EigenLayer面临迫在眉睫的收益率危机，威胁以太坊最大的重新抵押协议

EigenLayer 是 TVL 上以太坊上最大的重新抵押协议，由于快速增长超过其主动验证服务（AVS），可能会面临收益危机。行业观察人士警告称，AVS 的安全要求可能远低于当前的 15B 美元 TVL，从而导致潜在的产量下降。

EigenLayer: The Looming Yield Crisis Shadowing Ethereum's Largest Restaking Protocol

EigenLayer：迫在眉睫的收益率危机给以太坊最大的重新抵押协议带来阴影

EigenLayer, the behemoth among Ethereum's restaking protocols, currently reigning supreme in total value locked (TVL), is teetering on the precipice of a "major" yield crisis, raising alarm among industry observers.

EigenLayer 是以太坊重质押协议中的庞然大物，目前在锁定总价值（TVL）方面占据主导地位，正濒临“重大”收益率危机的边缘，引起了行业观察人士的警惕。

This impending crisis stems from EigenLayer's meteoric rise in TVL, outpacing its Actively Validated Services (AVS), the backbone of its security apparatus. This imbalance, according to Chudnov, a pseudonymous architect at 3Jane derivatives exchange, could trigger a catastrophic yield reduction. In a stark April 22 X post, he wrote:

这场迫在眉睫的危机源于 EigenLayer TVL 的迅速崛起，超过了其安全设备的支柱——主动验证服务 (AVS)。 3Jane 衍生品交易所的匿名架构师 Chudnov 表示，这种不平衡可能会引发灾难性的收益率下降。在 4 月 22 日的一篇鲜明的帖子中，他写道：

"EigenLayer boasts over $15 billion in TVL, but AVSs will require less than 10% of that for their security needs. This stark disparity portends a potential collapse in yields."

“EigenLayer 拥有超过 150 亿美元的 TVL，但 AVS 只需要不到 10% 的资金来满足其安全需求。这种明显的差异预示着产量可能会崩溃。”

On April 16, EigenLayer lifted all restrictions on liquid staking tokens (LSTs), according to an X announcement. Its mainnet debut occurred on April 10.

根据 X 公告，4 月 16 日，EigenLayer 取消了对流动质押代币（LST）的所有限制。它的主网首次亮相于 4 月 10 日。

When users stake LSTs through EigenLayer, the protocol automatically assigns them to a node operator. These operators leverage the deposited funds to bolster their AVSs on EigenLayer, securing the network and earning staking rewards, a portion of which is shared with users.

当用户通过 EigenLayer 质押 LST 时，协议会自动将它们分配给节点运营商。这些运营商利用存入的资金来支持 EigenLayer 上的 AVS，保护网络并赚取质押奖励，其中一部分与用户共享。

However, the security requirements for Actively Validated Services on the protocol demand far less staked Ether (ETH), casting a pall over the protocol's future, as Chudnov cautions:

然而，正如 Chudnov 警告的那样，该协议上主动验证服务的安全要求要求的抵押以太币（ETH）要少得多，这给该协议的未来蒙上了一层阴影：

"The crux of the issue lies in the fact that none of the AVSs will approach the $1.5 billion security threshold, let alone the colossal $15 billion. Proof-of-Stake's very essence hinges on the principle that the value of the stake exceeds the potential illicit gains from validator misconduct."

“问题的关键在于，没有一个 AVS 能够达到 15 亿美元的安全门槛，更不用说 150 亿美元的巨额资金了。权益证明的本质取决于权益价值超过潜力的原则。验证者不当行为带来的非法收益。”

Cointelegraph has reached out to EigenLayer for comment.

Cointelegraph 已联系 EigenLayer 征求意见。

EigenLayer, the second-largest protocol on Ethereum after Lido, the liquid staking behemoth, has witnessed a remarkable 16% surge in TVL over the past month, reaching a staggering $14.15 billion, as per DefiLlama.

根据 DefiLlama 的数据，EigenLayer 是以太坊上仅次于流动性质押巨头 Lido 的第二大协议，过去一个月的 TVL 大幅飙升 16%，达到惊人的 141.5 亿美元。

The situation could spiral further as altcoin prices dwindle, disincentivizing AVSs from holding the surplus on-chain capital. A potential interim solution involves a series of token launches to augment security budget requirements, effectively "kicking the can down the road."

随着山寨币价格下跌，这种情况可能会进一步恶化，从而抑制 AVS 持有过剩链上资本的积极性。一个潜在的临时解决方案涉及一系列代币发行，以增加安全预算需求，从而有效地“解决问题”。

Nevertheless, a more enduring solution may lie in intertwining EigenLayer with the decentralized finance (DeFi) ecosystem, unlocking wider utility for LSTs. As Chudnov proposes:

然而，更持久的解决方案可能在于将 EigenLayer 与去中心化金融（DeFi）生态系统交织在一起，为 LST 释放更广泛的效用。正如楚德诺夫提出的：

"If [the EigenLayer] ecosystem can forge deeper ties with DeFi through [Liquid restaking tokens] and advanced financial primitives, it will erect a formidable moat, affording AVS more time to stabilize their operations at a fraction of the cost."

“如果 [EigenLayer] 生态系统能够通过 [Liquid restake 代币] 和先进的金融原语与 DeFi 建立更深入的联系，它将竖起一条强大的护城河，为 AVS 提供更多的时间以较低的成本稳定其运营。”

As Solana's trajectory illustrates the stark difference between expectations and reality, the potential implications of EigenLayer's looming yield crisis warrant serious consideration.

由于 Solana 的发展轨迹说明了预期与现实之间的明显差异，因此 EigenLayer 迫在眉睫的收益率危机的潜在影响值得认真考虑。