Coinbase 分析师警告以太坊重新夺回繁荣中隐藏的风险

Coinbase 分析师揭示了以太坊重新抵押领域的潜在风险，凸显了安全和金融方面的担忧。像 EigenLayer 这样的重新抵押协议虽然通过主动验证的服务提供额外奖励，但也带来了可能增加风险的复杂性。分析师强调考虑风险调整后回报的重要性，以及寻求最大程度重新抵押以获得竞争力的 LRT DAO 之间的竞争带来的潜在挑战。

Coinbase Analysts Unveil Latent Hazards Lurking in Ethereum's Restaking Realm

Coinbase 分析师揭示了以太坊重新抵押领域潜藏的潜在危险

April 5, 2023 - Coinbase, San Francisco, California - In a meticulously researched post published on April 2nd, Coinbase analysts David Han and David Duong delve into the hidden pitfalls that reside within the alluring realm of restaking, a burgeoning sector that has ascended to the second-largest DeFi stratum in the Ethereum ecosystem.

2023 年 4 月 5 日 - Coinbase，加利福尼亚州旧金山 - 在 4 月 2 日发表的一篇经过精心研究的文章中，Coinbase 分析师 David Han 和 David Duong 深入研究了诱人的重新抵押领域中隐藏的陷阱，这是一个新兴的行业，已上升到以太坊生态系统中第二大 DeFi 阶层。

According to their incisive analysis, Ethereum's restaking protocol, EigenLayer, harbors the potential to serve as "the bedrock for a wide range of new services and middleware on Ethereum." Furthermore, this ingenious protocol holds the promise of generating "a meaningful source of ether (ETH) rewards for validators in the future."

根据他们的深入分析，以太坊的重新抵押协议 EigenLayer 有潜力成为“以太坊上各种新服务和中间件的基石”。此外，这个巧妙的协议有望为“未来的验证者提供有意义的以太币（ETH）奖励来源”。

EigenLayer, currently boasting a substantial TVL of approximately $12 billion, empowers validators to reap additional rewards, known as Liquidity Reward Tokens (LRTs), by participating in actively validated services (AVS). While restaking protocols offer the enticing prospect of amplified earnings by parking assets with EigenLayer, they also introduce a formidable array of challenges that cannot be overlooked.

EigenLayer 目前拥有约 120 亿美元的巨额 TVL，使验证者能够通过参与主动验证服务 (AVS) 获得额外奖励，即流动性奖励代币 (LRT)。虽然重新质押协议提供了通过使用 EigenLayer 停放资产来放大收益的诱人前景，但它们也带来了一系列不容忽视的巨大挑战。

"While this can increase earnings, it can also compound risks," the analysts astutely observe. They proceed to elaborate on this crucial point:

分析师敏锐地观察到：“虽然这可以增加收益，但也会加剧风险。”他们继续详细阐述这一关键点：

"We think that restaking and LRTs may pose additional risks compared to existing staking products, both from a security and financial perspective. These risks could become increasingly opaque as the number of AVSs grow and LRTs differentiate their operator strategies."

“我们认为，从安全和财务角度来看，与现有的质押产品相比，重新质押和 LRT 可能会带来额外的风险。随着 AVS 数量的增长和 LRT 运营商策略的差异化，这些风险可能会变得越来越不透明。”

Delving deeper into the potential risks, the analysts highlight that restakers seeking the highest yields are inherently exposed to a "higher-risk profile." LRT providers and decentralized autonomous organizations (DAOs) will inevitably be driven to restake multiple times within this intensely competitive arena.

在深入研究潜在风险后，分析师强调，寻求最高收益的重新参与者本质上面临着“更高的风险状况”。在这个竞争激烈的舞台上，轻轨提供商和去中心化自治组织（DAO）将不可避免地被迫多次重新抵押。

The analysts succinctly summarize this dynamic:

分析师简洁地总结了这一动态：

"We believe what matters will be the risk-adjusted rewards and not absolute rewards, but it may be difficult to have transparency on that. This could lead to additional risks as LRT DAOs are incentivized to maximally restake multiple times to remain competitive."

“我们相信，重要的是风险调整后的回报，而不是绝对回报，但这可能很难保持透明度。这可能会导致额外的风险，因为 LRT DAO 会被激励最大限度地多次重新抵押以保持竞争力。”

Despite the challenges it poses, the analysts emphatically underscore EigenLayer's pivotal role in the Ethereum ecosystem. According to their astute predictions, this innovative restaking protocol will play a crucial role in fostering Ethereum's innovation and infrastructure development.

尽管存在挑战，分析师还是强调了 EigenLayer 在以太坊生态系统中的关键作用。根据他们的敏锐预测，这种创新的重质押协议将在促进以太坊的创新和基础设施发展方面发挥至关重要的作用。

In conclusion, the Coinbase analysts' incisive analysis sheds light on the hidden risks that lurk within Ethereum's restaking realm. While restaking protocols offer the allure of amplified earnings, they also introduce a complex web of security and financial challenges that must be carefully considered by prospective investors. As the restaking landscape continues to evolve, it remains imperative to remain vigilant and conduct thorough due diligence before venturing into this high-stakes arena.

总之，Coinbase 分析师的深入分析揭示了以太坊重质押领域中潜藏的隐藏风险。虽然重新抵押协议提供了放大收益的吸引力，但它们也带来了复杂的安全和财务挑战网络，潜在投资者必须仔细考虑这些挑战。随着重新抵押格局的不断发展，在冒险进入这个高风险领域之前，仍然必须保持警惕并进行彻底的尽职调查。