jakiro
Author: Donovan Choy, encrypted analyst; Translation: Bit Chain Vision Xiaozou
1,introduction
The battle of Restaking is heating up.Challenging Eigenlayer’s monopoly is another new protocol Symbiotic supported by Lido.The latest entrants have competitive advantages in terms of agreement design and BD partnerships.Before we study the latest competition dynamics in the field of pledge, we need to first understand what key risks in this field exist.
2The current problem of pledge
Today, the way to pledge the work is like this: BOB stores ETH/STETH into the liquidity re -pledge protocol like Ether.Fi, Renzo or SWELL, and then entrusts it to an EIGENLAYER node operator, and then the operator ensuresOne or more AVS returns part of the income to BOB.
There is a compound risk in the current situation, lies in the nature of its knife.Eigenlayer node operators handle thousands of assets for verifying multiple AVS.This means that BOB does not have the right to speak in the potential risk management of node operators.
To be sure, BOB can try to choose a “safer” node operator, but hundreds of operators are competing with each other. They want to get your re -pledged mortgage and be inspired to verify as much as possible to verify as much as possibleAVS maximizes your benefits.
Take a little look at the node operator page on the eigenlayer, and we can see many very obvious advertisements below.
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This competitive state may form a bad result of unattended seeing: each node operator has verified the AVS that they think they are absolutely reliable.When the AVS runs interrupted and there is no incident, he will be affected regardless of which operator BOB chooses.
3,learnMellow Finance
Mellow solved this problem to some extent.Mellow is also known as “modular LRT”, which is the middleware of the pledge technology stack
(Middleware) layer provides customized liquidity re -pledges.With Mellow, anyone can become their own Ether.Fi or Renzo and build their own LRT vault.These third -party “managers” on these Mellow will fully control which re -pledged assets to be accepted, and then users will choose assets according to their own risk preferences and pay a certain fee for this.
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Here is a ridiculous example: Alice is Doge iron powder, she is investing in DOGE to seek income.She saw a vault called Doge4lyfe on Mellow.She deposited her Doge into this Doge4lyfe vault and obtained the re -pledge income. She paid a small pen to the operator to get the LRT named RSTDOGE, and then she could use it as a DEFI mortgage at him.This is currently impossible, because Doge is not in the white list of Eigenlayer.Even though Eigenlayer founder Sreram turned his eyes to Doge, the problem of inconsistent incentives faced by node operators mentioned earlier still existed.
If all of this sounds familiar, it is because similar services have appeared in the field of DEFI borrowing, such as Morpho, Gearbox, or (the old friend of the previous cycle may still remember)protocol.Taking Morpho as an example, it allows the establishment of a borrowing vault with custom risk parameters.This allows users to borrow assets from the vaults with unique risk configuration, rather than a loan pool with one -size -fits -all risk on AAVE.In the upcoming V4 upgrade, AAVE also plans to use a separate borrowing pool to upgrade the protocol.
4As well asMellow x Symbiotic X lidostrategy
Because Mellow is just a middleware re -pledge agreement, its assets in the vault must be pledged somewhere.Interestingly, Mellow is not strategically consistent with Eigenlayer. Instead, he chose Symbioti, which is about to be launched, and Symbioti, which was supported by Lido’s venture capital company, and Paradigm support (Paradigm also supported lido).
Unlike Eigenlayer or Karak, Symbiotic supports any ERC-20s’ multi-asset deposits, making it the highest degree of token that has so far.From ETH to MEME coins, any assets can be used as re -pledge mortgages to ensure the security of AVS.This may open the worst encryption degradation door: imagine a Symbiotic AVS guaranteed by the re -pledged DOGE mortgage.
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Although all this is technically possible, it ignores the modular nature of the Mellow product, that is, the infinite combination of the third -party vault manager designed.Here, the reason for the integration of Mellow and Symbiotic becomes clear, because assets can still be used on other re -pledge protocols (such as Eigenlayer or Karak).
So far, many managers have opened their own LRT vaults on Mellow.Unexpectedly, in view of the close cooperation between Lido and Mellow (will be introduced in detail later), most managers will use STETH as a collateral.
It is an exception that two vaults that accept SUSDE and ENA.Indeed, Mellow has completed an amazing feat -its first Susde vault is full.
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The last step of Mellow’s strategy is to participate in the recently announced “Lido Alliance”, which is an official association formed by the Lido project.Mellow benefits through Lido’s STETH direct deposit channel, which explains why it promises to use 10%(100B) of its MLW token supply to promote cooperative relationships.On the other hand, Lido also benefited from it because it tried to recapture STETH capital from liquidity re -pledged competitors.Since the climate has been formed in 2024, the growth of LIDO has been stagnant because liquidity has been taken away by LRT competitors.
5, Market Die
Symbiotic’s competitive advantage compared to Eigenlayer or Karak comes from its close fusion with Lido.The core idea is that LIDO node operators can publish their own LRT through Mellow/Symbiotic, and internalize an additional WSTTH income layer in the Lido ecosystem, thereby returning the value to Lido Dao.
Save STETH in Mellow vault now can get four layers of income outside the corresponding LRT token of the corresponding vault:
· STETH APY
· Mellow Points
· Symbiotic points
· Re -pledge APY (AVS runs on Symbiotic)
Since Symbiotic has opened its deposit, it has accumulated $ 316 million TVL in less than two weeks.
InSymbiotic tvl
The total lock value of asset locks (including all chains) on Symbiotic on Symbiotic (including all chains) is as follows: as follows:
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On the other hand, Mellow’s TVL is $ 374.Both of them are quite good signs, indicating that lido will make a difference in this regard.
InMELLOW LRT TVL
The total lock value (including all chains) of assets (including all chains) on assets (including all chains) on Mellow and ETH on Mellow and ETH are as follows:
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As of June 20, four Mellow pools have been released on Pendle:
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At present, before the Symbiotic limit increases, only Mellow points are qualified to enter these fund pools.As compensation, Mellow will reward 3 times the deposit points (if you deposit directly on Mellow, reward 1.5 times the points).In view of the short expiration date, the liquidity of these pools is also quite low, so if you try to buy YT, the sliding point will be quite high.The current best strategy may be PT fixed yields. This is a very high yield, with 17%-19%of the APY among all four vaults.
62. Overview of ecological maps
The battlefield is becoming more and more complicated. Let’s make a brief summary.As of today, there are three main re -pledge platforms.Sort by TVL to EIGNLAYER, Karak, Symbiotic.
· Re -pledge agreementTVL
Eigenlayer, Karak and Symbiotic’s total asset value (including all chains) are as follows:
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These three re -pledge platforms all provide services to sell security to AVS.In view of the dominant position and depth of ETH, STETH has become an obvious choice for Eigenlayer collateral.Karak has expanded the scope of re -pledge mortgage from ETH LST to stablecoin and WBTC collateral.Now, Symbiotic is challenging the limit to support the use of any ERC-20 mortgage.
At the same time, LRT protocols like Ether.fi, Swell and Renzo saw an opportunity, and began to compete with Lido with their respective points activities.
· Liquidity re -pledged tokensTVL
The total value of assets that have been locked in liquidity re -pledges (including all chains) so far this year are as follows:
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Lido has always enjoyed STETH dominant position in the DEFI field, but this time it began to lose market share, and these market shares have flowed into the LRT protocol.For Lido, a simple response may be strategically positioned STETH from LST as LRT assets.But the reality is that LIDO still uses Steth as LST, but it will cultivate its own pledge ecosystem while retaining STETH.To this end, LIDO is strongly supporting Symbiotic and Mellow to become part of the “Lido Alliance”, providing a modular re -pledged product without licenses.The summary sales strategy is as follows:
· Dear project with tokens, don’t wait for Eigenlayer to include your tokens on the list, come to Symbiotic, and release your own LRT in a way without license.
· Dear user, don’t save your WSTTH to LRT competitors, and give it to Mellow, you can get better rewards for risk adjustment.
7Conclusion
With the increasingly fierce competition in the field of pledge, the following points are worth your thinking:
· How big is the needs of the pledged AVS? Do we really need so much pledged players?As of today, only real -time AVS on Eigenlayer.The TVL is about 5.33 million ETH, and a total of about 22.6 million ETHs are pledged into 13 AVS at a mortgage rate of about 4.24 times.
· The main trend of the re -pledge platform is to combine the integration of assets as much as possible to support re -pledge.Later, competitors like Karak tried to distinguish themselves and other competitors by using WBTC mortgages, stablecoins and Pendle PT assets.Symbiotic is further allowed to use any ERC-20 toke, but leaves asset management to the founder of third-party Mellow vault.Despite the most stringent restrictions, Eigenlayer still maintains a huge leading advantage on TVL.In addition, it is still no conclusion to allow non -ETH assets to be used for chain security.
What does this mean for the LRT protocol?To be sure, nothing can prevent them from integrating similar to Symbiotic, in fact Renzo has done so.Not only is Symbiotic’s design that supports the maximum does not require licensed characteristics, the LRT protocol has no reason to be loyal to Eigenlayer, but before Mellow’s monopoly position in the secondary market, the LRT agreement will hope to get in the Lido’s re -pledged ecosystemA certain market share.However, is there fierce competition?As mentioned above, LIDO’s goal is to reiterate its STETH dominant position, and Symbiotic and Mellow are projects supported by this liquidity dictator.This goal is fundamentally conflicting with Symbiotic Eeth, Ezeth, Sweth.Look at how lido weighs pros and cons, it will be very interesting.
From the perspective of builder builders, the economic security of guiding its own chain is becoming easier and easier.EIGENLAYE makes it all easier and convenient, but the no -licensing vault in the Mellow X Symbiotic ecosystem is further further, making it more convenient.The main participants like Ethena have announced plans to support Susde and ENA pledge in Symbiotic to ensure the security of Ethena Chain, rather than expecting Eigenlayer or Karak to include ENA in the pledge collateral whitening list.
What does this mean for LIDO DAO and LDO tokens?DAO charges 5%of all STETH pledge rewards. These rewards are allocated between node operators, DAOs and insurance funds, so more ETH in the LIDO (not LRT protocol) means that DAO’s income is more income.EssenceHowever, Lido has no clear value accumulation path whether it is building its own re -pledged ecosystem or LDO token itself. LDO is still just a governance tokens.
