重新赌注：通过新领域扩展区块链安全性

加密货币最新的投资热潮是重新抵押，是回收抵押资产以确保较小的区块链应用程序安全的做法。这一趋势引起了广泛关注，EigenLayer 等平台吸引了数十亿美元的存款。虽然一些人认为这是一个充满希望的机会，但另一些人则警告潜在风险，包括传染风险和流动性重新持有的危险。尽管大肆宣传，EigenLayer 仍处于测试阶段，其关键功能的全面实现还有待观察。围绕重新质押的投机狂潮和空投计划设定的不切实际的预期引发了人们对市场长期生存能力和失望可能性的担忧。

Restaking: A Comprehensive Exploration of Blockchain Security's Latest Frontier

重质押：区块链安全最新前沿的全面探索

Introduction

介绍

In the realm of blockchain technology, securing decentralized systems poses a critical challenge. Restaking, a novel approach that leverages existing proof-of-stake mechanisms, has emerged as a promising solution. This article delves into the intricacies of restaking, including its significance, mechanisms, potential risks, and industry perspectives.

在区块链技术领域，保护去中心化系统面临着严峻的挑战。重新抵押是一种利用现有权益证明机制的新颖方法，已成为一种有前景的解决方案。本文深入探讨了重新质押的复杂性，包括其意义、机制、潜在风险和行业视角。

The Essence of Restaking

重新抵押的本质

At the core of restaking lies the concept of pooling resources to enhance the security of blockchain applications. Restaking protocols allow participants to utilize their staked assets on one blockchain to secure multiple, smaller blockchain applications simultaneously. This approach leverages the economic benefits of proof-of-stake while spreading the risk associated with securing individual platforms.

重质押的核心是汇集资源以增强区块链应用程序的安全性的概念。重新抵押协议允许参与者利用其在一个区块链上抵押的资产来同时保护多个较小的区块链应用程序。这种方法利用了权益证明的经济效益，同时分散了与保护单个平台相关的风险。

The Advantages of Restaking

重新抵押的优点

Proponents of restaking extol its ability to bolster the security of nascent blockchain applications that may lack the capital or user base to establish robust proof-of-stake systems independently. By aggregating staked assets, restaking protocols create a more formidable defensive barrier against potential attacks.

重新抵押的支持者称赞其有能力增强新兴区块链应用程序的安全性，这些应用程序可能缺乏独立建立强大的权益证明系统的资本或用户基础。通过聚合质押资产，重新质押协议针对潜在攻击创建了更强大的防御屏障。

EigenLayer: A Trailblazer in Restaking

EigenLayer：重新尝试的开拓者

EigenLayer, a pioneer in the restaking space, has attracted significant investor interest with its Ethereum-based platform. EigenLayer allows users to restake their staked ETH with Actively Validated Services (AVSs) that support Ethereum scaling solutions. This approach leverages the substantial staking base of Ethereum to provide enhanced security for less established applications.

EigenLayer 是再抵押领域的先驱，其基于以太坊的平台吸引了投资者的极大兴趣。 EigenLayer 允许用户通过支持以太坊扩展解决方案的主动验证服务 (AVS) 重新抵押其质押的 ETH。这种方法利用以太坊的大量质押基础，为不太成熟的应用程序提供增强的安全性。

Liquid Restaking: A Convenient Entry Point

液体重新注入：一个方便的切入点

Liquid restaking services offer a simplified approach to restaking. These platforms, such as Puffer, Ether.Fi, and Renzo, act as intermediaries, accepting user assets and depositing them into platforms like EigenLayer. In return, users receive liquid restaking tokens (LRTs) that track the value of the staked assets and can be traded for additional yield opportunities.

Liquid 重新抵押服务提供了一种简化的重新抵押方法。这些平台，如 Puffer、Ether.Fi 和 Renzo，充当中介，接受用户资产并将其存入 EigenLayer 等平台。作为回报，用户会收到流动性重新质押代币（LRT），这些代币可以跟踪质押资产的价值，并可以进行交易以获得额外的收益机会。

Potential Risks of Restaking

重新质押的潜在风险

Despite its promise, restaking is not without potential risks. Critics voice concerns about contagion risk, particularly with liquid restaking platforms. If an operator is penalized for malicious behavior on an AVS, the consequences could reverberate throughout the restaking ecosystem, eroding the value of staked assets and compromising the security of multiple applications.

尽管有这样的承诺，但重新抵押并非没有潜在风险。批评者对传染风险表示担忧，尤其是流动性重新抵押平台。如果运营商因 AVS 上的恶意行为而受到惩罚，其后果可能会波及整个重新抵押生态系统，侵蚀抵押资产的价值并损害多个应用程序的安全性。

The Rise of LRTs and the Speculative Frenzy

轻轨的兴起和投机狂潮

The advent of LRTs has introduced another layer of complexity and potential risk. Some fear that leveraging trust by allowing users to stake tokens, liquid staking tokens, and liquid restaking tokens simultaneously could exacerbate the risk of a rehypothecation crisis. A single incident of asset depegging or slashing could potentially trigger a domino effect, toppling multiple protocols.

轻轨的出现带来了另一层复杂性和潜在风险。一些人担心，通过允许用户同时质押代币、流动性质押代币和流动性重新质押代币来利用信任可能会加剧再抵押危机的风险。单一的资产脱钩或削减事件可能会引发多米诺骨牌效应，推翻多个协议。

A Crossroads of Theory and Reality

理论与现实的十字路口

While restaking holds immense promise, it remains largely theoretical in its current state. EigenLayer, the most prominent restaking protocol, is still in beta, with key features such as slashing yet to be fully implemented. The distribution of "points" to depositors, intended as a placeholder for future airdrops of digital assets, has ignited a speculative frenzy that some believe is divorced from economic reality.

虽然重新抵押有着巨大的希望，但目前它在很大程度上仍然是理论上的。 EigenLayer 是最著名的重质押协议，仍处于测试阶段，削减等关键功能尚未完全实现。向储户分配“积分”，旨在作为未来数字资产空投的占位符，引发了投机狂潮，一些人认为这种狂潮脱离了经济现实。

Industry Perspectives and Cautious Optimism

行业视角和谨慎乐观

Investors, developers, and venture firms have embraced restaking, recognizing its transformative potential. However, some express reservations, citing the potential for a catastrophic failure if restaking protocols are not implemented with the utmost care. Angel investors remain cautious, anticipating the possibility of a market correction that could expose the speculative nature of restaking.

投资者、开发商和风险投资公司认识到其变革潜力，纷纷接受重新抵押。然而，一些人表示保留，理由是如果不极其谨慎地执行重新抵押协议，可能会导致灾难性的失败。天使投资者仍保持谨慎态度，预计市场可能出现调整，从而暴露重新投资的投机性质。

Conclusion

结论

Restaking is a nascent technology with the potential to revolutionize blockchain security. By leveraging existing staking mechanisms, restaking protocols offer a scalable and cost-effective approach to securing smaller blockchain applications. However, the challenges and risks associated with restaking cannot be overlooked. As the technology matures, it will be crucial for developers and users to exercise vigilance and prioritize risk management to ensure the long-term success and sustainability of restaking and the broader blockchain ecosystem.

重新抵押是一项新兴技术，有可能彻底改变区块链安全性。通过利用现有的质押机制，重新质押协议提供了一种可扩展且经济高效的方法来保护较小的区块链应用程序。然而，与重新抵押相关的挑战和风险不容忽视。随着技术的成熟，开发者和用户必须保持警惕并优先考虑风险管理，以确保重新抵押和更广泛的区块链生态系统的长期成功和可持续性。