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Author: Arjun CHAND, BANKLESS; Compilation: White Water, Bit Chain Vision Realm
Re -pledge is one of the largest cryptocurrency investment topics in 2024. As the EIGENLAYER main network has now started and runs, people’s excitement will only increase day by day.
It is a Lego bricks in the field of cryptocurrencies, and others can use it to create different financial applications.The coolest thing that is created isThe concept of liquidity re -pledge.Now there are some applications that allow you to use Eigenlayer to pledge your ETHThey are setting off a wave in the ecosystem and attracting billions of dollars.
The way people pledge ETH are changing significantly.More and more people choose to pledge agreement instead of the usual liquidity pledge options.In fact, the ETH outflow that Lido sees more than any other protocol.On the other hand, a re -pledge platform like Ether.fi and Renzo is getting the latest capital inflow.
As of writing this article,LiDO pledged ETH’s market share has dropped to less than 30% after many years of climbing.In addition, Ether.Fi has recently changed the number of ETH pledged in the Rocket Pool, which really shows how people transfer funds to the re -pledge agreement.
So why are everyone anxious to pledge their ETH again?What does this mean for lido?Today we will explore these issues and more issues.
Why is the liquidity re -pledge agreement so popular?
EIGENLAYER is hailed as the game rules of the Ethereum ecosystem.There are rumors that this may be the largest airdrop in DEFI history.
From VC to Degens, everyone wants to share a share in EIGENLAYER to collect EigenLayer’s recruitment points is the best way to increase airdrop opportunities.
There are many ways to collect these points!
This machine is pledged again -you can run the Ethereum verification device node and create EIGENPOD to join the machine and then pledge.This method is a bit technical and may not be suitable for everyone because it needs a lot of effort.
Use LST to perform liquidity re -pledge -a simpler choice is to pledge the current pledged pledged tokens (LST), such as the RETH of Lido’s STETH or Rocket Pool.Just store your LST in Eigenlayer, you can start collecting points.But there is a problem: As EIGENLAYER is about to launch the main network, these deposits have the upper limit.This is to closely pay attention to the system and ensure stability with the addition of more users.It also left room for the emergence of the new agreement and prevented large players from taking over the re -authorization scene.
The liquidity re -pledge is performed through LRT -the latest trend is to use liquidity re -pledges such as Ether.fi and Renzo.In your ETH or LST, you will get liquidity reinsurance to the tokens (LRT), such as Eeth or Renzo’s Ezeth of Ether.fi.Holding LRT can obtain returns in various ways: additional income, more points, and the potential of airdropping through various agreements.This is why everyone is so excited about liquidity in injection of liquidity.
When the correct incentive measures are in place, crazy things may happen, and this is exactly what happened with liquidity re -pledge protocols.
Let’s take Ether.Fi as an example to decompose the incentive flywheel that promotes the re -pledged boom:
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Eigenlayer points—— Ether.Fi passs 100% EIGENLAYER points and any other benefits holding EETH/Weeth to its users.
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Liquidity re -pledge agreement points——In addition, users can also obtain Ether.Fi loyal points and badges through certain operations.From the beginning, the Ether.Fi team made it clear that these loyal points will play a role in the decentralized governance of the agreement, thereby providing users with a two -in -one airdrop mining opportunity.Recently, Ether.Fi distributed 60 million native currencies ETHFI to users by air investment.But the reward has not ended.Because there are still more ETHFI airdrop surplus, users have the motivation to continue to hold EETH after the airdrop.
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Active verification service (AVS) airdrop——A agreement using Eigenlayer to create AVS has been announced to provide additional airdrops for those participating in the pledged.For example, earlier this year, Ether.Fi users won a good bonus through Altlayer’s ALT airdrop.
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Ethereum native pledge reward——In addition to all these benefits, users can also obtain about 3.3% of the annual interest rates that pledge ETH. This is the reward you get on the Ethereum network.After ETHFI airdrops, the pledge incentives on the platform were more intense, and ETHFI’s potential annualized returns exceeded 50%.
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Future AVS output——The flywheel part has not even started.The whole idea behind Eigenlayer is to protect other protocols and networks by using ETH to obtain additional benefits.The liquid re -pledge agreement will enable your funds to play a role to ensure that AVS is safe and earns returns.
Combining these incentive measures with the energy of the bull market, investors are willing to bear risks to obtain higher returns, and you have a strong growth engine.
The future of lido is pledge?
As the new re -pledge agreement has quickly accumulated billions of TVL, we are witnessing this in real time.As these LRTs become more trustworthy and attract more capital, their rise seems unstoppable, attracting more users and investment.
However, the financial pattern seek balance.When capital turns to new opportunities, it often withdraws from other opportunities.In the re -pledged element, the liquid pledge protocol like Lido is on the other end -Lido still occupies a market share of more than 29% of ETH’s total pledge, but due to the emergence of the re -pledge agreement, its share is slowly declining.
The reason for this transformation is simple: opportunity cost.
When pledge can provide the same income and additional benefits and rich profit airdrop opportunities, why is the user satisfied with the single -digit APY of the liquidity pledge?In the bull market, the choice seems obvious.
This does not mean that lido is disappearing.It is irreplaceable in protecting the Ethereum network, promoting stability and decentralization.Although the pledge agreement provides higher returns, it is also accompanied by greater risks, such as the possibility of great reduction in ETH.In contrast, LIDO provides a safer and more reliable ETH income option, and has lower risk reduction.
Both have a place in the ecosystem because they cater to users with different risks.Once the airdrops are exhausted, it remains to be observed whether the pledged agreement can maintain its growth and TVL.However, this dynamic shows that if the incentive measures are correct, even giants like Lido can face competition.
The rise of pledges may promote Lido to innovate, and may even launch its own pledge platform.Only time can we tell us how the market will develop.
The top level worth consideringLrt protocols
Not only Ether.Fi leads the LRT boom.If you decide to accept the re -pledged element in this cycle, the following are the other three re -pledge agreements that need to be followed:
Renzo
Renzo is the re -pledged token (LRT) and strategic manager of Eigenlayer.
Renzo’s ETH is valued at nearly $ 3 billion, which is the second largest LRT protocol for ETH pledge, and has grown rapidly. In the past three months, net inflows exceeded 510,000 ETH, which is comparable to Ether.Fi.
Users can use Renzo and LST (including Ethereum, Arbitrum, BNB Chain, Mode, and LINEA) (on the selected chain) on Renzo and Linea.
Puffer Finance
Puffer is a decentralized native liquidity re -pledge protocol (NLRP) based on Eigenlayer.Puffer has more than 1.3 billion US dollars to repeat ETH, accounting for nearly 14%of the total supply volume of the LRT market.
Puffer and WSETH are used to produce Puffer on Ethereum, which can generate Pufeth, which can be further used in liquidity pools such as Pendle and Curve.
Kelpdao
Kelp is a multi -chain flow pledge protocol that is building an LRT solution RSETH for Eigenlayer on Eigenlayer.
Kelp allows users to pledge ETH and LST on Ethereum, and pledge ETH on various L2 such as Optimism, Base, Mode, Arbitrum, Blast, and Scroll.
Conclusion
Given that Eigenlayer may become one of the largest airdrops in cryptocurrency history, the wise approach is to position accordingly and accept re -pledges.
