重新賭注：透過新領域擴展區塊鏈安全性

加密貨幣最新的投資熱潮是重新抵押，是回收抵押資產以確保較小的區塊鏈應用程式安全的做法。這一趨勢引起了廣泛關注，EigenLayer 等平台吸引了數十億美元的存款。雖然有些人認為這是一個充滿希望的機會，但有些人則警告潛在風險，包括傳染風險和流動性重新持有的危險。儘管大肆宣傳，EigenLayer 仍處於測試階段，其關鍵功能的全面實現仍有待觀察。圍繞重新質押的投機狂潮和空投計劃設定的不切實際的預期引發了人們對市場長期生存能力和失望可能性的擔憂。

Restaking: A Comprehensive Exploration of Blockchain Security's Latest Frontier

重質押：區塊鏈安全最新前線的全面探索

Introduction

介紹

In the realm of blockchain technology, securing decentralized systems poses a critical challenge. Restaking, a novel approach that leverages existing proof-of-stake mechanisms, has emerged as a promising solution. This article delves into the intricacies of restaking, including its significance, mechanisms, potential risks, and industry perspectives.

在區塊鏈技術領域，保護去中心化系統面臨嚴峻的挑戰。重新抵押是一種利用現有權益證明機制的新穎方法，已成為一種有前景的解決方案。本文深入探討了重新質押的複雜性，包括其意義、機制、潛在風險和產業視角。

The Essence of Restaking

重新抵押的本質

At the core of restaking lies the concept of pooling resources to enhance the security of blockchain applications. Restaking protocols allow participants to utilize their staked assets on one blockchain to secure multiple, smaller blockchain applications simultaneously. This approach leverages the economic benefits of proof-of-stake while spreading the risk associated with securing individual platforms.

重質押的核心是匯集資源以增強區塊鏈應用程式的安全性的概念。重新抵押協議允許參與者利用其在一個區塊鏈上抵押的資產來同時保護多個較小的區塊鏈應用程式。這種方法利用了權益證明的經濟效益，同時分散了與保護單一平台相關的風險。

The Advantages of Restaking

重新抵押的優點

Proponents of restaking extol its ability to bolster the security of nascent blockchain applications that may lack the capital or user base to establish robust proof-of-stake systems independently. By aggregating staked assets, restaking protocols create a more formidable defensive barrier against potential attacks.

重新抵押的支持者稱讚其有能力增強新興區塊鏈應用程式的安全性，這些應用程式可能缺乏獨立建立強大的權益證明系統的資本或用戶基礎。透過聚合質押資產，重新質押協議針對潛在攻擊創建了更強大的防禦屏障。

EigenLayer: A Trailblazer in Restaking

EigenLayer：重新嘗試的開拓者

EigenLayer, a pioneer in the restaking space, has attracted significant investor interest with its Ethereum-based platform. EigenLayer allows users to restake their staked ETH with Actively Validated Services (AVSs) that support Ethereum scaling solutions. This approach leverages the substantial staking base of Ethereum to provide enhanced security for less established applications.

EigenLayer 是再抵押領域的先驅，其基於以太坊的平台吸引了投資者的極大興趣。 EigenLayer 讓用戶可以透過支援以太坊擴展解決方案的主動驗證服務 (AVS) 重新抵押其質押的 ETH。這種方法利用以太坊的大量質押基礎，為不太成熟的應用程式提供增強的安全性。

Liquid Restaking: A Convenient Entry Point

液體重新註入：一個方便的切入點

Liquid restaking services offer a simplified approach to restaking. These platforms, such as Puffer, Ether.Fi, and Renzo, act as intermediaries, accepting user assets and depositing them into platforms like EigenLayer. In return, users receive liquid restaking tokens (LRTs) that track the value of the staked assets and can be traded for additional yield opportunities.

Liquid 重新抵押服務提供了一種簡化的重新抵押方法。這些平台，如 Puffer、Ether.Fi 和 Renzo，充當中介，接受用戶資產並將其存入 EigenLayer 等平台。作為回報，用戶會收到流動性重新質押代幣（LRT），這些代幣可以追蹤質押資產的價值，並可以進行交易以獲得額外的收益機會。

Potential Risks of Restaking

重新質押的潛在風險

Despite its promise, restaking is not without potential risks. Critics voice concerns about contagion risk, particularly with liquid restaking platforms. If an operator is penalized for malicious behavior on an AVS, the consequences could reverberate throughout the restaking ecosystem, eroding the value of staked assets and compromising the security of multiple applications.

儘管有這樣的承諾，但重新抵押並非沒有潛在風險。批評者對傳染風險表示擔憂，尤其是流動性重新抵押平台。如果營運商因 AVS 上的惡意行為而受到懲罰，其後果可能會波及整個重新抵押生態系統，侵蝕抵押資產的價值並損害多個應用程式的安全性。

The Rise of LRTs and the Speculative Frenzy

輕軌的興起與投機狂潮

The advent of LRTs has introduced another layer of complexity and potential risk. Some fear that leveraging trust by allowing users to stake tokens, liquid staking tokens, and liquid restaking tokens simultaneously could exacerbate the risk of a rehypothecation crisis. A single incident of asset depegging or slashing could potentially trigger a domino effect, toppling multiple protocols.

輕軌的出現帶來了另一層複雜性和潛在風險。有些人擔心，透過允許用戶同時質押代幣、流動性質押代幣和流動性重新質押代幣來利用信任可能會加劇再抵押危機的風險。單一的資產脫鉤或削減事件可能會引發骨牌效應，推翻多個協議。

A Crossroads of Theory and Reality

理論與現實的十字路口

While restaking holds immense promise, it remains largely theoretical in its current state. EigenLayer, the most prominent restaking protocol, is still in beta, with key features such as slashing yet to be fully implemented. The distribution of "points" to depositors, intended as a placeholder for future airdrops of digital assets, has ignited a speculative frenzy that some believe is divorced from economic reality.

雖然重新抵押有著巨大的希望，但目前它在很大程度上仍然是理論上的。 EigenLayer 是最著名的重質押協議，仍處於測試階段，削減等關鍵功能尚未完全實現。向儲戶分配“積分”，旨在作為未來數位資產空投的佔位符，引發了投機狂潮，一些人認為這種狂潮脫離了經濟現實。

Industry Perspectives and Cautious Optimism

行業視角和謹慎樂觀

Investors, developers, and venture firms have embraced restaking, recognizing its transformative potential. However, some express reservations, citing the potential for a catastrophic failure if restaking protocols are not implemented with the utmost care. Angel investors remain cautious, anticipating the possibility of a market correction that could expose the speculative nature of restaking.

投資者、開發商和創投公司意識到其變革潛力，紛紛接受重新抵押。然而，有些人表示保留，理由是如果不極度謹慎地執行重新抵押協議，可能會導致災難性的失敗。天使投資人仍保持謹慎態度，預計市場可能出現調整，從而暴露重新投資的投機性質。

Conclusion

結論

Restaking is a nascent technology with the potential to revolutionize blockchain security. By leveraging existing staking mechanisms, restaking protocols offer a scalable and cost-effective approach to securing smaller blockchain applications. However, the challenges and risks associated with restaking cannot be overlooked. As the technology matures, it will be crucial for developers and users to exercise vigilance and prioritize risk management to ensure the long-term success and sustainability of restaking and the broader blockchain ecosystem.

重新抵押是一項新興技術，有可能徹底改變區塊鏈安全性。透過利用現有的質押機制，重新質押協議提供了一種可擴展且經濟高效的方法來保護較小的區塊鏈應用。然而，與重新抵押相關的挑戰和風險不容忽視。隨著技術的成熟，開發者和用戶必須保持警惕並優先考慮風險管理，以確保重新抵押和更廣泛的區塊鏈生態系統的長期成功和永續性。