中心化的驗證器網路。它發行 rETH LST，允許用戶質押任意數量的 ETH 並獲得質押獎勵。

Coinbase Prime: Coinbase Prime, a centralized exchange, also provides liquid staking services for Ethereum. Users deposit ETH into smart contracts managed by Liquid Collective and receive LsETH tokens in return, which represent the staked ETH and can be used in DeFi applications.

Coinbase Prime：Coinbase Prime 是一家中心化交易所，也為以太坊提供流動性質押服務。用戶將 ETH 存入 Liquid Collective 管理的智能合約中，並獲得 LsETH 代幣作為回報，該代幣代表質押的 ETH，可在 DeFi 應用中使用。

Conclusion

結論

Liquid staking has reshaped the landscape of Proof-of-Stake (PoS) blockchains. By providing a means to stake cryptocurrency assets while preserving their liquidity, liquid staking has unlocked the potential of staked assets, enabling users to explore new opportunities within the blockchain ecosystem. As the technology continues to evolve and platforms like Lido, Rocket Pool, Coinbase Prime, and Binance make liquid staking more accessible, the future of this innovative solution looks promising.

流動性質押重塑了權益證明（PoS）區塊鏈的格局。透過提供一種在保持流動性的同時質押加密貨幣資產的方法，流動性質押釋放了質押資產的潛力，使用戶能夠在區塊鏈生態系統中探索新的機會。隨著技術的不斷發展，Lido、Rocket Pool、Coinbase Prime 和 Binance 等平台使流動性質押變得更加容易，這種創新解決方案的未來看起來充滿希望。

It's crucial, however, for users to diligently research, understand the risks involved, and stay informed about regulatory changes that may impact liquid staking. When used with due diligence, liquid staking can be a valuable tool for anyone seeking to maximize the potential of their cryptocurrency assets.

然而，對於使用者來說，勤奮研究、了解所涉及的風險並隨時了解可能影響流動質押的監管變化至關重要。如果經過盡職調查，流動性質押對於任何尋求最大限度發揮其加密貨幣資產潛力的人來說都是一個有價值的工具。