您如何看待倫佐重新承諾的敘述？

原作者：浩天

What do you think of Renzo, the Restaking project currently being mined on Binance launchpool? Let me briefly share a few thoughts:

1) Renzos ezETH depegging is difficult to evaluate, because it is a common problem of the entire Restaking track industrys continued leverage. It should be said that the later the platform is deployed to do LRT, the greater the potential liquidity problem will be. The reason is simple, because the original ETH has been sucked away by the top capital darlings such as ETHFI and Renzo, and the stock of circulating ETH that latecomers can attract is getting less and less.

If you want to squeeze liquidity, you can only use big moves in operational incentives, such as point airdrops and other multiple incentives to attract attention. Anyway, they are all continuously stacking leverage through ETH native assets, LRT pledged assets, and re-staking platform points. Therefore, the Restaking market will inevitably move towards chaos and disorder, and as the number of players increases, there will be more and more potential exposure problems. Therefore, thinking from another angle, during the Fomo period of the re-staking track, some Depeg events have made everyone more aware of the potential risks of the re-staking track, and let some users who lack the ability to bear security risks recognize the facts as soon as possible. It is also good to think positively.

2) What do you think of the difference in Renzos re-staking narrative? A horizontal comparison will make it clear. @本徵層 essentially wants to improve Ethereums data availability DA capabilities through re-staking. Staking LST platform certificates to AVS active verification service nodes is just a means of implementation, and its core goal is to strengthen DA capabilities; ETHFI has a wider service scope across Staking and Restaking, and has made some innovations using DVT distributed verification technology. It can be said that it is a common competitor of Eigenlayer and LIDO;

Renzo is more focused on enhancing the comprehensive operation and maintenance capabilities of AVS, including comprehensive capabilities in node technology, operation and maintenance, network, etc. If Eigenlayer has attracted a large number of Validators to join the AVS team, Renzo aims to provide professional comprehensive capability enhancement services for these AVS in service, which can be regarded as a complement to the refinement of Eigenlayers business.

3) In the vision planned by Eigenlayer, the AVS active verification service will extend the business of the original participants of the underlying security architecture of Ethereum, and deliver the POS verification capabilities of Ethereum Validators to more Rollup chains outside the Ethereum chain. This narrative is beautiful to imagine, but it will eventually be implemented in the operation of each node behind the scenes. For example, how can AVS improve the verification data processing capabilities, DDoS attack security protection capabilities, network bandwidth stability capabilities, etc.? In a sense, the capacity ceiling of AVS represents the narrative height of Eigenlayer, so it makes sense for Renzo to propose to provide specific enhanced services for AVS.

4) Eigenlayer currently has only a small number of AVS, and they have played a certain role in the decentralized sequencer, decentralized challenger mechanism, and even the re-staking problem of the BTC layer 2 ecosystem. Objectively speaking, the value of AVS nodes will be enhanced, but expectations should not be too high. After all, there is a flaw in the narrative of AVS, that is, the consensus of a few AVS nodes is difficult to be 100% equivalent to the security consensus of all Ethereum Validators. However, the enhanced capabilities of AVS can enhance the service expansion capabilities of the Ethereum network framework through economic staking and incentives, which undoubtedly gives Ethereum DeFi a new narrative imagination space at a time when Ethereum DeFi liquidity is exhausted.

In short, the wind of the restaking track has already blown, and it has become the new expected DeFi Summer of Ethereum. It is probably difficult for Fud in the short term to stop this wind from continuing to strengthen. But regardless of the security risks at the economic level, in terms of narrative, it is actually telling stories around Eigenlayer. And with the reduction of native ETH in the market and the exposure of DePeg security risks, this narrative cannot expand endlessly. Will there be a turning point of retreat? It is unknown whether it will be related to Eigenlayers TGE, but it may be related to Eigenlayer.

If the market continues to roll back in the Restaking track, ordinary user participants must be aware of the following:

1. How does the Restaking platform work? 2. What is the key to supporting the continued healthy operation of the Restaking system? 3. What are the risks that may be faced by participating in Restaking, such as slashing losses of pledged assets, redemption liquidity runs, etc.?

With these basic understandings, you can then decide how to participate and how deeply to participate. This is much better than just being a wind chaser.

This article is sourced from the internet: What do you think of Renzo鈥檚 re-pledge narrative?

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