Original Author: Haotian
How to view the Restaking project Renzo currently being mined on Binance Launchpool? Let me briefly describe a few points of view:
1) It is difficult to evaluate the Depeg incident of Renzo's ezETH, as this is a common problem of the industry's continuous leverage in the Restaking track. It should be said that the potential liquidity problems of platforms that later layout LRT will be greater. The reason is simple, because the native ETH has been absorbed by the top capital darlings such as ETHFI and Renzo, and the stock of circulating ETH that later entrants can attract is decreasing.
If you want to squeeze liquidity, you can only make big moves in operational incentives, such as conducting point airdrops and other multiple incentives to attract attention, all of which continue to leverage through native ETH assets, LRT staked assets, and re-staking platform points. Therefore, the Restaking market will inevitably move towards chaos and disorder, and as more participants enter, potential exposure issues will increase. Therefore, from a different perspective, during the Fomo period of the restaking track, the occurrence of some Depeg incidents allows everyone to have a clearer understanding of the potential risks of the restaking track, and it is good to let some users who lack the ability to bear security risks recognize the facts early and think positively.
2) How to view the narrative differences that Renzo wants to tell about restaking? It becomes clear when compared horizontally. @eigenlayer fundamentally aims to enhance Ethereum's data availability (DA) capability through restaking, and pledging LST platform certificates to AVS active verification service nodes is just a means of implementation, with its core goal being the strengthening of DA capability; ETHFI's service scope in cross-staking and restaking is broader, and it has made some innovations using DVT distributed verification technology, which can be said to be a common competitor of Eigenlayer and LIDO;
Renzo is more focused on enhancing the comprehensive operational capabilities of AVS, including node technology, operations, network, and other comprehensive capabilities. If Eigenlayer has attracted a large number of validators to join the AVS team, Renzo's goal is to provide specialized comprehensive capability enhancement services for these in-service AVS, which can be considered as a complement to Eigenlayer's business refinement.
3) In the vision planned by Eigenlayer, AVS active verification services will extend the business of Ethereum's underlying security architecture participants, and will deliver the POS verification capabilities of Ethereum validators to more Rollup chains outside the Ethereum chain. This narrative imagination sounds very beautiful, but in the end, it will be specifically implemented in the operation of every node behind the scenes, such as how AVS enhances verification data processing capabilities, DDoS attack security protection capabilities, network bandwidth stability capabilities, and so on. In a sense, the ceiling of AVS's capabilities represents the narrative height of Eigenlayer, so it makes sense for Renzo to propose specific enhancement services for AVS.
4) Eigenlayer's AVS currently only accounts for a small part, and they have played a certain role in decentralized sequencers, decentralized challenger mechanisms, and even in the restaking challenges of the BTC layer2 ecosystem. Objectively speaking, the value significance of AVS node enhancement will exist, 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 truly be equivalent to the security consensus of all Ethereum validators. However, the enhancement of AVS capabilities can enhance the service expansion capabilities of the Ethereum network framework through economic staking and incentives, which undoubtedly provides a new narrative space for Ethereum DeFi at a time when Ethereum DeFi liquidity is facing exhaustion.
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 to stop this trend in the short term. But regardless of the security risks at the economic level, in terms of narrative, it is actually all about Eigenlayer's extension of storytelling. With the decrease of native ETH in the market and the exposure of DePeg security risks, this narrative cannot continue to expand endlessly, and there will be a turning point for the ebb. Whether it will be related to Eigenlayer's TGE is unknown, but perhaps it will be related to Eigenlayer.
If the market continues to intensively involve in the Restaking track, ordinary user participants must understand:
- How does the Restaking platform operate? 2. What are the key factors that support the continuous healthy operation of the Restaking system? 3. The risks that may be faced when participating in Restaking, such as the loss of staked assets due to slash, redemption liquidity run, and so on?
With this basic understanding, then decide how to participate and how deeply to participate. In this way, it is much stronger than just being a follower.
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