Renzo 糟糕的代幣經濟學動搖了 Liquid Stake 世界

Renzo 的代幣經濟學揭示了 ETH 質押社區的失望情緒，導致其流動性重新質押代幣 ezETH 的價格下跌。流動性提供者的低配置和幣安 Launchpool 參與者的早期訪問權限引發了拋售和隨後的脫鉤事件，導致使用 ezETH 作為抵押品的槓桿重新抵押農民進行清算。雖然 Renzo 調整了其代幣經濟學，但利益相關者表達了不滿，表示有意出售治理代幣並從協議中取出他們的 ETH。

Renzo's Troubled Tokenomics Roil Liquid Staking Landscape

Renzo 陷入困境的代幣經濟學擾亂了流動性質押格局

Amidst heightened anticipation for its Binance Launchpool debut, Renzo, a liquid restaking protocol built upon Eigenlayer, has released its tokenomics, sending shockwaves through the ecosystem. The unveiling has ignited widespread discontent among ETH stakers and ezETH holders, resulting in a near-immediate drop in ezETH's value and a cascade of liquidations.

在人們對 Binance Launchpool 首次亮相的高度期待中，基於 Eigenlayer 的流動性重新抵押協議 Renzo 發布了其代幣經濟學，在整個生態系統中引發了衝擊波。這一消息的公佈引發了 ETH 質押者和 ezETH 持有者的廣泛不滿，導致 ezETH 的價值幾乎立即下跌並引發了一系列清算。

The Allure of Liquid Staking

流動性質押的魅力

To understand the significance of Renzo's tokenomics, it is crucial to grasp the role of liquid restaking protocols. Eigenlayer has enabled users to re-stake their liquid staked Ethereum (stETH), enhancing their earnings by utilizing Ethereum's robust security infrastructure. However, the ETH staked with Eigenlayer becomes locked, prompting the advent of protocols like Renzo.

要理解 Renzo 代幣經濟學的重要性，掌握流動性重新抵押協議的作用至關重要。 Eigenlayer 使用戶能夠重新質押其流動質押的以太坊 (stETH)，透過利用以太坊強大的安全基礎設施來提高他們的收入。然而，與 Eigenlayer 質押的 ETH 被鎖定，促使 Renzo 等協議的出現。

These protocols issue liquid tokens, such as Renzo's ezETH, that represent the underlying deposits, granting users the dual advantages of staking rewards and liquidity through tradable tokens. This model closely resembles Lido's stETH, but differs in that the tokens are deposited into Eigenlayer. Currently, over $3 billion in ETH is staked on Eigenlayer through Renzo.

這些協議發行流動性代幣，例如 Renzo 的 ezETH，代表基礎存款，透過可交易代幣為用戶提供質押獎勵和流動性的雙重優勢。該模型與 Lido 的 stETH 非常相似，但不同之處在於代幣存入 Eigenlayer。目前，超過 30 億美元的 ETH 透過 Renzo 質押在 Eigenlayer 上。

Disappointing Tokenomics Spark Discord

令人失望的代幣經濟學引發不和諧

The friction surrounding Renzo's tokenomics stems from the allocation of tokens. A substantial portion has been allocated to investors and the team, while a meager 5% is earmarked for liquidity providers in the initial airdrop. Compounding the frustration, Binance Launchpool was set to receive 2.5% of the tokens two days ahead of ezETH holders, affording them ample time to sell their holdings before the airdrop recipients.

圍繞 Renzo 代幣經濟學的摩擦源於代幣的分配。很大一部分已分配給投資者和團隊，而在最初的空投中，只有區區 5% 專門用於流動性提供者。更令人沮喪的是，Binance Launchpool 將比 ezETH 持有者提前兩天收到 2.5% 的代幣，這讓他們有足夠的時間在空投接受者之前出售其持有的代幣。

Consequences of Depegging

脫鉤的後果

The revelation of these tokenomics has led to widespread disappointment. ezETH holders, feeling shortchanged, began to unwind their positions, triggering a depegging event. Traders, unable to withdraw their underlying assets directly, were forced to sell through a shallow $200 million liquidity pool on Blast.

這些代幣經濟學的揭露引起了廣泛的失望。 ezETH 持有者感覺受到了欺騙，開始平倉，引發了脫鉤事件。交易者無法直接提取標的資產，被迫透過 Blast 上 2 億美元的流動資金池出售資產。

The limited liquidity of this pool exacerbated the depeg of ezETH, causing ripples throughout the ecosystem. Leveraged points farmers who had used ezETH as collateral on DeFi lending platforms faced significant challenges. The automatic unwinding of their leveraged positions led to a further drop in ezETH's price, initiating a feedback loop that triggered additional liquidations.

該池的流動性有限，加劇了 ezETH 的脫鉤，在整個生態系統中引起了漣漪。在 DeFi 借貸平台上使用 ezETH 作為抵押品的槓桿積分農民面臨著巨大的挑戰。他們槓桿頭寸的自動平倉導致 ezETH 的價格進一步下跌，啟動了一個反饋循環，引發了額外的清算。

Aftermath and Resistance

後果和抵抗

Although the price of ezETH has since stabilized, the damage has been significant. Liquidations across platforms like Morpho and Gearbox have exceeded $65 million. In response to the backlash, Renzo has adjusted its tokenomics, increasing the community allocation by 2% and expediting the time frame for community members to claim tokens ahead of Launchpool participants.

儘管 ezETH 的價格此後已趨於穩定，但損失卻是巨大的。 Morpho 和 Gearbox 等平台的清算額已超過 6,500 萬美元。為了應對這種強烈反對，Renzo 調整了其代幣經濟學，將社群分配增加了 2%，並加快了社群成員在 Launchpool 參與者之前領取代幣的時間。

However, despite these revisions, discontent remains palpable. Stakeholders continue to express their intention to sell the governance token and unstake their ETH from the protocol as opportunities arise. This brewing resistance threatens to derail Renzo's launch of its governance token on April 30th and its subsequent listing on Binance.

然而，儘管進行了這些修改，不滿情緒仍然顯而易見。利害關係人繼續表達他們出售治理代幣的意圖，並在機會出現時從協議中取出他們的 ETH。這種醞釀中的阻力可能會導致 Renzo 於 4 月 30 日推出治理代幣以及隨後在幣安上市的計畫脫軌。

Lessons Learned

得到教訓

Renzo's tokenomics debacle highlights the importance of well-calibrated token distributions. Allocating a disproportionate amount of tokens to insiders at the expense of liquidity providers, especially in the context of leveraged farming, can create a precarious situation.

Renzo 的代幣經濟崩潰凸顯了精心校準的代幣分配的重要性。以犧牲流動性提供者的利益為代價向內部人士分配過多的代幣，尤其是在槓桿農業的背景下，可能會造成不穩定的局面。

Furthermore, the use of shallow liquidity pools can exacerbate depegging events, leading to substantial losses for traders and leveraged farmers. These lessons serve as cautionary tales for future liquid restaking protocols, emphasizing the need for a balanced token distribution and robust liquidity provisions to ensure the long-term stability and credibility of the ecosystem.

此外，使用淺層流動性池可能會加劇脫鉤事件，導致交易者和槓桿農民遭受重大損失。這些教訓可以作為未來流動性重新抵押協議的警示，強調需要平衡的代幣分配和強大的流動性規定，以確保生態系統的長期穩定性和可信度。