Renzo 糟糕的代币经济学动摇了 Liquid Stake 世界

Renzo 的代币经济学揭示了 ETH 质押社区的失望情绪，导致其流动性重新质押代币 ezETH 的价格下跌。流动性提供者的低配置和币安 Launchpool 参与者的早期访问权限引发了抛售和随后的脱钩事件，导致使用 ezETH 作为抵押品的杠杆重新抵押农民进行清算。虽然 Renzo 调整了其代币经济学，但利益相关者表达了不满，表示有意出售治理代币并从协议中取出他们的 ETH。

Renzo's Troubled Tokenomics Roil Liquid Staking Landscape

Renzo 陷入困境的代币经济学扰乱了流动性质押格局

Amidst heightened anticipation for its Binance Launchpool debut, Renzo, a liquid restaking protocol built upon Eigenlayer, has released its tokenomics, sending shockwaves through the ecosystem. The unveiling has ignited widespread discontent among ETH stakers and ezETH holders, resulting in a near-immediate drop in ezETH's value and a cascade of liquidations.

在人们对 Binance Launchpool 首次亮相的高度期待中，基于 Eigenlayer 的流动性重新抵押协议 Renzo 发布了其代币经济学，在整个生态系统中引发了冲击波。这一消息的公布引发了 ETH 质押者和 ezETH 持有者的广泛不满，导致 ezETH 的价值几乎立即下跌并引发了一系列清算。

The Allure of Liquid Staking

流动性质押的魅力

To understand the significance of Renzo's tokenomics, it is crucial to grasp the role of liquid restaking protocols. Eigenlayer has enabled users to re-stake their liquid staked Ethereum (stETH), enhancing their earnings by utilizing Ethereum's robust security infrastructure. However, the ETH staked with Eigenlayer becomes locked, prompting the advent of protocols like Renzo.

要理解 Renzo 代币经济学的重要性，掌握流动性重新抵押协议的作用至关重要。 Eigenlayer 使用户能够重新质押其流动质押的以太坊 (stETH)，通过利用以太坊强大的安全基础设施来提高他们的收入。然而，与 Eigenlayer 质押的 ETH 被锁定，促使 Renzo 等协议的出现。

These protocols issue liquid tokens, such as Renzo's ezETH, that represent the underlying deposits, granting users the dual advantages of staking rewards and liquidity through tradable tokens. This model closely resembles Lido's stETH, but differs in that the tokens are deposited into Eigenlayer. Currently, over $3 billion in ETH is staked on Eigenlayer through Renzo.

这些协议发行流动性代币，例如 Renzo 的 ezETH，代表基础存款，通过可交易代币为用户提供质押奖励和流动性的双重优势。该模型与 Lido 的 stETH 非常相似，但不同之处在于代币存入 Eigenlayer。目前，超过 30 亿美元的 ETH 通过 Renzo 质押在 Eigenlayer 上。

Disappointing Tokenomics Spark Discord

令人失望的代币经济学引发不和谐

The friction surrounding Renzo's tokenomics stems from the allocation of tokens. A substantial portion has been allocated to investors and the team, while a meager 5% is earmarked for liquidity providers in the initial airdrop. Compounding the frustration, Binance Launchpool was set to receive 2.5% of the tokens two days ahead of ezETH holders, affording them ample time to sell their holdings before the airdrop recipients.

围绕 Renzo 代币经济学的摩擦源于代币的分配。很大一部分已分配给投资者和团队，而在最初的空投中，只有区区 5% 专门用于流动性提供者。更令人沮丧的是，Binance Launchpool 将比 ezETH 持有者提前两天收到 2.5% 的代币，这让他们有足够的时间在空投接受者之前出售其持有的代币。

Consequences of Depegging

脱钩的后果

The revelation of these tokenomics has led to widespread disappointment. ezETH holders, feeling shortchanged, began to unwind their positions, triggering a depegging event. Traders, unable to withdraw their underlying assets directly, were forced to sell through a shallow $200 million liquidity pool on Blast.

这些代币经济学的揭露引起了广泛的失望。 ezETH 持有者感觉受到了欺骗，开始平仓，引发了脱钩事件。交易者无法直接提取标的资产，被迫通过 Blast 上 2 亿美元的流动资金池出售资产。

The limited liquidity of this pool exacerbated the depeg of ezETH, causing ripples throughout the ecosystem. Leveraged points farmers who had used ezETH as collateral on DeFi lending platforms faced significant challenges. The automatic unwinding of their leveraged positions led to a further drop in ezETH's price, initiating a feedback loop that triggered additional liquidations.

该池的流动性有限，加剧了 ezETH 的脱钩，在整个生态系统中引起了涟漪。在 DeFi 借贷平台上使用 ezETH 作为抵押品的杠杆积分农民面临着巨大的挑战。他们杠杆头寸的自动平仓导致 ezETH 的价格进一步下跌，启动了一个反馈循环，引发了额外的清算。

Aftermath and Resistance

后果和抵抗

Although the price of ezETH has since stabilized, the damage has been significant. Liquidations across platforms like Morpho and Gearbox have exceeded $65 million. In response to the backlash, Renzo has adjusted its tokenomics, increasing the community allocation by 2% and expediting the time frame for community members to claim tokens ahead of Launchpool participants.

尽管 ezETH 的价格此后已趋于稳定，但损失却是巨大的。 Morpho 和 Gearbox 等平台的清算额已超过 6500 万美元。为了应对这种强烈反对，Renzo 调整了其代币经济学，将社区分配增加了 2%，并加快了社区成员在 Launchpool 参与者之前领取代币的时间。

However, despite these revisions, discontent remains palpable. Stakeholders continue to express their intention to sell the governance token and unstake their ETH from the protocol as opportunities arise. This brewing resistance threatens to derail Renzo's launch of its governance token on April 30th and its subsequent listing on Binance.

然而，尽管进行了这些修改，不满情绪仍然显而易见。利益相关者继续表达他们出售治理代币的意图，并在机会出现时从协议中取出他们的 ETH。这种酝酿中的阻力可能会导致 Renzo 于 4 月 30 日推出治理代币以及随后在币安上市的计划脱轨。

Lessons Learned

得到教训

Renzo's tokenomics debacle highlights the importance of well-calibrated token distributions. Allocating a disproportionate amount of tokens to insiders at the expense of liquidity providers, especially in the context of leveraged farming, can create a precarious situation.

Renzo 的代币经济学崩溃凸显了精心校准的代币分配的重要性。以牺牲流动性提供者的利益为代价向内部人士分配过多的代币，尤其是在杠杆农业的背景下，可能会造成不稳定的局面。

Furthermore, the use of shallow liquidity pools can exacerbate depegging events, leading to substantial losses for traders and leveraged farmers. These lessons serve as cautionary tales for future liquid restaking protocols, emphasizing the need for a balanced token distribution and robust liquidity provisions to ensure the long-term stability and credibility of the ecosystem.

此外，使用浅层流动性池可能会加剧脱钩事件，导致交易者和杠杆农民遭受重大损失。这些教训可以作为未来流动性重新抵押协议的警示，强调需要平衡的代币分配和强大的流动性规定，以确保生态系统的长期稳定性和可信度。