Original Author: Haotian

If we say that the Ethereum ecosystem has already entered the "senior period" of the DeFi "Restaking + Locked ETH Liquidity" battle, and Metis uses decentralized Sequencer operation and the staking mining of @ENKIProtocol LST platform to form a linkage, is there a chance to reproduce the growth process of the DeFi "infancy" on layer2? Next, let me share my thoughts:

1) When Restaking platforms appear one after another on Ethereum, ETH native assets will become the sought-after treasure among platforms. Therefore, many platforms use Wrapped versions of ETH to exchange for users' ETH assets. Although the wrapped assets can circulate within the DeFi system, users cannot redeem their native ETH assets.

The reason is simple. Imagine if a Restaking platform only holds LRT certificates from other platforms without any ETH native assets, this LST platform is like a tree without roots. Therefore, of course, they must find ways to make users "hand over" their native ETH assets.

Of course, during the Restaking Fomo period, users do not care about this issue. Depositing ETH can exchange for wrapped ETH (which can circulate) and can also receive Eigenlayer platform points, LST staking platform points, which are all vouchers for future airdrops, so why not do it.

If the assets of these Restaking platforms are combined, and there are no major security issues at any stage, it seems to make sense when users calculate that they have handed over their native ETH but received wrapped ETH that can circulate and the opportunity for future multi-platform points airdrop. However, all of this requires the premise that the Restaking combined economy centered around @eigenlayer will not collapse. If security issues arise and users want to redeem their native assets to escape, they will find that it is too late.

Saying this does not mean to Fud the Ethereum Restaking DeFi ecosystem. In fact, as more and more Staking+Restaking platforms appear, the battle to seize ETH native assets cannot be avoided. Everyone is fighting for ETH native assets, and the market's circulating ETH is becoming scarcer. The "leverage" of the DeFi financial Lego tower will be stacked higher and higher. From a more aggressive perspective, it can also be considered a new Summer for DeFi.

However, from another perspective, this is also a typical characteristic of an ecosystem that is "getting old". There are only so many native assets in the market without leverage, and to build a leveraged empire, whoever can seize the native assets has the qualification to build the tower. As a result, everyone is doing high-leverage activities. Eigenlayer revitalizes the Ethereum DeFi ecosystem, but the risks behind it are hard to ignore.

2) As a part of the Ethereum layer2 ecosystem, Metis has taken some unconventional measures in the past few years:

1. Substituting $ETH with a Gas Token for layer2 platforms, at the beginning of the chain, using Metis as a Utility Token, making $METIS the native token and establishing a bottom;
2. As an OP-Rollup, it initially chose a combination of off-chain decentralized Storage DA and key verifiable data submission to Ethereum, which can greatly reduce Gas, and can flexibly adjust DA with the enhancement of Ethereum Blob expansion space to provide a more market-trend-fitting DA mode, which also provides the foundation flexibility for its Hybrid Rollup implementation;
3. Introducing a decentralized Sequencer system, using native tokens to incentivize decentralized Sequencer nodes for mining, with a formal launch of 20% APY income. This is the native underlying income, similar to users staking ETH in Lido to earn 20% income. The value of the Utility Token will be maximized in this process. The stronger the sustainability of this native mining income, the greater the help for the subsequent development of the DeFi ecosystem. Imagine, Lido currently has a 4% income that is still ongoing, let alone the early Metis DeFi ecosystem with 20% at the beginning;
4. With the native Token's underlying decentralized Sequencer mining incentive, platforms like @ENKIProtocol @Artemisfinance will emerge, as this mining income is quite attractive to funds that are not willing to take risks in the mainnet Restaking token frenzy;
5. When a large number of LST platforms emerge, LRT platforms will follow suit, because staking METIS generates eMetis, which can be staked in other LRT platforms to further earn income. At the same time, other DeFi platforms such as DEX, Derivatives, CDP, etc., will also participate in this continuously overflowing liquidity relay. Slowly, Ethereum DeFi will go through the old path of DeFi Farming, and theoretically, Metis can completely replicate it;

In short, when layer2 is in a development dilemma, Metis' rebellious act of abandoning ETH as a Gas Token has actually laid the foundation for developing the DeFi ecosystem, and its choice to implement the underlying decentralized Sequencer system has also laid the foundation for the operation of this DeFi economy.

Currently, the fundamental reason why many Ethereum layer2 DeFi developments are lagging is that the second layer fundamentally lacks native asset-driven value growth, and it is difficult to build a healthy and sustainable ecosystem purely relying on second-layer wrapped ETH tokens and governance tokens.

Obviously, compared to the billion-dollar valuation layer2 platforms born with a silver spoon, Metis is still a small baby. However, if everyone agrees with the paradigm of driving the growth of decentralized economies based on native Utility Tokens, at least compared to other layer2 platforms, Metis is clearly the most thorough and most likely to grow in the future DeFi ecosystem.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。