jakiro
Author: IGNAS, DEFI researcher; Translation: Bit Chain Vision Xiaozou
Remember me: RESTAKING will become the fastest growing category in 2024.
The pledge is the 9th largest DEFI category, and the value on Eigenlayer alone is $ 2 billion (this number is still rising when writing this article).
Don’t forget that the “liquidity re -pledge” category ranks 13th and worth $ 1 billion.
Now, with the release of the first AVS tokens (ALT), coupled with the opening of Eigenlayer deposits on February 5th, it is time to clearly understand what happened in this field.
I will briefly introduce the EINGELAYER pledge in this article, and the new use cases of active verification services (AVS) it supports.It’s really cool!
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EigenlayerWill2moon5Open deposits day.The following is what you need to know.
They modified the integration system, by paying a single deposit and deposit andLST/LRTAllocation restrictions in33%Let’s encourage decentralization.To optimizeEigenlayerPoints, you can consider avoidingTVLThe top three agreements:
InEtherfiInitiativeeeth(197K ETH.
InLidoInitiativesteph(195K ETH.
InSwellInitiativesweth(112K ETH.
However,SwellandEtherfiDouble points are provided through the native token air investment.My method is to use diversityLsts/lrts, Balance points accumulation and risk.
aboutLRTIn competition, I have sued a few contestants:
InEtherfiTheLRTLeader, possess51%ofLRTmarket share.
InKelp dao: PledgestephorEthxgetEigenlayerPoints and pointsKelpdaomileage.
InRenzo:pictureEtherfiAlso, useEigenpodsNativeEthOut again.LRTMarket share increasestwenty one%Essence
InSwell: You can store inEthObtainSWETH LST, AndEigenlayerPure again.Or directly depositRSWeth LRTEssence
InEigenpie: Newcomer, but already owned1DollarsTVL,support6kindLSTAnd double points in the first two weeks.These points are used for10%ofEGPToken airdrop, and300$ 10,000FDVget60%ofEGPTokenIDO, To motivate early participation.
I will explain the differences between them in the next article.
Restaking(Pure again)
As early as September 2023, I introduced in detail my views on re -pledged and betting on liquidity and pledged token (LRT).But after that, things made great progress.There are multiple LRT protocols on the main network now. As Altlayer releases tokens, everything is heating up.
Many people don’t know what RESTAKING is pledged again, and it often makes it too complicated.
In short, you can pledge you to guarantee (pledged) your ETH for various active verification services (AVS), thereby improving the security of the selected protocol.Including services such as bridge, prediction machine and side chain, and more innovative concepts are about to appear.
For example, as long as there are sufficient economic security (in this case, ETH) supports withdrawal, Optimism and Arbitrum can bypass the 7 -day anti -fraud window to achieve real -time withdrawal.
These “safe -guaranteed bridges” provide full re -distribution guarantee without the behavior of validator (Validator).However, if you pledge the “bridge AVS with security”, then if the verification is wrong, some ETH may be lost.(As far as I know, if there is a vulnerability in the smart contract, the security guarantee can not protect your financial security).
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You can pledge ETH directly or pledge ETH through the liquidity of liquidity such as STETH, RETH, CBETH.EIGENLAYER has added support for LSTS, SFRXETH, Meth, and LSETH.
The benefits of pledge are:
· Multi -protocol reward: Use the same ETH to earn rewards from multiple agreements.For example, the cost of ensuring the safety of the bridge.
· Safety: The new protocol uses the security of Ethereum.
· Freedom of developers: No need to establish a new security layer to save the time and resources of developers.
The risk is as follows:
· No risk of punishment: The risk of losing ETH due to malicious behavior is increasing.
· Central risk: If too many pledges are transferred to Eigenlayer, Ethereum may face systemic risks.
· Smart contract risk: There are such risks in any corner of Defi.
I think the risk is currently limited, because Eigenlaer is still in the Stage 2 test network stage, and does not enable AVS deployment without permission.However, I agree with ChainLinkgod’s point of view that most of these risks will be ignored, and at least before 2025, we will have fun.
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During the current STAGE 2 test network, re -pledges like you can entrust operators.These operators verify AVS.So, you will not pledge AVS directly!
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EIGENDA (data usability) is the first AVS in Stage 2.Rollup can integrate it to increase throughput.The Stage 2 main network will start in the first half of 2024, and Stage 3 will launch more AVS in the later 2024 (the real fun will begin at that time).
Interestingly, Deutsche Telekom stood out among many operators.It seems that Telekom will use Eigenlayer for pledge service.
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Anyway, you are ready to choose manuallyAVSIs it the operator?existgasFeiguan’s main online?Then fromAVSGet the reward?Then sell rewards for moreEthIntersectionIf you are not a millionaire,gasThe fee will be quite high.
I believe you can guess what I want to say: liquidity re -pledge tokens (LRT).But more about LRT, I will introduce it in the next article.Now, let’s look at the use cases of active verification services (AVS), AVS will be airdropped to our shiny new tokens.
The first AVS is EIGENDA, but I will not introduce it in detail because I doubt whether it will have a tokens alone (it is a data availability layer to help ROLLUP save data storage costs).
AVSUse case
Don’t be cheated by the name AVS.AVS is a completely mature protocol that enhances its functions with re -pledge ETH.I mentioned the “bridge with security” above, but the scope and impact of AVS will soon become more obvious.
Recently, the more well -known EigenLayer AVS use case isAltlayer, It is a pledgeRollup, Coinage is currently issued.
I introduced Altlayer in the previous article, so I will not introduce its functions in this article.But you need to know that Altlayer introduced three AVS to achieve the fast final certainty, decentralized sorting and decentralized verification of rollup.
Alt token economics is interesting because Alt needs to pledge with re -mortgaging ETH to ensure the security of these three AVS.Many people seem to ignore this.
If you have been farming Pool2 farm in the summer of 2020, you will understand that it may have Ponzi effects.
At present, only 3%of the total supply is airdropped into the community, but there will be more airdrops in the future.The initial circulation supply is 11%.Can a $ 4.3 billion FDV (when writing this article) can prove the success of an agreement that no one has been asked for a few weeks ago?
Not necessarily, but this makes me more optimistic about the entire pledge ecosystem.
In addition, I suspect that Altlayer is retaining liquidity mining rewards for the picker.With more and more avs available, various services will compete to attract high -value ETH deposits.
After all, AVS without ETH deposits is worthless.
It’s time to find the next alt on Eigenlayer.Here are 8 Eigenlayer AVS use cases worthy of attention.
(1.Ethos:WillEthSafety withCosmos
ETHOS brings Ethereum’s economic security and liquidity to COSMOS.
The so -called COSMOS Consumer Chain (consumer chain) usually issue its own native pledged token to ensure network security.However, it introduces more complexity and inflation tokens.Although the COSMOS Atom pledker provides a chain security (ICS) solution, the Ethereum ecosystem (ETHOS + pledge) is now expanding into the field of COSMOS.
Coupled with the release of Dymension, Atom fork, and the current ETHOS, Atom seems to be under great pressure.
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ETHOS’s creation is inspired by Mesh Security (which allows one chain pledged token to be used on another chain), so as to improve economic security without additional nodes.
Which security solution will win, depending on the situation.ETHOS is starting strongly.
Sommelier, which has a 60 million US dollars TVL, is the first partner.As far as I know, more “Consume Chains” is about to be released.
The beauty of this structure is that ETHOS may receive tokens (and benefits) of the partner chain.At the same time, ETHOS token will invest in ETH re -pledges on Eigenlayer on our Farm Eigen token time and space.
All you need to do is to pledge ETH and apply for airdrops.Very simple.
(2.Espresso: Decentralized sorter
To say a long time.Espresso focuses on the L2 decentralized sorter.As you know, L2 has been accused by many sorters due to the centralized problem of sorters.Regarding how Espresso uses their HOTSHOT consensus to solve this problem, you can view their website.
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Altlayer actually integrates ESPRESSO, so when developers deploy Altlayer stack, you can choose to use Altlayer’s decentralized verification solution and/or Espresso sorter.
(3.Omni: Connect everythingRollupBlockchain
Question: L2 reduces transaction costs, but leads to fragmentation of the ecosystem.This makes it difficult for builders to reach a wider range of audiences, complicate the user experience, and disperse liquidity.
The bridge has also become a necessary condition, but the bridges usually release a variety of packaging tokens, which is risky.If the bridge suffers from hacking, there will be no enough underlying assets to support bridge packaging tokens.As a result, the packaging tokens are decoupled.
Solution: omni
Omni is a “safe re -pledged L1 blockchain”, which aims to unify all Rollup in Ethereum.
Omni introduced a “unified global state layer” to ensure security through Eigenlayer’s re -pledge.This layer focuses on cross -domain management of various applications.
Use cases include:
· Cross -RollUP deposit account and leverage transaction: issue a deposit on one domain, and then use the deposit on another domain for transaction.
· Casting of Rollow NFT.
· Cross Rollup borrowing: deposited mortgages on one domain, and then borrowed with the mortgage on another domain.
There are more cases, do you sound familiar with all this?This is what Layerzero does.
Layerzero’s cross -chain messages support the full -chain alternative to the tokens, not packaging tokens.Manta’s Stone tokens are ETH offT, and Layerzero issued Lido WSTTH Off.
But what if the Layerzero message transmission system will happen?OMNI will ensure security by pledged ETH. If the verificationr is improper, ETH will be punished.
Imagine a typicaldegenHe wants to use himArbitrumTopEthexistOptimismGet a strokeUSDCloan.ShoulddegenexistArbitrumThe transaction of the aboveOmniMonitoring of verifications, they make sure they are transmitted toOptimismThe integrity of data.Verifications verify and report these transactions. They are incentives to reward and will face losing their pledge due to errors in reports.EthRisk.
Layerzero may use their tokens pledges to achieve security guarantee for cross -message transmission, but if there is a problem with the Layerzero contract, the tokens will be dumped, and this security is useless.ETH is a hard asset that guarantees network security in the system.
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Injective cooperates with OMNI to make Inj the first asset on the OMNI open liquidity network.Omni issued the XERC20 Inj token, which brings Inj into the Rollup ecosystem of Ethereum in this way.
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In addition, Omni also received support from PANTERA Capital, Two Sigma Ventures, and Jump Crypto 18 million US dollars.Therefore, I think it will develop well.
(4.Hyperlane:similarOmniBut better?
Do you think OMNI connects Ethereum Rollup is cool.Omni, stand aside, because Hyperlane’s goal is to connect all L1 and L2.
Using Hyperlane, developers can build cross -chain applications -applications that use cross -chain messages to transmit applications across more blockchain, which guarantees its modular security stack and the modular security stack of cross -chain security modules (no matter what this means)Pure the security of ETH.
From the perspective of Hyperlane’s documentation, it will support Ethereum L2, COSMOS ecological chain, Solana, MOVE chain, etc.This is really cool.
Hyperlane does not need to permit interoperability to make it different, because Rollup can connect to Hyperlane by itself without tedious governance approval.They are really proud of them.However, Layerzero V2 also seems to support the deployment without licensed deployment.
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Unfortunately, I can’t find token information about Omni or Hyperlane, so we must wait for some time.
(5.Blockless: Use in your usedappAt the time, provide composition support for it
“To sum up: when you open an app, you can support it by using this app, and then the app will reward you.” – Twitter
This fascinates me.
In ordinary DAPPs, we cannot directly contribute computing power, and the APP is limited to specific L1 or L2 functions, such as delay, transaction speed, GAS fee, etc.
Therefore, Blockless uses a network neutral application (NNAPP) that allows users to support them only through them.It uses “nodes”, and each user’s equipment acts as a node to contribute its resources to the network.This means that the computing power of the application is enhanced with the expansion of its user base, which is a major change in traditional models.
In short, you run a node when using your application.
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For example, some DAPPs may choose to keep the governance on Ethereum, and keep the data availability workload on Celestia or Eigenlayer.However, the dense calculations of machine learning, artificial intelligence interface and game cases will be performed at a faster and more efficient under -chain environment.
This leads to the increase in computing support for these applications. Directly grows with the number of users, and more users will bring more computing capabilities provided by the community.
I think of an application Grass on Solana, which allows you to sell idle Internet bandwidth to train artificial intelligence, although this is not a function range of Blockless.
Blockless equity proof to ensure network security, so tokens will be more than just a kind of Meme.
As for re -pledge, Blockless will provide a network for applications developed on Eigenlayer to minimize accidental penalties.
I don’t know if NNApps will make my phone overheated …
otherAVS
You can check the complete AVS list on the Eigenlayer website.But the AVS that is worth mentioning is:
(6) another competitor of Layerzero, Omni and Hyperlane, its cross -chain infrastructure supports the creation of a general state certificate on all major blockchains.Recently, 4 million US dollars of seed funds have been obtained from 1KX and other institutions.
(7) DROSERA: “Event Response Agreement” to respond to vulnerability attacks.When hacking, DROSERA TRAP detects attacks and take measures to reduce the attack.It sounds cool.
(8) Witness Chain: Use Proof of Diligence to use the re -pledge and ensure RollUp security, and use the location proof to establish physical nodes decentralization.
