LSP协议：提高PoS网络安全和资金利用率的新解决方案

Stake 通常是维护 PoS 网络安全的主要方式。对于 PoS 网络来说，网络中参与验证人质押的资产越多、分散，网络的安全性就越好。

Singapore, June 11, 2024 (GLOBE NEWSWIRE) — Staking is usually the main way to maintain the security of the PoS network. For a PoS network, the more assets in the network participate in the validator staking and the more dispersed they are, the better the network’s security. Usually, starting from the PoS network itself, they provide incentives to validators, firstly to reward them as contributors, and secondly to encourage more validators to participate in network staking and verification.

新加坡，2024 年 6 月 11 日（环球通讯社）——质押通常是维护 PoS 网络安全的主要方式。对于 PoS 网络来说，网络中参与验证人质押的资产越多、越分散，网络的安全性就越好。通常，他们从PoS网络本身开始，对验证者进行激励，首先奖励他们作为贡献者，其次鼓励更多的验证者参与网络质押和验证。

In fact, for any PoS network, it is unrealistic to allow token holders to independently participate in the network validator staking. One is the cost perspective. For example, the minimum threshold for Ethereum’s PoS validator is 32 ETH. Based on the price of ETH 3,800 US dollars, the cost threshold to directly become a validator is about 121,600 US dollars, but the APR is only 2.21%, and the capital utilization rate is extremely low. On the other hand, the staker needs to have the ability to run the client independently to avoid fines. Overall, it is unrealistic for non-professional token holders to directly participate in the staking of any network as a validator.

事实上，对于任何 PoS 网络来说，让代币持有者独立参与网络验证人质押都是不现实的。一是成本角度。例如，以太坊的 PoS 验证器的最低门槛是 32 ETH。以ETH 3800美元的价格计算，直接成为验证者的成本门槛约为12.16万美元，但年化利率仅为2.21%，资金利用率极低。另一方面，质押者需要有能力独立运行客户端以避免罚款。总体而言，非专业代币持有者作为验证者直接参与任何网络的质押是不现实的。

Therefore, the emergence of the liquidity derivative pledge track, namely LSD, just solves the above pain points. On the one hand, token holders can entrust token pledges to the LSD protocol (no capital scale is required, usually assets worth tens or even tens of US dollars can participate), and the protocol will participate in the pledge of the PoS network on behalf of the pledger, and return part of the income to the pledger. At the same time, the LSD protocol will also return an LST token to the pledger, which is equivalent to the value of the pledged assets and can be used to obtain new income in LSTFi to improve the utilization rate of funds. This has a good driving effect on improving the pledge rate of the PoS network.

因此，流动性衍生品质押赛道，即LSD的出现，正好解决了上述痛点。一方面，代币持有者可以将代币质押委托给LSD协议（无需资金规模，通常价值几十甚至几十美元的资产都可以参与），协议将代表参与PoS网络的质押质押人的收益，并将部分收入返还给质押人。同时，LSD协议还将向质押者返还一个LST代币，该代币相当于质押资产的价值，可用于在LSTFi中获得新的收益，提高资金利用率。这对于提高PoS网络的质押率有很好的带动作用。

Except for the Ethereum ecosystem, other ecosystems are not large in LSD

除以太坊生态外，其他生态系统LSD规模都不大

However, from the current LSD track, except for the Ethereum ecosystem, the LSD scale of other networks is not large. On the one hand, in terms of scale, the current liquidity pledge scale of Ethereum is 13 million Ethereum, about 50.23 billion US dollars. According to the current 32 million Ethereum participating in the pledge in the Ethereum beacon chain, the liquidity pledge accounts for about 40.6%.

但从目前LSD赛道来看，除了以太坊生态之外，其他网络的LSD规模并不大。一方面，从规模上看，目前以太坊的流动性质押规模为1300万枚以太坊，约合502.3亿美元。按照目前以太坊信标链中参与质押的 3200 万枚以太币计算，流动性质押约占 40.6%。

In addition to Ethereum, other PoS ecosystems such as Cosmos and BNB Chain are relatively small in scale, and the ratio of liquidity staking sources is not high. For example, among the ATOM tokens staked by Cosmos, although its overall staking rate is as high as about 63%, only about 2% comes from liquidity equity.

除以太坊外，Cosmos、BNB Chain等其他 PoS 生态规模均较小，流动性质押来源比例不高。例如，Cosmos 质押的 ATOM 代币中，虽然其整体质押率高达 63% 左右，但来自流动性权益的仅占 2% 左右。

On the other hand, although LSD projects are rising, the leading LSD protocols represented by Lido, Rocket, Binance Staked, etc. have obvious monopoly effects in the field of ETH LSD staking, among which Lido alone accounts for 75% of the entire ETH LSD market share, and the market share of emerging LSD protocols is extremely low. In particular, the leading LSD protocols such as Lido are centralized models, which may have the risk of monopolizing most of the proportion, reducing the overall income of the LSD sector, and reducing the staking desire of the pledgers. In addition, excessive concentration of funds may cause security risks to the PoS ecosystem.

另一方面，虽然 LSD 项目不断崛起，但以 Lido、Rocket、Binance Staked 等为代表的领先 LSD 协议在 ETH LSD 质押领域具有明显的垄断效应，其中仅 Lido 就占据了整个 ETH 的 75% LSD市场份额，新兴LSD协议的市场份额极低。尤其是 Lido 等领先的 LSD 协议都是中心化模式，可能存在垄断大部分比例、降低 LSD 行业整体收入、降低质押者质押意愿的风险。此外，资金过度集中可能会给PoS生态带来安全风险。

In addition to LSD, the re-staking track centered on EigenLayer, namely the LRT track, is also centered around the Ethereum ecosystem. Some LRT protocols including Kyper DAO, Renzo, Ether.fi, EigenPie, YieldNest, Swell, etc. are all built around LST and ETH assets to provide staking services, and lack support for native tokens on other chains. Similarly, EigenLayer also has shortcomings in maintaining network security. For example, in a PoS network, if EigenLayer’s incentive mechanism conflicts with the existing PoS incentive mechanism, it may reduce the validator’s commitment to network security. EigenLayer may cause some validators to gain more rights and control, thereby increasing the centralization risk of the network. Centralized networks are more vulnerable to attacks and manipulation, weakening overall security.

除了LSD之外，以EigenLayer为中心的重质押赛道，即LRT赛道，也以以太坊生态为中心。一些LRT协议包括Kyper DAO、Renzo、Ether.fi、EigenPie、YieldNest、Swell等都是围绕LST和ETH资产构建的，提供质押服务，缺乏对其他链上原生代币的支持。同样，EigenLayer在维护网络安全方面也存在不足。例如，在PoS网络中，如果EigenLayer的激励机制与现有的PoS激励机制相冲突，则可能会降低验证者对网络安全的承诺。 EigenLayer可能会导致一些验证者获得更多的权利和控制权，从而增加网络的中心化风险。中心化网络更容易受到攻击和操纵，从而削弱整体安全性。

So overall, LSD and LRT may not be the best solutions for PoS ecosystem to obtain security:

所以总体而言，LSD和LRT可能不是PoS生态系统获得安全性的最佳解决方案：

* The LSD sector is severely monopolized and centralized. The scale of pledged income has decreased due to monopoly and it threatens the security of the PoS network, which deviates from the original intention of PoS.

* LSD行业严重垄断和集中。质押收益规模因垄断而减少，威胁到PoS网络的安全，背离了PoS的初衷。

* The multi-layer nesting model of LSD and LRT is risky, especially since some of the leading LSD protocols are too large in scale. Once a security problem occurs and a run occurs, it will be catastrophic for the Ethereum ecosystem. The Terra ecosystem is a lesson for this.

* LSD和LRT的多层嵌套模型是有风险的，特别是一些领先的LSD协议规模太大。一旦出现安全问题，发生挤兑，对于以太坊生态来说将是灾难性的。 Terra 生态系统就是这方面的一个教训。

* The LSD and LRT tracks are mainly based on Ethereum. It is difficult for other PoS ecosystems

* LSD和LRT轨道主要基于以太坊。其他 PoS 生态系统很难