以太坊 DeFi 生态系统中流动性重新抵押的兴起

以太坊的流动性重新抵押生态系统在 2024 年呈指数级增长，到 12 月中旬，锁定的总价值惊人地增长了 6,000%，达到约 172.6 亿美元。

Ethereum’s liquid restaking ecosystem has experienced exponential growth in 2024, with the Total Value Locked (TVL) increasing by a staggering 6,000% to reach approximately $17.26 billion by mid-December. This marks a significant increase from the $284 million reported at the beginning of the year, highlighting the growing demand for liquidity and capital efficiency in decentralized finance (DeFi).

以太坊的流动性重新抵押生态系统在 2024 年经历了指数级增长，锁定总价值 (TVL) 增长了惊人的 6,000%，到 12 月中旬达到约 172.6 亿美元。这标志着较年初报告的 2.84 亿美元大幅增长，凸显了去中心化金融 (DeFi) 对流动性和资本效率不断增长的需求。

The concept of liquid staking enables Ethereum holders to lock in their assets, such as ETH, to earn derivative tokens like stETH. These derivative tokens retain liquidity, allowing users to utilize them across a diverse range of DeFi activities. From trading and lending to yield farming, the ability to stake these derivatives in other networks, such as application-specific blockchains and layer-2 solutions, further generates additional demand and adoption.

流动质押的概念使以太坊持有者能够锁定其资产（例如 ETH），以赚取 stETH 等衍生代币。这些衍生代币保留了流动性，允许用户在各种 DeFi 活动中使用它们。从交易和借贷到流动性挖矿，将这些衍生品抵押到其他网络中的能力，例如特定于应用程序的区块链和第 2 层解决方案，进一步产生了额外的需求和采用。

Evolving Liquid Restaking of EthereumOne of the driving forces behind this growth is the introduction of Liquid Restaking Tokens (LRTs). These tokens offer additional flexibility and returns, making them a highly attractive feature for DeFi participants seeking to enhance capital efficiency even further. The tokens have played a crucial role in streamlining staking operations while opening new possibilities for asset utilization, contributing to the rapid increase in TVL.

以太坊不断发展的流动性重新抵押这种增长背后的驱动力之一是流动性重新抵押代币（LRT）的引入。这些代币提供了额外的灵活性和回报，对于寻求进一步提高资本效率的 DeFi 参与者来说是一个极具吸引力的功能。这些代币在简化质押操作方面发挥了至关重要的作用，同时为资产利用开辟了新的可能性，促进了 TVL 的快速增长。

However, as with any financial innovation, there are inherent risks involved. Derivative tokens like LRTs are susceptible to price volatility and the potential for de-pegging, which can create cascading risks throughout the interconnected networks. One such risk materialized in 2022, when Lido’s stETH token experienced a period of depegging, causing widespread concern among holders.

然而，与任何金融创新一样，也存在固有的风险。像 LRT 这样的衍生代币很容易受到价格波动和脱钩的可能性的影响，这可能会在整个互连网络中产生级联风险。其中一个风险在 2022 年成为现实，当时 Lido 的 stETH 代币经历了一段脱钩时期，引起了持有者的广泛担忧。

Ether.fi commands the majority of the liquid restaking market share, boasting over 50% of the market, with restaked assets valued at $9 billion. DeFi also propelled the entire space to new heights, reaching a record-breaking TVL of $133.88 billion in 2024, up 150% from the beginning of the year. These gains are pushed to the extremes by the expanding development of other features, such as layer-2 for Bitcoin networks and the rising values of cryptocurrencies. As these elements continue to converge, DeFi is poised to become an integral aspect of the new world of banking.

Ether.fi 占据了大部分流动性重新抵押市场份额，占据超过 50% 的市场份额，重新抵押资产价值 90 亿美元。 DeFi 还将整个领域推向了新的高度，2024 年 TVL 达到破纪录的 1338.8 亿美元，比年初增长 150%。其他功能的不断发展，例如比特币网络的第 2 层和加密货币价值的不断上涨，将这些收益推向了极端。随着这些元素不断融合，DeFi 有望成为银行业新世界不可或缺的一部分。

Restaking in liquid form is presenting itself favorably, making Ethereum appear both robust and viable within the DeFi ecosystem. It opens doors to new opportunities while simultaneously posing threats to investors and users.

以流动形式进行重新抵押正在展现出良好的表现，使以太坊在 DeFi 生态系统中显得既强大又可行。它打开了新机遇的大门，同时也对投资者和用户构成了威胁。