以太坊 DeFi 生態系統中流動性重新抵押的興起

以太坊的流動性重新抵押生態系統在 2024 年呈指數級增長，到 12 月中旬，鎖定的總價值驚人地增長了 6,000%，達到約 172.6 億美元。

Ethereum’s liquid restaking ecosystem has experienced exponential growth in 2024, with the Total Value Locked (TVL) increasing by a staggering 6,000% to reach approximately $17.26 billion by mid-December. This marks a significant increase from the $284 million reported at the beginning of the year, highlighting the growing demand for liquidity and capital efficiency in decentralized finance (DeFi).

以太坊的流動性重新抵押生態系統在 2024 年經歷了指數級增長，鎖定總價值 (TVL) 增長了驚人的 6,000%，到 12 月中旬達到約 172.6 億美元。這比年初報告的 2.84 億美元顯著增加，凸顯了去中心化金融 (DeFi) 對流動性和資本效率不斷增長的需求。

The concept of liquid staking enables Ethereum holders to lock in their assets, such as ETH, to earn derivative tokens like stETH. These derivative tokens retain liquidity, allowing users to utilize them across a diverse range of DeFi activities. From trading and lending to yield farming, the ability to stake these derivatives in other networks, such as application-specific blockchains and layer-2 solutions, further generates additional demand and adoption.

流動質押的概念使以太坊持有者能夠鎖定其資產（例如 ETH），以賺取 stETH 等衍生代幣。這些衍生代幣保留了流動性，允許用戶在各種 DeFi 活動中使用它們。從交易和借貸到流動性挖礦，將這些衍生性商品抵押到其他網路中的能力，例如特定於應用程式的區塊鏈和第 2 層解決方案，進一步產生了額外的需求和採用。

Evolving Liquid Restaking of EthereumOne of the driving forces behind this growth is the introduction of Liquid Restaking Tokens (LRTs). These tokens offer additional flexibility and returns, making them a highly attractive feature for DeFi participants seeking to enhance capital efficiency even further. The tokens have played a crucial role in streamlining staking operations while opening new possibilities for asset utilization, contributing to the rapid increase in TVL.

以太坊不斷發展的流動性重新抵押這種增長背後的驅動力之一是流動性重新抵押代幣（LRT）的引入。這些代幣提供了額外的靈活性和回報，使其成為尋求進一步提高資本效率的 DeFi 參與者的極具吸引力的功能。這些代幣在簡化質押操作方面發揮了至關重要的作用，同時為資產利用開闢了新的可能性，促進了 TVL 的快速成長。

However, as with any financial innovation, there are inherent risks involved. Derivative tokens like LRTs are susceptible to price volatility and the potential for de-pegging, which can create cascading risks throughout the interconnected networks. One such risk materialized in 2022, when Lido’s stETH token experienced a period of depegging, causing widespread concern among holders.

然而，與任何金融創新一樣，也存在固有的風險。像 LRT 這樣的衍生代幣很容易受到價格波動和脫鉤的影響，這可能會在整個互連網路中產生級聯風險。其中一個風險在 2022 年成為現實，當時 Lido 的 stETH 代幣經歷了一段脫鉤時期，引起了持有者的廣泛擔憂。

Ether.fi commands the majority of the liquid restaking market share, boasting over 50% of the market, with restaked assets valued at $9 billion. DeFi also propelled the entire space to new heights, reaching a record-breaking TVL of $133.88 billion in 2024, up 150% from the beginning of the year. These gains are pushed to the extremes by the expanding development of other features, such as layer-2 for Bitcoin networks and the rising values of cryptocurrencies. As these elements continue to converge, DeFi is poised to become an integral aspect of the new world of banking.

Ether.fi 佔據了大部分流動性重新抵押市場份額，佔據超過 50% 的市場份額，重新抵押資產價值 90 億美元。 DeFi 也將整個領域推向了新的高度，2024 年 TVL 達到破紀錄的 1338.8 億美元，比年初增長 150%。其他功能的不斷發展，例如比特幣網路的第 2 層和加密貨幣價值的不斷上漲，將這些收益推向了極端。隨著這些要素不斷融合，DeFi 有望成為銀行業新世界不可或缺的一部分。

Restaking in liquid form is presenting itself favorably, making Ethereum appear both robust and viable within the DeFi ecosystem. It opens doors to new opportunities while simultaneously posing threats to investors and users.

以流動形式進行重新抵押正在展現出良好的表現，使以太坊在 DeFi 生態系統中顯得既強大又可行。它打開了新機會的大門，同時也對投資者和用戶構成了威脅。