Author: Haotian

Recently, a series of factors including the anticipated airdrop of @eigenlayer, the underperformance of @RenzoProtocol after its launch, and the decreased FOMO sentiment for other restaking activities undoubtedly cooled down the restaking and re-staking track. How to view the current situation of the restaking industry and the potential changes in the future? Next, I will briefly share a few viewpoints:

1) The restaking track has indeed experienced a long period of irrational prosperity, from the battle of points to the high market expectations placed on ETHFI, Renzo, Puffer, Swell, and others. The re-staking track has fallen into a "locked liquidity" data show mode of grabbing native ETH and LST certificates, as if whoever can attract more assets to be locked in can create greater expected value in the future. Therefore, they receive a higher valuation upon entering the market?

In my opinion, this value estimation standard is far-fetched and overlooks a fundamental aspect, that assets such as locked LST certificates do not create incremental value for the points. The situation of the AVS network market behind it can be opened, and real profits can truly demonstrate value. Obviously, under irrational emotions, everyone's expectations and focus have not been placed on the landing application level of AVS, but instead have been replaced by a high expectation obtained by attracting traffic and assets, without effective support;

2) Eigenlayer's hasty token issuance, and the proposal of an intersubjective innovative paradigm, in my opinion, this token issuance seems to be specifically for "firefighting and cooling down." Because if the restaking point battle further demonizes, the pressure on Eigenlayer will be exponentially amplified, and any movement in the future development of Eigenlayer will trigger a chain reaction crisis in the re-staking industry.

The anticipated landing of Eigenlayer's token will significantly cool down the FOMO atmosphere of the point battle, and shift the market's attention to the growth essence of the AVS network effect in re-staking.

3) AVS (Active Verification Service), simply put, is to select some nodes from the thousands of Ethereum node operators, enhance their corresponding software, hardware, and technical service capabilities, and then allow these validators to maintain their original Ethereum consensus while expanding some security service capabilities for maintaining other networks such as Rollup, thereby potentially gaining additional income. (Equivalent to abstracting some "mining pools" from a large number of "miners" and then expanding some business)

AVS network can be understood as strengthening "middleware" services in the Ethereum basic infrastructure layer, allowing some nodes to come together to provide decentralized Sequencer, decentralized Oracle, and other service capabilities, as well as commercialized output. In theory, as long as the capacity boundary of the AVS jurisdictional nodes is large enough, the potential landing scenarios for applications within the Ethereum consensus framework will be considerable.

In simpler terms, these middleware networks originally needed external consensus construction to access, but now they can directly equip the underlying infrastructure of Ethereum with such service capabilities, and they can also represent a certain Ethereum security consensus. The application paradigm of AVS node strengthening can be seen as a potential direction to enhance the business expansion capability of Ethereum, but its focus is on the enhancement of node service capabilities, and the real landing and benefit transformation of the AVS network service capabilities, rather than the attributes of re-staking and point war expectations brought by AVS.

4) In fact, the application paradigm of AVS node strengthening is also reflected outside the Ethereum network: for example, @MarlinProtocol can provide rented computing power support for some AI model training needs through enhanced distributed nodes; and @FlareNetworks can allow Oracle nodes to directly integrate with the EVM network and the on-chain ecosystem through enhanced off-chain distributed Oracle node capabilities, opening up the narrative direction of Oracle As A Service. (Will follow up with detailed analysis and interpretation when time permits) After the enhancement of the capabilities of the node operators in the background, they can bring more extensive business growth capabilities to the original chain.

Looking back, Eigenlayer originally did re-staking just to provide basic security capabilities for its EigenDA (the first AVS), but unexpectedly opened the "Pandora's Box" of re-staking: negatively, if not guided and controlled, the false prosperity of re-staking will further amplify the potential liquidity crisis of the Ethereum network; positively, from the perspective of the enhancement of AVS node capabilities, re-staking will indeed inject a new narrative direction and imaginative space into the blockchain ecosystem.

This is the future of the re-staking track, nothing else.

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