On the eve of the results of the Bitcoin spot ETF, this week’s encrypted market experienced a crash.

After panic, the Ethereum ecological tokens such as LDO and ARB rebounded rapidly. Some of the more market value Ethereum L2 such as Metis and even reached a higher point. Instead, it explained from another perspective.The current market funds are optimistic about Ethereum ecology.

However, L2 has been collectively rising collectively, and most of the projects in liquidity pledge are only beta income. What narratives can be deployed around the Ethereum ecology?

Don’t forget to catalyze that is a grand but not fully realized-Pay and EIGENLAYEREssence

Based on the Re-Staking derived from liquidity pledge, in the desire to seek efficiency and income forever, the capital of the liquidity of liquidity is gradually evolved(LRT).

In addition to CEX, some of the recently related tokens related to LRT concepts have ushered in a good increase.

It sounds a bit acquainted, but does not fully understand the logic?

In this issue, we will help everyone quickly understand the logic of re -pledged and LRT, and in -depth excavation of those who have low market value or have not yet released token.

Review and pledge and liquidity dolls

Pure is not a new concept.

As early as June last year, Eigenlayer introduced the concept of “re -pledge” on Ethereum.It allows users to re -pledge the pledged Ethereum or liquidity pledges (LST) to provide additional security guarantees for various decentralized services on Ethereum and earn additional rewards for themselves.

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It is not repeated to introduce the technical principles of Eigenlayer, and the readers have a certain understanding of it by default.(Related reading: Analyze RestAKing Leader: EIGENLAYER’s business logic and valuation deduction)

On the contrary, if you do not entangle the technical details within Eigenlayer, it is easier to understand the logic of liquidity pledge and re -pledge:

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To put it plainly:

· For Ethereum, pledge maintenance is safe, and then pledge maintenance is more safe;

· For investment, pledge finds income, and then pledge to find more benefits.

So from the perspective of investment, how is the current method of finding income?The figure below is a minimalist version of understanding:

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1. I have ETH, pledge ETH to LSD service provider, such as lido;

2. I get LST (liquid pledged tokens), such as STETH;

3. I pledge STETH to EIGENLAYER;

4. Step 1 and 3 I can get benefits.

Obviously, before Eigenlayer appeared, the LST on my hand could only obtain one benefit; with Eigenlayer, I got one more layer of income, theoretically, not losing.

But in the mature process of re -pledge above, there is a key issue:The liquidity was killedEssence

Your LST was retired into Eigenlayer and lost the opportunity to invest LS into other places to generate benefits.

Eigenlayer, as a re -pledged layer, will return to you because of your pledge input, but it will not give you the same liquidity when holding coins.

In an environment that requires capital efficiency in the encryption market, liquidity never sleeps.The speculative orientation does not actually accept the liquidity of the tokens and is completely locked in one place and cannot be expanded.

Therefore, the logic of the current set of “pledge -pledge” is not perfect.

In order to get tokens to get more liquidity and opportunities, LRT (liquidity re -pledged token) came into being.In fact, the principle of LRT is very easy to understand. In a very popular analogy, it is:

Mortgage vouchers.

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I have ETH, and I can replace LST (STETH) by liquidity.At this time, this STETH is actually a mortgage certificate, forIt proves that “I did pledge ETH”, but the original assets in my hand were only ETH itself.

Similarly, if I have LST, I can replace a new mortgage voucher by pledge to prove “I did pledge STETH again”, but the original assets on my hand are still only ETH itself.

In essence, this new mortgage voucher is LRT, that is, liquidity reinsurance to the tokens.You can take this new voucher to do more financial operations, such as mortgage and borrowing to solve the situation of liquidity locking in the rebuilding.

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If you still can’t understand the principle, you may wish to imagine a doll with a three -layer doll.

You can use ETH to put out LST, and LS can be used out of LRT.When you have three layers of dolls in your hands, you can use these three dolls to do different things (pledge, pledge, other ways to live). Each set of dolls, you can use a layer to use a flowing layer.Opportunities for sex gains.

Then, Dangto has attracted much attention, how to solve the problem of capital efficiency in EigenLayer to pledge the capital efficiency in China, which may evolve the new narrative of LRT.

Which related projects are worthy of attention?

The current market is related to LRT. The projects that try to solve the problem of capital efficiency have begun to be noticed, and some of them have achieved very good price performance.

But from the perspective of investment and research, we are not inclined to introduce items that have been discovered by the full price, such as SSV.Therefore, the project you try to find the next two categories are more biased:

· There are tokens and a low market value

· Nokem

Low market value of tokens

SSV Network ($ SSV): seamless re -employment of liquidity pledge projects

The previous liquidity pledged projects can do pledge business, and they can do re -pledge business.

This logic is very obvious on SSV.

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On January 4, SSV announced on Twitter that it began to enter the re -pledge business, allowing the responsibilities of Eigenlayer’s verifications to SSV, and using the distributed and non -hosting characteristics of SSV to enhance the performance and safety of its verifications.This process not only increases the elasticity and distribution of the verifications, but also improves fault tolerance and performance, and ultimately bring more income and higher security guarantee to users.

At the same time, users can also get additional rewards on the pledged ETH assets.

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It is worth mentioning that the SSV’s re -pledge node is very distributed. At present, it can be re -pledged services with ANKR/ForBole/Dragon Stake/Shard Labs.

However, the increase in SSV tokens in the last week has not been obvious.Considering that it is well -known on the liquid pledged channel, and the re -pledge business is a professional counterpart, the market value of about 300 million is not particularly high. In the future, it can still be expected to be pledged under the performance.

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Restake Finance ($ RSTK): The first modular liquidity re -pledge protocol on Eigenlayer

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It can be seen from the name of the project that Restake Finance focuses on doing EIGENLAYER again pledged related business.

On the basis of understanding the LRT operation logic above, Restake Finance’s business becomes very easy to understand:

· The user saved the lst up with liquidity into the RESTAKE Finance;

· The project helps the user’s LST store in EIGENLAYER, and allows users to generate Reaked ETH (RSTTH) as a re -pledge certificate;

· Users take RSTTH and make benefits in various DEFI, and at the same time they will also get points for the Eigenlayer reward (considering that the Eigenlayer has not issued coins)

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Picture source: Twitter user @JinglingCookies

At the same time, the project’s own native token is called RSTK, which is built on Ethereum. To sum up, it has the role of governance, pledge and increasing income:

Governance:

· $ RSTK holders may participate in the selection process of node operators and AVSS, which is equivalent to participating in the security of Ethereum related components;

Increase income:

· $ RSTK can pledge to increase the earnings produced by Eigenlayer.The 5% of the Eigenlayer rewarded by the Restake Finance platform will be divided into the pledged reward, and the share of the RESTAKE protocol itself will be earned.

· Package $ RSTK will receive $ SRSTK. These tokens are used to track the user’s governance and income sharing rights, and cannot be traded or transferred.If the user wants to redeem their $ RSTK, there is a 45 -day unlocking period.

· As an agent of Eigenlayer: $ RSTK is designed as an agent for EIGENLAYER.With the addition of more AVS, the wider use of Eigenlayer, as well as higher income and more agreement income, will increase the value of $ RSTK.

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Picture source: Twitter user @JinglingCookies

Generally speaking, the design of the tokens does not have much new ideas, and it is more about the classic ones to obtain additional income around pledge.

But in terms of tokens, RSTK has recently ushered in highlights.

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From the opening on December 20, the RSTK rose by about 20 times as of press time. However, its market value was only $ 38 million, and according to the author’s observation, there have been smart money to purchase RSTKs with smart money in recent week.

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Is RSTK underestimated?

Considering that SSV Network has also begun to pledge related business, its current market value is $ 330 million.If the re -pledge business becomes a mainstream choice for the “seamless re -employment” of the mature and liquid pledged project, then this probably means that the market value of RSTK is about 10 times the market value of the mature project;More, but considering the leading position of LDO, the main business of LSD has a great advantage. This is not practical.

Therefore, the author believes that in the long run, there are not many new projects that can be bet on the current LRT narrative. There are not many token projects. The LSD project is seamlessly re -employed.Instead, it is more worthy of attention.

However, in the short term, it is subject to uncertainty of Bitcoin ETF, and the possibility of extreme changes in the market increases. From the perspective of investment and research, it will be a better choice to wait for the stones to find a stable entry point.

Stader Labs X Kelpdao ($ SD): Support new organizations for re -pledge

Stader Labs is not an old face. As early as last year, the liquid pledged narrative brought by Shanghai’s upgrade last year appeared.However, Stader is characterized by supporting multi -chain pledge. From its official website, it can be seen that more than Ethereum, and support for multiple L1 and L2 pledge.

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And this multi -faceted hand is very smooth to do the LRT pledge business.

Stader also supports an organization called Kelp Dao, focusing on liquidity and pledge.And the business model is also similar to the RESTAKE Finance:

Stock STETH and other LST in the Kelp protocol, be able to exchange for the RSETH tokens, and then use RSETH to do more income operations.At the same time, because the linkage with EIGENLAYER means that users can pledge both EIGENLAYER points, and they can also use liquidity to use LRT to live in interest, and at the same time enjoy LST ’s birth rate.

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In terms of tokens, because Kelp Dao currently has no tokens, the tokens of the Stader Labs associated with the Ming brand can become the target of attention.

The SD ushered in about 20% of the last week, and its market value was close to RSTK, and in the range of about 35 million.

But unlike RSTK, SD is newly stir -fry, and new performances have ushered in after being re -pledged. At the same time, considering that Kelp Dao is to do direct business, but there is no coin issuing.The linkage effect of KELP coins, such as airdrops.

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Prisma ($ Prisma): Endlessness is related to LRT, another choice for LSDFI

The two projects with tokens above are articles that liberate liquidity directly around Eigenlayer, but in fact, the way to liberate tokens is not just this.

There is still another idea in the market, that is, it is not directly linked to the Eigenlayer, and the liquidity is released to generate income through its own resources.The representative project is PRISMA.

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The project is not LRT in a strict sense, but more like LSDFI.(Related reading: Prisma Finance: Release the huge potential of liquidity pledged tokens)

PRISMA walked into the public’s field of vision half a year ago.

The project received joint endorsements of many project founders such as Curve Finance, Convex Finance, Swell Network, and Coingeckofinance, as well as Frax Finance, CONIC Finance, TETRANODE, OK Venture, LLAMA, GBV, Agnosti. C FUND, Ankr Founders, MCEG, Eric ChenWait for the first -line well -known project party to invest.

Although it has not announced the amount of financing, it can be said that the top DEFI project has basically been online.

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The way Prisma releases LST liquidity is:

· Start LS into the PRISMA protocol

· Mint is called MKUSD stablecoin

· Pure, mining, lending and other behaviors such as pledge, mining, lending and other behaviors are generated through MKUSD to release LST liquidity

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In terms of tokens, PRISMA has experienced ups and downs in the past month. There are more than double the amplitude between the heights and the price.

In contrast, the tokens have only about 17 million market value, which is extremely vulnerable to the influence of the message and causes rapid pulling or falling.

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Considering the luxurious endorsement lineup, why is the current market value so low?LSDFI’s narrative has a certain attraction, but this does not completely mean that the project is underestimated. Instead, the following points need to be considered:

· The market value of PRISMA’s circulation has not been considered, and about 22 million Prisma in the project is not calculated;

· The lock -up tokens can be removed at any time to the market, which may also affect the price;

· According to Twitter users @lurkaroundfind, Ge Ge has 1/3 to 1/2 of the total amount of PRISMA TVL, which is also an unstable factor.

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butUnstable+small market value means a certain operation opportunityEssence

Generally speaking, the market value of PRISMA is very small, but the endorsement is luxurious and stepping on the LSDFI narrative. The subsequent transfer of LRT does not have a particularly large migration cost. It does not rule out the possibility of doing things through narrative.

It is recommended that a reasonable operation should be configured for the small position to obtain the income in the band pump & amp; dump.

Picca Network ($ Pica): The liquidity re -pledge of the driving to Solana

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If it feels that the project around Ethereum’s liquidity recovery is too crowded, a feasible plan B is looking for the same narrative target in the popular Solana ecosystem.

The target that meets this condition currently has Picasso Network.

The project itself aims to support multiple L1, which mainly promotes cross -ecological system blockchain communication (IBC) between ecosystems such as Polkadot, Kusama, and COSMOS, and is extended to other networks such as Ethereum and Solana.

However, the project is currently aiming at the blank of the Solana ecological liquidity and pledged track, trying to reinstate the Solana ecosystem through IBC capabilities.

Specific execution, Picasso is launching a RestAKing Vault program to plan technical details. You can roughly understand Picasso as an Eigenlayer on Solana.The way of its implementation is roughly as follows:

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· Through Picasso’s solana & lt; & gt; IBC connection to provide a verification device for Solana;

· Users can reintegrate the LSOL/JSOL/ORCA LP/BSOL such as the SOLANA liquidity pledge project (such as MarinaDe/Jito/ORCA/Blaze) to reintegrate it into the verification device;

· While protecting network security, earn re -pledge income.

A potential opportunity point is,The liquidity of Solana is not as good as ETH. The data shows that about 8% of SOL is still not pledgedWhile it is good for liquidity pledge, it is also good for liquidity.

Given that Solana’s liquidity pledge project has ushered in a general rise. If Ethereum’s re -pledge narrative may also overflow on the same narrative of Solana.

On the token, Picasso has ushered in nearly doubled the increase in the past week. The market value has reached about 100 million US dollars. Compared with the aforementioned liquidity re -pledge projects on Ethereum, the market value is high;Considering its IBC characteristics, the main business is not only pledged by liquidity, so its market value cannot be compared with similar items on Ethereum.

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Considering that the Solana ecology has not performed well in the relevant projects of Ethereum in the past week, Picasso can be used as a alternative in an investment portfolio, and cooperates with the observation of funds to the Solana before doing it.

The potential project of non -token currency

In addition to the above projects, there are some LRT track projects without tokens, but they are also pledged frequently.

Due to space, only simple listings and descriptions are made here. Interested readers can consult the project social media and official website to learn more information by themselves.

Puffer Finance: Reduce the threshold of the verification device through native pledge

EIGENLAYER put forward 32 ETH threshold requirements for the average Ethereum pledged nodes to meet the requirements to run AVS.

Puffer’s re -pledge function is to reduce this threshold below 2 ETH to try to attract small nodes.

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SWELL: Moral pledge to re -pledges, pick up points for points, empty investment

Swell had previously been pledged on Ethereum, and recently announced the re -pledge function, which can be stored in RSWETH in RSWETH.

Considering that Swell has not been issued for the time being, LSD can be changed before, and now participating in pledge can also increase points opportunities.

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ether.fi: Provide seamless re -pledge experience

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The project is similar to SWLL and Puffer. At present, the total pledge TVL has reached about 120 million US dollars.

In addition to the above, there are still some projects that have not been listed.However, if LRT is hot enough, I believe that these non -issuance projects will still be actively marketing and attract users to pledge again. It is only a matter of time by everyone to find out.

Summarize

Finally, the author is also thinking about the project in the process of research. Is liquidity pledge? Is it a kind of progress?

From the perspective of Ethereum, it does further ensure the safety of different projects through Eigenlayer.

butStarting from actual interests, it is more like a speculative leverage for liquidity creationEssenceThe meaning of leverage means that there is only one original asset, but through the mapping of the tokens and the locking of the equity, the leverage doll can be continuously served through the original ETH, and multiple derivative vouchers can appear.

As well, these derivative vouchers have greatly revitalized liquidity in Shunfeng Bureau, which is more conducive to market speculative behavior;

But when it comes to bad, each protocol that releases derivatives is connected to each other due to liquidity. Holding A can borrow B and borrow B to revitalize C.Once the A protocol itself has a problem (hacker attack or self -dislike) and the volume is large, the risk caused is also serial.

The lever on the routine doll, the whole wind is full of birds and beasts.

Ethereum opened a broad place, and Eigenlayer seemed to have built a circle of runways on the open space; for the liquidity of thirsty and adventure, it was better to give them a reason for running on the runway.

The liquidity never sleeps, and the pleasure of liquidity is the eternal narrative theme of the encryption market.