流动性质押衍生品：释放权益证明网络的流动性和收益

随着去中心化金融（DeFi）的不断发展，新的创新不断涌现，以解决希望最大限度发挥数字资产潜力的用户所面临的挑战。

As decentralized finance (DeFi) continues to evolve, new innovations are emerging to address the challenges faced by users looking to maximize the potential of their digital assets. One such innovation that has gained significant attention is liquid staking derivatives. These derivatives allow users to participate in staking activities while retaining liquidity—offering the best of both worlds: earning staking rewards without locking up assets.

随着去中心化金融（DeFi）的不断发展，新的创新不断涌现，以解决希望最大限度发挥数字资产潜力的用户所面临的挑战。其中一项受到广泛关注的创新是流动性质押衍生品。这些衍生品允许用户参与质押活动，同时保留流动性——提供两全其美的方案：无需锁定资产即可获得质押奖励。

In traditional proof-of-stake (PoS) networks like Ethereum, staking involves locking assets in a network to help secure the blockchain in exchange for rewards. While staking offers attractive yields, the trade-off is that assets remain locked and inaccessible for a set period. Liquid staking, however, solves this problem by tokenizing staked assets, enabling users to maintain liquidity while still earning staking rewards.

在以太坊等传统的权益证明 (PoS) 网络中，权益质押涉及将资产锁定在网络中，以帮助保护区块链以换取奖励。虽然质押提供了有吸引力的收益，但代价是资产在一段时间内保持锁定且无法访问。然而，流动性质押通过对质押资产进行代币化来解决这个问题，使用户能够在保持流动性的同时仍然获得质押奖励。

Platforms like Lido and Rocket Pool are at the forefront of this innovation, enabling liquid staking as a service on their DeFi platforms. Through these platforms, users can stake assets in PoS networks like Ethereum, receive liquid staking tokens in return, and use those tokens for other DeFi activities such as lending, trading, or liquidity provision. This article will explore the mechanics of liquid staking derivatives, the benefits they offer, and how platforms like Lido and Rocket Pool are driving their adoption.

像 Lido 和 Rocket Pool 这样的平台处于这一创新的最前沿，在其 DeFi 平台上实现了流动性质押服务。通过这些平台，用户可以在以太坊等 PoS 网络中质押资产，获得流动性质押代币作为回报，并将这些代币用于其他 DeFi 活动，例如借贷、交易或流动性提供。本文将探讨流动质押衍生品的机制、它们提供的好处，以及 Lido 和 Rocket Pool 等平台如何推动其采用。

Key Highlights

主要亮点

What Are Liquid Staking Derivatives?

什么是流动质押衍生品？

Liquid staking derivatives are tokenized assets that represent staked assets in a proof-of-stake (PoS) network. When users stake their assets through liquid staking platforms, they receive a derivative token in return, which is essentially a claim to the staked asset and its associated rewards. These tokens are tradeable and can be used across other DeFi protocols while still earning staking rewards in the background.

流动质押衍生品是代币化资产，代表权益证明 (PoS) 网络中的质押资产。当用户通过流动性质押平台质押其资产时，他们会收到衍生代币作为回报，这本质上是对质押资产及其相关奖励的索取。这些代币是可交易的，可以在其他 DeFi 协议中使用，同时仍然在后台赚取质押奖励。

Key Features of Liquid Staking Derivatives:

流动质押衍生品的主要特点：

How Liquid Staking Works

流动性质押如何运作

Liquid staking works by taking the assets a user wants to stake (e.g., Ethereum) and locking them into a smart contract, which then distributes them across multiple validators in the PoS network. In return, the user receives a liquid staking token that represents their stake in the network.

流动质押的工作原理是获取用户想要质押的资产（例如以太坊）并将其锁定到智能合约中，然后智能合约将它们分配给 PoS 网络中的多个验证器。作为回报，用户会收到代表他们在网络中的股份的流动质押代币。

Step-by-Step Process:

分步过程：

Key Platforms in Liquid Staking – Lido and Rocket Pool

流动性质押的关键平台——Lido 和 Rocket Pool

Lido

丽都

Lido is one of the largest and most popular liquid staking platforms, especially for Ethereum 2.0 staking. Lido allows users to stake their Ethereum (ETH) and receive stETH, which represents their staked ETH and the staking rewards associated with it.

Lido 是最大、最受欢迎的流动性质押平台之一，尤其是以太坊 2.0 质押。 Lido 允许用户质押他们的以太坊 (ETH) 并接收 stETH，这代表他们质押的 ETH 以及与之相关的质押奖励。

Rocket Pool

火箭池

Rocket Pool is a decentralized liquid staking protocol that is built on top of Ethereum and allows users to stake ETH in a more decentralized manner. Instead of relying on a centralized staking service, Rocket Pool connects users to a decentralized network of node operators who maintain the Ethereum network.

Rocket Pool 是一种建立在以太坊之上的去中心化流动质押协议，允许用户以更加去中心化的方式质押 ETH。 Rocket Pool 不依赖中心化的质押服务，而是将用户连接到维护以太坊网络的节点运营商的去中心化网络。

Advantages of Liquid Staking Derivatives

流动质押衍生品的优势

1. Liquidity Without Sacrificing Yield

1. 不牺牲收益率的流动性

The primary advantage of liquid staking is that it provides liquidity while allowing users to earn staking rewards. In traditional staking, users must lock their assets for a certain period, but liquid staking tokens allow users to trade, lend, or use them for other DeFi purposes.

流动性质押的主要优点是它提供流动性，同时允许用户获得质押奖励。在传统质押中，用户必须将其资产锁定一段时间，但流动性质押代币允许用户交易、借贷或将其用于其他 DeFi 目的。

2. Access to DeFi Markets

2. 进入 DeFi 市场

Users can use liquid staking derivatives (such as stETH or rETH) in DeFi platforms to access lending protocols, liquidity pools, and yield farming opportunities. This increases the utility of staked assets and allows users to maximize their returns.

用户可以在 DeFi 平台中使用流动性质押衍生品（例如 stETH 或 rETH）来访问借贷协议、流动性池和流动性挖矿机会。这增加了质押资产的效用，并允许用户最大化他们的回报。

3. Reduced Entry Barriers

3. 减少进入壁垒

Platforms like Rocket Pool and Lido lower the barriers to entry for staking, making it easier for smaller holders to participate in Ethereum staking and earn rewards. Users don’t need to own 32 ETH to run a validator node, and even small holders can contribute to staking.

Rocket Pool和Lido等平台降低了质押的准入门槛，使较小的持有者更容易参与以太坊质押并获得奖励。用户不需要拥有 32 个 ETH 来运行验证节点，即使是小持有者也可以参与质押。

4. Decentralization and Security

4. 去中心化和安全

Both Lido and Rocket Pool promote decentralization by distributing staked assets across multiple validators, ensuring the security and integrity of the staking process. Rocket Pool, in particular, is focused on ensuring that the staking process is more decentralized by involving independent node operators.

Lido 和 Rocket Pool 都通过在多个验证者之间分配质押资产来促进去中心化，确保质押过程的安全性和完整性。 Rocket Pool 尤其注重通过独立节点运营商的参与来确保质押过程更加去中心化。

5. Compound Earnings

5. 复合收益

Staked assets that are converted into liquid staking derivatives can continue to compound in DeFi protocols. This allows users to earn rewards from both staking and the activities they engage in with their liquid tokens.

转换为流动性质押衍生品的质押资产可以在 DeFi 协议中继续复合。这使得用户可以从质押和使用流动代币参与的活动中获得奖励。

Risks and Challenges in Liquid Staking

流动质押的风险和挑战

1. Smart Contract Risks

1. 智能合约风险

As with all DeFi protocols, liquid staking derivatives come with smart contract risks. Bugs or vulnerabilities in the smart contract could potentially lead to loss of funds. However, both Lido and Rocket Pool have been audited and have insurance mechanisms in place to mitigate this risk.

与所有 DeFi 协议一样，流动性质押衍生品也存在智能合约风险。智能合约中的错误或漏洞可能会导致资金损失。然而，Lido 和 Rocket Pool 都经过了审计，并设有保险机制来减轻这种风险。

2. Centralization Risks (For Lido)

2.中心化风险（Lido）

While Lido has become a dominant player in the liquid staking space, some critics argue that it may lead to centralization, as the platform controls a significant portion of Ethereum’s staked assets. This could result in a single point of failure and a lack of decentralization in Ethereum’s validator network.

尽管 Lido 已成为流动质押领域的主导者，但一些批评者认为，这可能会导致中心化，因为该平台控制着以太坊质押资产的很大一部分。这可能会导致以太坊验证器网络出现单点故障和缺乏去中心化。

3. Slashing Risks

3. 削减风险

Slashing is a penalty imposed on validators who act maliciously or fail to perform their duties. Although liquid staking platforms like Lido and Rocket Pool mitigate this risk by spreading assets across multiple validators, users may still face slashing penalties if a validator is penalized.

削减是对恶意行为或不履行职责的验证者施加的惩罚。尽管像 Lido 和 Rocket Pool 这样的流动质押平台通过将资产分散到多个验证者来降低这种风险，但如果验证者受到惩罚，用户仍然可能面临大幅处罚。

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