Restaking is undoubtedly one of the hottest tracks in the current cryptocurrency market.
Based on EigenLayer's narrative of "shared security" and supported by liquidity restaking from ecosystem projects such as ether.fi, Renzo, and Puffer, the restaking market has accumulated a value of tens of billions of dollars in the past year. The entire restaking track has created and is expected to continue to create a large number of new wealth opportunities.
Restaking "top player" - Justin Sun
Surprisingly, although many analysts may consider restaking as an "innovation lifeline" for Ethereum and believe it is the most important narrative in the current Ethereum ecosystem, the most deeply involved "smart money" in restaking is a person with a rather subtle relationship with Ethereum - Justin Sun.
Although Justin Sun has not made many comments on restaking personally, publicly available on-chain information shows that Justin Sun had personally entered the restaking narrative long before it became popular. As of now, he has invested hundreds of thousands of ETH to actively participate in major projects in the restaking track, demonstrating his interest and support for this innovation.
According to Dune Analytics, the three addresses 0x176, 0xdC3, and 0x79ac currently rank 2nd, 3rd, and 4th in the real-time deposit amount ranking of EigenLayer, and all three addresses belong to Justin Sun. On February 8th, Justin Sun converted 109,327 wstETH into stETH, then transferred it to two new addresses, 0xdC3 and 0x79ac, and deposited it into EigenLayer. On February 9th, Justin Sun again staked 58,000 stETH to Puffer through the address 0x176 and deposited 104,001 stETH into EigenLayer.
As of the time of writing, the above three identifiable addresses belonging to Justin Sun have collectively deposited over 200,000 ETH into EigenLayer.
In the liquidity restaking market, Justin Sun's participation is even more apparent. The liquidity restaking protocol ether.fi, currently ranked first in TVL, was officially launched in mid-March and airdropped its governance token ETHFI. Justin Sun was the user with the largest airdrop amount at the time, and his substantial deposits indirectly benefited the community. The rule of ether.fi is that for every 50,000 ETH increase in the total staked amount, the total airdrop quantity will increase by 0.125% of the supply ratio. Therefore, Justin Sun's substantial deposit behavior did not reduce the airdrop share of others, but instead increased the total airdrop quantity.
In the real-time points ranking of Puffer, another popular liquidity restaking protocol that has not yet issued tokens, Justin Sun not only ranks first but also has a lead over other users by several times.
HTX Liquid Restaking: The first restaking solution that integrates CeFi and DeFi
Perhaps due to his long-term and in-depth personal involvement in the restaking gameplay, Justin Sun also has a clearer perception of the pain points of current mainstream liquidity restaking services. These valuable insights and experiences are ultimately reflected in HTX's own liquidity restaking service.
On February 29th, HTX officially launched the liquidity restaking service HTXLiquidRestaking on its platform. This is also the industry's first comprehensive restaking solution that integrates the advantages of CeFi and DeFi, allowing users to "one-click" participate in various high-quality restaking projects on major chains using their HTX platform balances.
In HTX's view, the current mainstream on-chain restaking solutions have the following major pain points: the operations are too complicated, ordinary users often feel confused when facing restaking, liquidity restaking, and various derivative tokens; the costs are too high, although gas fees on the chain have recently decreased, multiple authorizations and staking operations still often require tens of dollars; it is difficult to balance risks and returns, as users do not know how to evaluate the specific project's returns and risk conditions when facing multiple so-called "opportunities".
In response, HTXLiquidRestaking has provided the following targeted solutions:
To address the issue of operations being too complicated, HTXLiquidRestaking allows users to directly participate using their HTX platform balances with just "one-click." The balance range includes not only BTC, ETH, USDT, HTX, and TRX balances in the spot account but also the net equity in the contract account. Users only need to sign up for participation within the HTX application, and they can "sit back" and wait for returns. When exiting, they can also "one-click exit," and HTX will help users redeem in a timely manner using its own liquidity.
To address the issue of high costs, since HTXLiquidRestaking processes users' restaking funds in batches, the overall gas consumption will be relatively lower, and users do not need to pay any gas to receive all rewards for free.
To address the issue of balancing risks and returns, HTXLiquidRestaking will use its professional technical capabilities to rigorously select staking projects from multiple dimensions such as contract security audits, code audits, team composition, and on-chain participation volume, helping users lay out in multiple high-quality projects such as EigenLayer and Puffer while minimizing risks and maximizing returns. However, abnormal risk events such as contract vulnerabilities, hacker incidents, third-party platform suspensions, business terminations, and closures on the chain can never be 100% avoided, and HTX will not bear responsibility for risks originating from external sources.
It is worth mentioning that in addition to the original $50 million staking pool, HTX added an additional $50 million staking pool at the end of March, accumulating a total staking pool of $100 million, including 500 BTC, 5,000 ETH, 50,000,000 USDT, 250,000,000 TRX, and 3,000,000,000,000 HTX.
Acceleration mechanism: How to win big with a small bet?
In order to achieve hierarchical efficiency within the user base and provide higher profit incentives to loyal users, HTXLiquidRestaking has also designed detailed acceleration gameplay. Users with smaller funds can try to use the acceleration rules to "win big" by increasing the efficiency of fund utilization.
In summary, HTXLiquidRestaking allows users to accelerate efficiency in three ways.
First, by using HTX platform transaction fees for efficiency acceleration, the fee range includes the net transaction fees generated by all trading pairs through spot, leverage, and contract. With a daily fee of $1,200 as the threshold, HTXLiquidRestaking users can receive a maximum of 8% efficiency acceleration.
Second, by holding HTX tokens to obtain efficiency acceleration, HTXLiquidRestaking will take real-time snapshots of the HTX balances held by users in the spot account and the earning account. Depending on the holding scale, users can receive efficiency acceleration at two levels of 3% and 6%.
Third, by joining or creating a team to achieve efficiency acceleration through collective efforts. Within the same team, all team members can receive acceleration values, and the specific acceleration value is determined by the team level. The higher the total staking scale of the team (the total amount of participation by all team members), the higher the team level. Each team can have up to 2,000 members, and the captain can also receive an additional 20% acceleration.
The acceleration value will affect the efficiency of users' HTXLiquidRestaking point accumulation and can be applied to all supported currencies for liquidity restaking. These points will ultimately determine the user's weight in sharing the staking pool.
Unlocking the next stage of restaking
Looking back at the development trend of the restaking track, although this narrative has shown extremely strong capital attractiveness, with the total value locked (TVL) of the entire track rapidly growing to the level of tens of billions of dollars, the growth rate has slowed down to a certain extent. The main reason is that the available on-chain liquid funds are gradually decreasing, and in order to further expand the scale of funds, it is necessary to leverage the "dormant" massive off-chain funds.
Based on this development trend, the emergence of HTXLiquidRestaking can timely address market pain points, help more users participate in the innovation of restaking, and in turn, help the restaking industry further expand its scale, improve the security level of active validation services by increasing the total amount of funds, and contribute to the further development of the industry.
HTX itself also has the opportunity to tap into the pulse of the restaking era, while steadily promoting its own services to capture value.
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