jakiro
Author: Jack Inabinet, Bankless; Compilation: Tao Zhu, Bitchain Vision Realm
The rise of the pledge led cryptocurrency investors to sell the Ethereum pledged giant Lido Finance in the first half of 2024, causing LDO to fall against ETH to many years.
In the past few weeks, LDO investors have rejected the agreement because the agreement may subvert Eigenlayer’s dominant position.However, on Friday, the US Securities and Exchange Commission specified its migrant currency as unregistered asset securities in a lawsuit against Metamask’s founder Consensys. LDO holders were severely hit.
Since the beginning of the year, the performance of LDO may be far behind ETH, but today, we will discuss why LDO’s fundamentals have never been so strong.
Cover the competition
In 2023, Lido was unstoppable, and accumulated one -third of the pledged ETH, and the number of ETHs managed doubled.
In this year, the control of the ETH ratio of the pledged ETH has been threatening to break through 33% -this is the first of the three key thresholds that pledged entities can manipulate consensus more easily -this triggered Ethereum usersThe fierce debate between the ecosystem should be forced to restrict the pledge of lido to prevent unnecessary centralization.
In 2024, these controversial dialogue had been transferred to the edge, and at the same time, the ETH share of Lido pledged fell to a seemingly more acceptable 29%(purple line), which was the lowest level since April 2022.
Although LIDO continues to enjoy the net inflow of ETH, the market share of the agreement has declined just to the emergence of a breakthrough.Although the pledge service has not been put into operation nor incurred, it has quickly become the hottest farm this year through the promise of providing meta -information information by promising future airdrops.
In just a few months, Eigenlayer, Ether.fi, Renzo, Puffer, and Kelp have all developed from relatively obscure to a trusted agreement with billions of dollars TVL!
Aside the controversy of re -pledge, the attraction of related airdrops is undeniable. Due to the huge capital of these profits of these profits, Lido’s re -pledged competitors can seize the market share.
The arrival of Eigenlayer’s highly anticipated airdrops caused the second wave of depositors in May. However, the rise of the rebuild alternatives consistent with Lido may reshape the industry’s pattern …
Symbiosis
Symbiotic’s deposit contract just entered the main network two weeks ago. Since its launch, it has accumulated $ 300 million in deposits, making it the fastest pledge agreement in June.one!
The agreement is undoubtedly the most reliable EIGENLAYER competitors because it has obtained the seed funds of well -known encrypted venture capital companies Paradigm and Cyber · Fund. Cyber · Fund is an investment company and was an early contributor to Lido Dao.
Although Symbiotic is largely eigenlayer’s replica, it is planned to provide re -pledge services for various assets, but this re -pledged ecosystem is unique through close connection with LIDO.
The release of Symbiotic is also released at the same time Mellow Finance. This is a re -pledged insurance library management service. It is also supported by Cyber · Fund.Formal cooperation and recognition.
Unlike the Eigenlayer liquidity re -pledge model, the EIGENLAYER model encourages users to deposit with the independent pledged non -LIDO re -pledged manager, and Mellow Finance’s custody deposit model will be transformed into a purely liquid -to -videa client.
Compared with the popular liquidity recreation alternative, Mellow Finance can quickly convert it to LST, so as to better manage liquidity risks related to LRT (that is, when it occurs, it is necessaryConverted to ETH); this design also strengthened the hidden winner of the pledge.
Since the liquidity of the token is the key factor in evaluating LST’s attraction, and Lido occupies a huge share of 60% in this pledge market, from the perspective of risk adjustment, STETH re -pledge has obvious advantages through Mellow.
Although STETH holders can only get once airdrop opportunities under the EIGENLAYER mechanism, they can get Mellow and Symbiotic points by using Mellow.
At the same time, many EIGENLAYER pledge projects have distributed the first round of tokens, weakening the effectiveness of their future rewards, and consolidating Mellow’s position as a top airdrop farm.
Once the existing STETH capital migrates to this opportunity, the basic bull market of Symbiotic X Mellow’s pledge has become obvious. EIGENLAYER’s employment capital is likely to flow out of related LRT to STETH, which eventually triggered the LIDO pledge market share for the first time in two years.Growth.
Summarize
SEC tries to specify Lido’s STETH as crypto asset securities, which constitutes an unsolvable risk for unregistered pledge services, but this incident may cause local bottom. Before many years of decision, there is almost no accident danger.It will destroy LDO.
Enterprises do not need to be attractive to become a reasonable investment. Although re -pledge has become the focus of cryptocurrency investors, pledge providers can also generate costs from the depositors’ income and have the additional benefits of reliable sources of income.
The ETH managed by LiDO is worth more than $ 30 billion and an annual interest rate of 3%. The agreement currently generates an annual income of $ 1 billion at a interest rate of 1 billion US dollars, which makes the P/E ratio of tokens (P/E) about 23 times.Although this is considered “average” for stocks, considering the high growth potential of the encryption industry and the unique factor of the above LIDO, this multiple seems to underestimate LDO.
It is undeniable that if competitors try to monopolize the market at a low -cost alternative plan, 10% management fee of LIDO currently operates low -cost software companies is easily compressed, but the extensive STETH integration and market leading liquidity in the entire DEFI throughout DefiIt provides a certain degree of flexibility for Lido and can charge additional fees for its services.
Assuming that the Symbiotic ecosystem will shine in the next few months, STETH will be close to 33% of the pledge set threshold again. Although this will inevitably cause argument about whether Ethereum should exert a hard upper limit on LIDO, the decentralized social consensus consensusIt will be difficult (even impossible) to implement such a violent network change.
