Liquid 质押通过增强的奖励和安全性彻底改变了加密货币质押

Liquid 重新抵押代币 (LRT) 是一种抵押代币，持有者可以通过将其抵押在 EigenLayer 等重新抵押协议上来获得额外奖励。与传统的质押不同，LRT 可以增加收益、增强安全性和灵活性，使 ETH 质押者能够最大化回报。然而，交易成本高、可持续性问题和潜在脆弱性等挑战仍然存在。尽管存在这些缺点，Puffer Finance、EtherFi、Renzo、Swell Network、Astrid Finance 和 InceptionLST 等有前途的协议的出现使轻轨成为一个引人注目的投资机会。

Liquid Restaking Tokens: A Revolutionary Innovation in Staking

Liquid 重新质押代币：质押领域的革命性创新

Introduction

介绍

In the realm of cryptocurrency staking, the concept of Liquid Restaking Tokens (LRTs) has emerged as a revolutionary force, offering investors enhanced rewards and heightened security. This comprehensive guide delves into the intricacies of LRTs, exploring their mechanics, advantages, and the promising ecosystem of protocols that leverage their potential.

在加密货币质押领域，流动性重新质押代币（LRT）的概念已经成为一股革命性的力量，为投资者提供了更高的回报和更高的安全性。这本综合指南深入探讨了轻轨的复杂性，探索其机制、优势以及发挥其潜力的有前景的协议生态系统。

What are Liquid Restaking Tokens?

什么是流动性重新抵押代币？

Liquid Restaking Tokens are a groundbreaking innovation in the Proof-of-Stake (PoS) ecosystem, enabling stakers to maximize their returns. By staking their ETH on Liquid Restaking protocols such as EigenLayer, stakers receive Liquid Staked Tokens (rETH, stETH) representing their staked assets. These rETH tokens can then be restaked to earn additional rewards.

Liquid Restake 代币是权益证明 (PoS) 生态系统中的一项突破性创新，使权益持有者能够最大化回报。通过将 ETH 质押在 EigenLayer 等 Liquid Restake 协议上，质押者会收到代表其质押资产的 Liquid Staked 代币（rETH、stETH）。然后可以重新质押这些 rETH 代币以获得额外奖励。

Mechanism of Liquid Restaking

液体重新注入机制

The core mechanism of Liquid Restaking involves restaking the rewards generated from the initial ETH stake. Stakers deposit their stETH or other rETH tokens into specialized protocols, such as EigenLayer, which allows them to receive Liquid Restaking Tokens (LRTs) in return. These LRTs represent a claim on the underlying staked assets and can be used to further enhance rewards through subsequent restaking.

Liquid Restake 的核心机制涉及重新抵押初始 ETH 质押所产生的奖励。质押者将其 stETH 或其他 rETH 代币存入专门的协议中，例如 EigenLayer，这使他们能够收到 Liquid Restake 代币（LRT）作为回报。这些 LRT 代表了对基础质押资产的索取权，可用于通过后续重新质押进一步提高奖励。

Advantages of Liquid Restaking Tokens

Liquid 重新抵押代币的优势

LRTs offer a multitude of advantages over traditional staking methods:

与传统的质押方法相比，LRT 具有许多优势：

• Increased Rewards: Stakers can leverage the power of compounding rewards by restaking their rETH tokens, earning additional returns from both the initial stake and subsequent restakes.
• Enhanced Security: By restaking on multiple protocols, LRTs provide increased security through a decentralized validation process known as Actively Validated Services (AVS).
• Flexibility: LRTs offer stakers flexibility as they maintain the freedom to customize their staking pools and choose the protocols they trust.

Risks Associated with Liquid Restaking

增加奖励：质押者可以通过重新质押其 rETH 代币来利用复合奖励的力量，从初始质押和后续重新质押中获得额外回报。增强安全性：通过在多个协议上重新质押，LRT 通过称为 Actively 的去中心化验证流程提供更高的安全性验证服务 (AVS)。灵活性：LRT 为质押者提供了灵活性，因为他们可以自由定制质押池并选择他们信任的协议。与流动性重新质押相关的风险

While LRTs offer substantial benefits, it is crucial to be aware of potential risks:

虽然轻轨带来了巨大的好处，但了解潜在风险也至关重要：

• Gas Fees: Transactions associated with claiming rewards from restaking can incur high gas fees, potentially reducing profitability.
• Stability of Restake Model: LRTs may experience volatility in their early stages due to market fluctuations, potentially impacting their liquidity and stability.
• Smart Contract Vulnerabilities: DeFi protocols have been vulnerable to attacks, and LRT protocols are not immune to these risks, posing potential threats to user funds.

Potential Bubble: The recursive nature of restaking can lead to excessive leverage and an oversupply of LRTs, creating the potential for a bubble and subsequent collapse.

Gas 费：与重新抵押奖励相关的交易可能会产生高额 Gas 费，可能会降低盈利能力。重新抵押模型的稳定性：LRT 在早期阶段可能会因市场波动而出现波动，可能会影响其流动性和稳定性。智能合约漏洞：DeFi协议很容易受到攻击，而 LRT 协议也不能免受这些风险的影响，对用户资金构成潜在威胁。 潜在泡沫：重新质押的递归性质可能导致杠杆过高和 LRT 供应过剩，从而可能产生泡沫和随后的崩溃。

Liquid Restaking Ecosystem

Liquid 重新抵押生态系统

Several promising protocols are leading the Liquid Restaking revolution:

几个有前途的协议正在引领液体重新抵押革命：

• Puffer Finance: Built on EigenLayer, Puffer Finance aims to address the challenges of staking on Ethereum and provide opportunities for both retail users and validators.
• EtherFi: EtherFi is a decentralized Liquid Restaking protocol that allows users to stake any amount of ETH and receive eETH, which can then be used for further restaking on other platforms.
• Renzo: Backed by Binance Labs, Renzo enables seamless collaboration between end-users and node operators on EigenLayer, offering restaking services to maximize returns.
• Swell Network: Swell Network combines Liquid Staking and Restaking mechanisms, featuring integrations with major DEXes and a strong presence in the restaking ecosystem.
• Astrid Finance: Astrid allows users to deposit their stETH into pools to receive LRTs (rstETH), leveraging EigenLayer's infrastructure for restaking.
• InceptionLST: Inception supports the staking of various lstETH tokens and the issuance of corresponding LRTs, also utilizing EigenLayer's technology.

Conclusion

Puffer Finance：Puffer Finance 基于 EigenLayer 构建，旨在解决以太坊质押的挑战，并为零售用户和验证者提供机会。 EtherFi：EtherFi 是一种去中心化的 Liquid Restake 协议，允许用户质押任意数量的 ETH 并接收 eETH，然后可以用于在其他平台上进一步重新抵押。Renzo：在 Binance Labs 的支持下，Renzo 可以在 EigenLayer 上实现最终用户和节点运营商之间的无缝协作，提供重新抵押服务以最大化回报。Swell Network：Swell Network 结合了流动性抵押和重新抵押Astrid Finance：Astrid 允许用户将其 stETH 存入池中以接收 LRT（rstETH），利用 EigenLayer 的基础设施进行重新抵押。InceptionLST：Inception 支持各种 lstETH 的抵押代币和相应LRT的发行，也利用了EigenLayer的技术。 结论

Liquid Restaking Tokens represent a transformative innovation in the world of staking, unlocking unprecedented opportunities for investors to maximize rewards and enhance security. While potential risks exist, the robust ecosystem of protocols and the inherent benefits of LRTs make them a compelling proposition for those seeking to navigate the evolving landscape of Proof-of-Stake. Comprehensive research and a thorough understanding of the risks and rewards involved are essential for investors to make informed decisions in this burgeoning sector.

Liquid Restake 代币代表了质押领域的变革性创新，为投资者带来了前所未有的机会，可以最大限度地提高回报并增强安全性。尽管存在潜在风险，但强大的协议生态系统和 LRT 的固有优势使其成为那些寻求驾驭不断变化的权益证明格局的人的一个令人信服的主张。全面的研究以及对所涉及风险和回报的透彻了解对于投资者在这个新兴行业做出明智的决策至关重要。