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TL;DR

本文是由 BuidlerDAO 主办,联合多家 DeFi 项目和投资机构设立的 DeFi 全赛道投研系列课的课程笔记。
Stecoin 老师为我们讲述了 LSD&LSDFi 领域的知识等,同时文中会附带一些自身的思考。

Ethernum Overview

The History of Ethereum

First Stage: Frontier
  • Aimed mainly at people with a technical background
  • Essentially the Ethereum platform in its most minimalistic form where people can purchase ether to upload their own software
Second Stage: Homestead
  • Launched on March 14,2016
  • Introduced many protocol improvements to speed up transactions on the networks
  • Involved the activation of more blocks, while laying the foundation for future upgrades
Third Stage: Metroplis
  • Changes to the network including the introduction of security updates and an increased degree of automation in smart contracts
  • Introduced programme that do not require the downloading of the entire blockchain locally
Fourth Stage: Serenity
  • Changed from PoW to PoS
  • The network will be faster, more efficient and easier for beginners to understand through a series of updates like Sharding, eWASM etc
Ethereum’s Four Planned Stages
Ethereum’s Four Planned Stages
类似公司或项目的一个发展历程,在 Frontier 阶段中主要处于一个搭建技术,夯实基础的阶段,而在之后则更多的是吸引更多的开发者参与进来

Ethereum Update Roadmap

Ethereum Update Roadmap
Ethereum Update Roadmap

The Merge

The Path to the Merge
The Path to the Merge
这里就跟 LSD 比较相关了,随着 Dec 2020 Beacon Chain 的上线,可以看到 Ethereum 为了从 PoW 转到 PoS 花费了很多精力和准备,直接到 2022 Q3 才正式转到 PoS
在 PoS 这个机制中,Ethereum 需要用户将 ETH 质押到链上且无法进行任何操作即可以理解为在银行存了定期,且质押的要求是最少需要 32 个 ETH,并不是一个小数目,这也使得用户的资金利用率很低,没有很好的流动性。直到 2023 年的上海升级之后原先质押的 ETH 才能提取出来
LSD 赛道在这里的切入点是,既然用户自己将 ETH 质押到链上无法提取,那么我们就可以提供一个协议,用户通过将 ETH 质押到我们的协议中,协议将返回一个合成 Token,基本上可以 1 : 1 兑换为 ETH。这就使得用户在质押了 ETH 获取收益的同时还能进行其他一些操作以获取更多的收益,本质上是为了解决流动性的问题

Consensus Layer of Ethereum

从 PoW 转到 PoS 主要是 Consensus Layer 的变化,同时 Execution Layer 也有一点变化
Blockchain Layered Architecture
Blockchain Layered Architecture
Proof of Work
  • PoW is the underlying algorithm that sets the difficulty and rules for the work miners do on proof-of-work blockchains
  • Mining is the "work" itself. It's the act of adding valid blocks to the chain
  • The more "work" done, the longer the chain, and the higher the block number, the more certain the network can be of the current state of things
Proof of Stake
  • A way to prove that validators have put something of value into the network that can be destroyed if they act dishonestly
  • Validators explicitly stake capital in the form of ETH into a smart contract on Ethereum, then responsible for checking that new blocks propagated over the network are valid and occasionally creating and propagating new blocks themselves
Source: A survey on the adoption of blockchain in loT: challenges and solutions; Blockgeeks
Source: A survey on the adoption of blockchain in loT: challenges and solutions; Blockgeeks

Proof of Stake

Validators

  • The validator is responsible for checking that new blocks propagated over the network are valid and occasionally creating and propagating new blocks themselves
  • To participate as a validator, a user must deposit 32 ETH into the deposit contract and run three separate pieces of software: an execution client, a consensus client, and a validator client
  • Validators receive new blocks from peers on the Ethereum network. The transactions delivered in the block are re-executed to check that the proposed changes to Ethereum's state are valid, and the block signature is checked. The validator then sends a vote (called an attestation) in favor of that block across the network

Timing

  • Time in proof-of-stake Ethereum is divided into slots (12 seconds) and epochs (32 slots)
  • One validator is randomly selected to be a block proposer in every slot. This validator is responsible for creating a new block and sending it out to other nodes on the network
  • In every slot, a committee of validators is randomly chosen, whose votes are used to determine the validity of the block being proposed
  • Dividing the validator set up into committees is important for keeping the network load manageable. Committees divide up the validator set so that every active validator attests in every epoch, but not in every slot.
PoW 与 PoS 的不同:
  • PoW 是直接通过谁的算力强就选哪个
  • PoS 则是每次随机选择至少 128 个 validator 来组成一个 committee,然后每次随机选择一个节点来当 proposer,这样就完成了一次 slot 的过程。而一个 epoch 由 32 个 slot 来组成,在 epoch 期间,会保证所有的 validator (最下面的蓝色部分)都会轮一遍,这样就使得所有的 validator 都有机会被选中为 committee 成员,也有机会被选中成为 proposer,从而达到一定的公平性

Rewards and Penalty in PoS

Rewards

  1. Consensus layer rewards
Consensus means a general agreement is reached. On Ethereum, this means that at least 66% of the nodes agree on the global state of the network
  • Block proposal rewards for validators that propose blocks. The rewards can include whistleblowing rewards for providing evidence of dishonest validators
    • 数量多但概率小,每个slot 都有机会,个人验证者三个月到四个月可能提交一次
  • Attestation rewards are the most common type of reward for validators. An attestation is a vote in favor of the validator's view of the chain. Every epoch (6.4 minutes), a validator proposes an attestation to the network
    • 验证奖励,每次认证之后 block proposal 也会收到奖励
  • Sync committee rewards. Every 27 hours (256 epochs), 512 validators are randomly assigned by the Ethereum network to a sync committee. This committee continually signs the block header for light clients authenticating block signatures by consuming less the computational power
    • 成为委员会的奖励,但是奖励很少
  1. Execution layer rewards
The execution layer is the layer on the Ethereum blockchain that provides the environment for applications and smart contracts to operate and process transactions within and between applications
  • Transaction priority tips associated with each transaction. The transaction's sender includes them to incentivize validators to process the transaction faster
    • 类似于在进行链上交易时多付点 gas 来吸引矿工将交易更快地打包
  • MEV tips associated with ”MEV bundles” transactions that exploit worthwhile opportunities, such as arbitraging across DEX pools
    • 追踪大额交易,提前低买高卖
Consensus layer 的收益主要是由算法决定,所以可持续。而 Execution layer 的收益不可持续

Penalties

The penalties for missing the target and source votes are equal to the rewards the attestor would have received had they submitted them
  1. Slashing
  • By proposing and signing two different blocks for the same slot
  • By attesting to a block that "surrounds" another one (effectively changing history)
  • By "double voting" by attesting to two candidates for the same block
  1. Inactivity Leak (Penalties)
  • The inactivity leak lets the stake belonging to the inactive validators gradually bleed away until they control less than 1/3 of the total stake, allowing the remaining active validators finalize the chain. However large the pool of inactive validators, the remaining active validators will eventually control > 2/3 of the stake
Slashing Situation
Slashing Situation
Source: stake.fish, Ethereum Website Twitter
Source: stake.fish, Ethereum Website Twitter
Penalty 里面比较严重的惩罚就是 slashing 即罚没,很多协议时不时就会有 slashing 的情况发生,但这对于 liquidity staker 来说的话是无感知的,因为他们拿的是 Synthetic token

Staking with Ethereum

Current Staking Status and Why stake your ETH
Current Staking Status and Why stake your ETH
How to stake your ETH
How to stake your ETH

LSD Development Roadmap

Source: Coingecko liquid staking report 2023
Source: Coingecko liquid staking report 2023
从 20 年 Beacon Chain 的正式发布开始,ETH 的流动性问题就开始显现出来,Lido 是第一个提出解决方案的,而后续的其他一些大型机构看到了这方面的机会,也开始陆续进场

LSD/LSDFi Overview

Source: Staking Rewards, Ethereum Website Eigenlayer
Source: Staking Rewards, Ethereum Website Eigenlayer
  • Validator Layer: 真正的验证者即干活的人,同时也夹杂着 DVT 技术提供者
  • Staking Layer: 协议层,提供 staking protocol 的协议,将散户的 ETH 集合在一起给到 Validator Layer 让他们去做验证,而获得的 rewards 再放到协议的 reward pool 里面让用户拿着 Synthetic token 去兑换
  • DeFi <> Staking Bridge: 这里指的是各个 LSD 协议拿到的 Synthetic token 是什么
  • DeFi Infrastructure: 用户可以拿着 Synthetic token 去交易或者借贷
  • Structured Projects: 针对 LSD 协议和 Financial 相关的结合到一起的协议
  • LRP(ReFi): 指在 Eigenlayer 上线之后,用户可以将 liquidity staking token 质押到 Eigenlayer 中来提供 EVS,以获取 Eigenlayer 的 AVS
    • 就像 LSD 协议一样,基于 Eigenlayer 的一层协议
    • 老师自己新增的一个协议层,很新,风险也很大

LSD Market

Protocol Categories
Protocol Categories
从图中可以看出经历了一段牛市的高峰增长之后慢慢地趋于平稳,同时我们看到从今年五月开始,Liquid Staking 异军突起
Liquid Staking TVL
Liquid Staking TVL
ETH Staking Status
ETH Staking Status
Total ETH Staked in LSD Protocol(Nov 2020 - Aug 2023)
Total ETH Staked in LSD Protocol(Nov 2020 - Aug 2023)
从图中可以看到,从今年四月份的上海升级之后,ETH 的 stake 数量有所回落
Ethereum Validator Queue
Ethereum Validator Queue
Source: Staking Rewards, https://www.validatorqueue.com
Source: Staking Rewards, https://www.validatorqueue.com
Validator 不是一下子就进入主网上线的,而是有一个排期,需要先在一个 Queue 中排队,然后再上线主网
这里有一个很重要的指标,就是 Validator 在 Queue 中等待上线的时间,决定未来 Validator 的一个增速
目前来看(Nov 1, 2023)是等待的 Validator 数量急剧降低,在两周之前看基本上在 24 小时以内新的 Validator 就可以上线,之前的话需要等待一周两周的时间
Lido 是一个 Permission 的 Liquid Staking Protocol,Permission 表示并不是所有的 Validator 都可以作为 Validator 进入到 Lido 中去做验证,存在着一些中心化。同样的,Coinbase 是一个 CEX,也存在中心化
Project Sunshine 是对那些提供验证服务的客户端的评分,目前只在 58% 左右,一般般,也算对 Ethereum 的一个 Centralized 风险

Decentralized vs. Attack

Why Attack?

There are three classes of outcome that an attacker might realistically target: reorgs, double finality or finality delay
  • Reorgs: a reshuffling of blocks into a new order, perhaps with some addition or subtraction of blocks in the canonical chain
    • 改变区块顺序
  • Double finality: is the unlikely but severe condition where two forks are able to finalize simultaneously, creating a permanent schism in the chain
    • 同时提交两个 blocks,会进行整体的一个分叉
  • Finality delay: attack prevents the network from reaching the necessary conditions finalizing sections of the chain. The aim of a finality delay attack is likely simply to disrupt Ethereum rather than to directly profit, unless the attacker has some strategic short position(s)
    • 把区块链的最终性进行延迟,一直拖延,一直没有达成最终态,然后就在 block 里面进行一些小动作
    • 受到这个攻击的话 ETH 的价格会降低,但如果攻击者本身是看空 ETH 的话,它会有一个巨大的好处

Attack

Overall, a richer attacker has more chance of success because their stake translates to voting power they can use to influence the contents of future blocks. At certain threshold amounts of staked ether, the attacker's power levels up:
  • 33%: finality delay
    • Lido(31.9%)
  • 34%: finality delay, double finality
  • 51%: finality delay, double finality, censorship, control over blockchain future
    • 不抗审查了,会控制 Ethereum 以后的 block proposal 的一些数据
  • 66%: finality delay, double finality, censorship, control over blockchain future and past
    • LSPs like Puffer Finance, Rocket Pool, Staker (exp. Lido) set self-cap 22%. In this case at least 4 self-capped LSPs conspired to take 66% attack
      • 现在很多 LSD 协议都提出来自己的 ETH 质押量不超过总体质押量的 22%
      • 为什么是 22%,原因是这样至少需要 4 个 LSD 协议进行联合才能达到最严重的 66% 攻击
    • 还能修改过往的数据
  • Others
https://ethresear.ch/t/geographical-decentralisation/13350/12, https://clientdiversity.org/
刚刚前面说到 LSD 存在着中心化风险,图中则是表明往上我们该怎么去解决这个问题
首先肯定就是去中心化,那么这里就要 Validator 去中心化、客户端去中心化,同时需要我们在人口、地理等方面进行去中心化,让更多地区的人们参与进来
Validator 的去中心化可以从哪些方面来解决:
  • 降低进入门槛,甚至没有门槛
  • 更低的担保门槛,比如由原先的 32 ETH 降低为 8 ETH、2 ETH 等等
  • 更高的可持续 rewards 收益
  • 更高的质押 ETH 安全度,不要有 penalty,不要有 slash
  • DVT 技术的引入

Liquid Staking

Liquid staking
Liquid staking
Liquid staking is a staking solution that enables users to access liquidity while also staking their tokens. This means you can contribute to a proof-of-stake (PoS) blockchain as you would with traditional staking

Process (for liquid stakers)

  1. Stake ETH in to LSP
  1. LSP mint a 1:1 Synthetic token back to stakers
  1. LSP stake ETH into Validators to earn rewards
  1. LSP charges protocol fee and validators change commission fee on the rewards
  1. Rewards are back to the pool for withdraw or distributed to increase the balance of LSD holders
  1. Stakers can use LSD into DeFi for yield farming which is LSDFi
Custodial vs. Non-Custodial | Source: Coingecko liquid staking report 2023
Custodial vs. Non-Custodial | Source: Coingecko liquid staking report 2023
  • 判断是托管的还是非托管的:
只需判断 Validator 是否只有它自己拥有进行验证的账号的私钥,是则为非托管,否则为托管
  • 目前主流的 LSD 协议都是非托管的
Rebasing, Yield-bearing, Separate Reward Tokens | Source: Coingecko liquid staking report 2023
Rebasing, Yield-bearing, Separate Reward Tokens | Source: Coingecko liquid staking report 2023
判断持有的 Synthetic token 是 Rebaseing,Yield-bearing 还是 Separate Reward Tokens:
  • Rebasing: 持有 Synthetic token 的地址会持续积累 rewards,奖励是直接打到地址上
  • Yield-bearing: 获得的奖励需要用户自己去 protocol 里面主动去领取
  • Separate Reward Tokens: 在单独使用另外一个 token 来分配奖励

Liquid Staking Protocol Comparison

Source: Coingecko liquid staking report 2023, LSPs official account
Source: Coingecko liquid staking report 2023, LSPs official account
重要指标:
  • 托管/非托管
  • 收益的来源
    • 它是自己代币的排放,还是到其他地方做 yield farming 的补贴, 还是其他方式
    • 这决定着协议的收益是否可持续
  • Node Operator 数量
  • Node Operator 运行的 Validator 的数量
    • 越多越好,越分散越好
  • Staking fee

LSD — Lido

Lido staking protocol (Node operators permissioned)

Lido is a decentralized autonomous organization (DAO) that allows users to stake their crypto assets in a non-custodial, decentralized manner. Lido offers an alternative to staking with an exchange or self-staking aiming to solve the problems associated with ETH staking to provide a flexible and inclusive Ethereum staking service, built on 4 core pillars:
  • Users can earn staking rewards without a full lock-up
  • Smaller holders who own less than 32 ETH can participate in staking
  • Provide a safe environment for ETH staking, with node operators never having direct access to user-assigned ETH
  • Provide a stETH token so that users can still participate in DeFi whilst their ETH is locked
In return for providing the staking infrastructure, risk and rewarding validators, Lido DAO earns a 10% fee of staking rewards. This isn't taken from a user's staked ETH, but the rewards split evenly between node operators and the DAO treasury

Lido DAO

  • Lido DAO native token is LDO, an ERC-20 standard with a maximum supply of one billion
  • LDO is mainly used for governance, granting holders rights in the DAO. Lido DAO govens the staking protocol, with holders able to vote or influence decisions such as key protocol-level parameters like the 10% fee. The more LDO a holder locks in the voting contact, the greater their decision-making power gets
  • Lido DAO also has other tokens which are minted and distributed to token-holders who stake via Lido. For example, when a user stakes ETH, they receive stETH. It's designed to be a liquid token equivalent (i.e. if you stake 1 ETH with Lido, you get l stETH in return). With stETH, holders can participate in the DeFi ecosystem while still accruing staking rewards

Lido Data

  • Lido has 38 permissioned Validators to be node operators with zero ETH bond
  • Now TVL has reached 8.8M ETH, and Lido provides 3.4% APR for liquid stakers
  • After ETH withdraw activation, TVL experienced steady growth but APR got down
  • The accumulative fees is up to ~$900M, and in recently the monthly fees peaked around $50M
Current situation
Current situation
Source: Lido Website defilama
Source: Lido Website defilama
PoS Problems vs. Lido Solutions
PoS Problems vs. Lido Solutions
  • 降低门槛 — Lido 是 Permissioned 的,想要进入需要通过 DAO 的投票,有一定门槛
  • 更低的担保门槛 — Validator 无需质押 ETH,使用的 ETH 均由 Lido 提供,就算 slash 也是罚的 liquid staker
  • 更高的可持续 rewards 收益 — 目前来讲还可以,但比较低,因为 reward 全部来源于 Ethereum 的验证,所以这也是为什么 Validator 要扩大自己的规模以此来平摊自己的成本,提高收益
  • 更高的质押 ETH 安全度 — 不是,会出现莫名被 slash 的情况
  • DVT 技术的引入 — DVT 将在未来引入

Lido V2 — Next Step In Decentralization

The two major focal points of this upgrade are:
  • Staking Router: Thanks to a new modular architectural design, anyone can develop on-ramps for new Node Operators, ranging from solo stakers, to DAOs and Distributed Validator Technology(DVT) clusters. Together, they will create afar more diverse validator ecosystem
  • Withdrawals: This all encompassing Lido on Ethereum protocol upgrade will allow stETH holders to withdraw from Lido at a 1 : 1 ratio, realizing a key milestone of a truly open on / off ramping into the Ethereum staking ecosystem
"Within this context the Staking Router is a kay milestone towards the goal of fostering the best validator set for Ethereum — one which doesn’t compromise on either quality, security or decentralization. Lido protocol’s commitment to trustless staking, democratizing the network, and increasing the resilience of the Ethereum protocol remains as strong as ever. The Lido protocol looks forward to sharing more with our ever growing community of users, Node Operators and LDO holders as Lido V2 is rolled out." --- Lido
Here is a question we should think over “Staking Router and Withdrawals could really solve the problems/fix the flaws effectively?”

LSD — Rocket Pool

Rocket Pool Deposit Structure
Rocket Pool Deposit Structure
Rocket Pool 与 Lido 最大的不同在于它是 Permissionless 的,因此我们可以通过关注 Minipool 中的 Validator 的数量是多还是少,是在增加还是减少来判断它的现状和未来的发展
由于 Rocket Pool 是 Permissionless 的,所以 Validator 在进来时需要抵押 ETH 了,从图中可以看到有两种选择,一种是质押 8 ETH 和价值 2.4 ETH 的 RPL,另一种是质押 16 ETH 和价值 1.6 ETH 的 RPL
  • Users stakes ETH, and the assets are stored in the Rocket Pool smart contract. The smart contracttokenizes and returns the token to the user as rETH
  • The rETH token has the same principle as stablecoins, which pegs its value to other assets. In this case, the value of rETH will equal to the value of ETH itself
  • The commission fee for Rocket Pool nodes is 15%
  • Rocket Pool also charges a 0.05% deposit fee when minting rETH through the protocol. This fee prevents attacks around rate updates and is socialized across all rETH holders

DAO Governance

  • Rocket Pool is governed by two primary units: the Oracle DAO(oDAO) and the Protocol DAO(pDAO). The Real DAO is governed by RDAO and stkRDAO token holders, who receive governance power proportional to the sum of their token balance
  • 70% of RPL is distributed to node operators, and 15% each is distributed to oDA0 and pDA0 members
PoS Problems vs. RPL Solutions
PoS Problems vs. RPL Solutions
  • 降低门槛 — Rocket Pool 是 Permissionless 的,任何 Validator 都可以进入,没有门槛
  • 更低的担保门槛 — Validator 需最少质押 8 ETH
  • 更高的可持续 rewards 收益 — reward 同样全部来源于 Ethereum 的验证,且其分成比例比 Lido 高,Lido 收 10%,Rocket Pool 收 15%
  • 更高的质押 ETH 安全度 — 不是,同样会出现莫名被 slash 的情况
  • DVT 技术的引入 — DVT 将在未来引入

Rocket Pool Data

Basic info
Basic info
Source: Rocket Pool doc. Defilama
Source: Rocket Pool doc. Defilama
  • $1.73B in TVL in stabilization by 10/17
  • In TVL, RPL and ETH account for 11.18% and 88.82% respectively
  • The staking yield is falling down with TVL slightly increase to 2.94%
  • To stake and run node in Rocket Pool, the ETH rewards have 6.75% APR with RPL rewards

LSD — Puffer Finance

Note: The specific content is subject to the upcoming Puffer document
Note: The specific content is subject to the upcoming Puffer document
  1. Staking ETH to mint pufETH
  • pufETH captures restaking & validation rewards
  • pufETH value is able to accrue much faster by implementing a“Puffer-developed module“
  1. Registering a NoOp validator
  • NoOps pay a < 2 ETH bond
  1. Provisioning ETH
  • NoOps are provisioned 32 ETH to run a validator
  • After provisioning, the NoOp's validator has deposited to the BeaconDepositContract and awaits activation
  1. Staking rewards
  • Staking rewards generated accrue in EigenPod, and are withdrawable
  • Validators would be incentivized to receive 100% of the staking rewards they generate
  1. Restaking rewards
  • Restaking rewards generated through AVS fee revenue for pufETH holders and NoOps
  • NoOps running validators within the strategy will be able to withdraw restaking commission

The truly first native Restaking protocol on Eigenlayer

  • Puffer nodes could be native restakers who restake its 32 ETH to be used as collateral for AVS operation to get awarded AVS fees in stead of LSTs
  • Puffer nodes are also subject to penalties if they break AVS rules
PoS Problems vs. Puffer Solutions
PoS Problems vs. Puffer Solutions
  • 降低门槛 — Puffer Finance 是 Permissionless 的,任何 Validator 都可以进入,没有门槛
    • Puffer protocol allows anyone with enclave-compatible hardware and less than 2 ETH to run a validator
    • Puffer only requires NoOps to bring ETH ~ no need to purchase a protocol-specific token join
  • 更低的担保门槛 — Validator 需最少质押 1.5 左右的 ETH
    • ETH amount needed to become an Ethereum validator to less than 2 ETH
    • Puffer gives NoOps restaking exposure with less than 32 ETH
  • 更高的可持续 rewards 收益 — 不仅有 Ethereum 验证的 rewards,还有在 Eigenlayer 上 restaking 的 rewards
    • Puffer allows NoOps to increase their profit margins through Eigenlayer restaking exposure
  • 更高的质押 ETH 安全度 — 引入了“Secure-signer“的技术,以避免出现莫名被 slash 的情况
    • Puffer requires its NoOps to run anti-slashing hardware to mitigate slashing risk
    • Puffer places strict guardrails around AVSs as the restaking ecosystem matures
    • Puffer prevents single points of failure by diversifying the protocol's ETH amongst different Eigenlayer AVSs
  • DVT 技术的引入 — p-DVT 将在未来引入
    • Puffer might implement self-developed p-DVT into Puffer protocol with the system redundancy and lower performance loss depending on the future status
Anti-slashing rules
Anti-slashing rules
Anti-Slashing — ”Secure-signer“
  • Puffer's Secure — Signer is a remote signing tool backed by an Ethereum Foundation grant designed to prevent slashable offenses using Intel SGX. Validator keys are generated and stored within SGX's encrypted enclave memory
  • Slashing penalties occur when a validator equivocates, which can happen if they double propose, double vote, or surround vote blocks. Equivocation is avoidable if the validator remains self-consistent with previously signed blocks and attestations
Whenever the consensus client passes Secure-Signer blocks or attestations, all validator key signatures are contingent on the following assertions holding:
  • proposal check: slot > previous slot
  • attestation check: source epoch ≥ previous source epoch
  • attestation check: target epoch > previous target epoch

DVT — Distributed Validator Technology

An approach to validator security that spreads out key management and signing responsibilities across multiple parties, to reduce single points of failure, and increase validator resiliency
原先只能由一个 hardware staking node 来负责管理一个 Validator,再引入了 DVT 技术之后则可以多个 hardware staking node 来负责管理一个 Validator
好处: 当某个 node 出现单点故障时,只要超过 32% 的 node 达到 consensus 则仍可以继续运行 Validator
Source: Messari
Source: Messari
  • Without DVT, one Node operator managing one validator does validation job on Ethereum beacon chain
  • With DVT, multiple Node operators together manage one validator through DVT consensus mechanism to do validation work on Ethereum beacon chain
  • In a distributed validator network, cluster operators can use different component combinations to promote redundancy and eliminate single points of failure
Existing DVT Technology Provider
Existing DVT Technology Provider
DVT components | Source: https://www.krayondigital.com/what-is-mpc. Web3Labs, Ethereum Website
DVT components | Source: https://www.krayondigital.com/what-is-mpc. Web3Labs, Ethereum Website
实现 DVT 技术需要解决的难题:
  • Multi-Party Computation(MPC): 多方计算,即将一个 key 拆分成多个 key share,然后将这些 share 分给不同的 node operator,当需要 block proposal 和 验证的时候再通过 MPC 技术将所有的 share 组合成一个 key
  • Consensus(IBFT): 拜占庭问题,当超过 66% 的节点达成共识时才会执行操作
  • Distributed Key Generation(DKG): key share 的创建以及如何分发给每个 node 的技术
  • Shamir‘s Secret Sharing & Threshold Cryptography: 解决私钥分发的保密技术

DVT offers the following benefits to Ethereum

  • Decentralization of Ethereum's proof-of-stake consensus
  • Ensures the liveness of the network
  • Creates validator fault tolerance
  • Trust minimized validator operation
  • Minimized slashing and downtime risks
  • Improves diversity (client, data center, location, regulation, etc.)
  • Enhanced security of validator key management

Potential drawbacks of using DVT

  • Additional component — introducing a DVT node adds another part that can possibly be faulty or vulnerable. A way to mitigate this is to strive for multiple implementations of a DVT node, meaning multiple DVT clients (similarly as there are multiple clients for the consensus and execution layers)
  • Operational costs — as DVT distributes the validator between multiple parties, there are more nodes required for operation instead of only a single node, which introduces increased operating costs
  • Potentially increased latency — since DVT utilizes a consensus protocol to achieve consensus between the multiple nodes operating a validator, it can potentially introduce increased latency
DVT advantage and disadvantage
DVT advantage and disadvantage

LSDFi Market

Souce: Staking Rewards, Eigen Layer, Tenet
Souce: Staking Rewards, Eigen Layer, Tenet
Source: Coingecko liquid staking report 2023
Source: Coingecko liquid staking report 2023
  • The LSDFi market grew significantly to $919M by Aug. 2023 with many new LSDFi protocols emerging like Lybra, Plasma and Eigenlayer
  • Pendle's TVL surged after the Shanghai Updates, increasing by ~9x times to $139.4M
  • Lybra leads the market with 39.1% shares and $359M in TVL
  • Since June, Eigen Layer grows fast reaching top 2 of the market with $245M attracted in TVL by Aug, built on restaking narrative
Souce: Staking Rewards
Souce: Staking Rewards

LSDFi — Lybra

Source: Lybra doc
Source: Lybra doc
Lybra Finance Protocol primarily operates on Liquid Staking Tokens(LSTs), with ETH and other supported ETH proof-of-stake LSTs as its main components

Stablecoin product — eUSD and peUSD

  • eUSD is an interest-bearing stablecoin, achieved through the protocol's innovative structure which allows users to mint eUSD by depositing their ETH and other supported LSTs as collateral
  • peUSD (pegged eUSD) represents the underlying DeFi-utility of eUSD, unlocking wider utility for DeFi applications. Both eUSD and peUSD can be converted at a ratio of 1:1 through the protocol
eUSD 是生息的,但因为其跟其他项目的结合比较局限,所以在 V2 版本中又新加了 peUSD,这个是不生息的

Yield generation

  • Depositing ETH or rebase LSTs and minting eUSD against these assets, users can expect to earn approximately 8% on their eUSD holdings. This income is drawn from the Liquid Staking Token income generated by the deposited collateral. The income is converted to eUSD through the protocol and then distributed to eUSD holders. peUSD allows users to continue earning yield on their eUSD even as they are spending it

Minting & Withdrawal

  • minimum collateral rate (MCR) — 150% for eUSD and 150% for peUSD on Lybra Protocol at launch, which can be adjusted by Lybra DAO Vote
  • A 0.1% fee will be imposed on withdrawals made within three days of deposit
Source: Lybra doc
Source: Lybra doc

Redemption

  • Users can redeem their eUSD/peUSD for ETH at anytime without limitations. However, a 0.5% Rigid Redemption fee (subject to revision by the Lybra Community DAO) is charged on the redeemed amount, and it is fully paid to the redemption provider
  • If you deposit collateral fund and choose to redeem others' collateral within a 3-day period, a service fee of 0.1%will be applied

Liquidation

  • Borrowers (minters) whose collateral rate falls below 150% of the minimum collateral rate must be liquidated to ensure that the eUSD stablecoin is fully backed by collateral assets
  • During liquidation, the borrower's (minter's) debt is reduced, and liquidators receive the collateral asset in exchange for paying off the debt
  • After liquidation, the borrower's (minter's) reduced debt is paid off, and the value of the remaining collateral equals 110% of the reduced debt

Liquidators

  • Liquidators are the first line of defense in preserving system viability
  • When a borrower (minter) is being liquidated, up to 50% of the borrower's collateral is burned from the liquidator's balance to settle the debt. In return, the liquidator receives the collateral asset worth 109% of the value of the repaid eUSD, and at least 0.5% of the collateral asset goes to the Keeper
Source: defilama
Source: defilama
  • The data shows $eUSD is expericing up de-pegged all the time, due to Lybra buys $eUSD from DEX with staked LST’s ETH rewards for users who stake $LBR into Lybra protocol
  • $peUSD is down de-pegged, which is in a line with circulation, meaning the much selling pressure. People just do not want to hold $peUSD if there is no more token incentives
这里我们可以看到 eUSD 是往上脱锚,而 peUSD 是往下脱锚,这是因为 Lybra 的机制导致,Lybra 需要不断去市场回购 eUSD 来补贴给质押 Lybra 代币的用户,导致 eUSD 的购买压力增加,所以 eUSD 是往上脱锚;而 peUSD 是因为很多用户为了拿最开始的代币奖励,当之后代币奖励降低了,用户就会将 peUSD 售卖到市场上换成其他稳定币,这使得 peUSD 的售卖压力增加,所以 peUSD 是往下脱锚
Source: defilama
Source: defilama
从图中可以看出,用户都愿意持有 eUSD,因为它是生息的;但是 peUSD 经历了先增加后降低的过程,降低可能是因为代币的激励变低了,导致用户将其出售成其他稳定币
  • By 10/17/2023, TVL of Lybra was up to $210.9M. $stETH took up 85.8%, followed by wstETH accounting for 12.9%
    • 若 stETH 出现问题,可能会出问题,类似 DAI 和 USDC 的事件
  • $eUSD circulation increased significantly and now keeps quite stable at around $97.8M. $peUSD circulation increased up to $11.7M just after V2 launched, but recently dropped down to $2.18 since Oct.11 2023
  • So far the V2 version of Lybra has not released its full potential, which could be told by quite low $peUSD circulation but high $eUSD circulation. The health (liquidity & circulation) of non-rebasing stablecoin $peUSD would determine Lybra would have the long-term vitality

LSDFi — Eigen Layer

Eigen Layer is a middleware protocol that runs on the Ethereum network. It introduces a new crypto economic security feature called "restaking". Restaking is when users reuse their staked ETH to provide security for other protocols

Problem- Fractured Trust Networks

The module that can’t be deployed, or proven, on top of the EVM, can‘t absorb the pooled trust of Ethereum. Typically, such modules require actively validated services(AVS) that have their own distributed validation semantics to do verification. Four basic downsides to the present organization of the AVS ecosystem
  • Bootstrapping problem for a new AVS
  • Value leakage
  • The burden of capital cost
  • Lower trust model for DApps

Eigen Layer Solution - Restaking

  • Pooled security via restaking. Eigen Layer provides a new mechanism for pooled security by enabling modules to be secured by restaked ETH rather than their own tokens
  • Open marketplace. Eigen Layer creates a marketplace in which validators can choose whether to opt in or out of each module built on Eigen Layer
Eigen Layer
Eigen Layer
现在市面上有很多中间件如预言机、跨链桥等,这些中间件的内部有着自己的一套共识机制,这就需要他们有自己的代币支撑,类似 Ethereum 的 PoS,但因为这些中间件的 PoS 协议比较小,如果他们使用自己的代币来做 PoS 的话,因为本身代币的价值比较小,会给中间件的共识协议本身带来巨大的风险。现在采用 PoS 之后,所有的 security 都指的是 economical security,而不是绝对的 security,而 economical security 取决于 PoS 质押的代币是价格否稳定,故小协议自身的代币价值比较小,波动性大,有随时归零的风险。
通俗来说,Eigen Layer 是把 Ethereum 的 ETH 价格稳定性来借用到这些中间件的小协议里来做 PoS,也可以使用 Synthetic token 的稳定性来做 PoS。所以 Eigen Layer 搭建的是一个 restaking 的平台,让中间件将他们的共识层交给 Eigen Layer 来做
Eigen Layer
Eigen Layer

EigenLayer Enables Multiple Staking Modalities — Superfluid Staking

Superfluid staking reverses the ordering of liquid staking by modifying the core consensus protocol to allow the staking of Liquidity Provisioning (LP) tokens. There can be several modalities of restaking:
  • Native restaking. Validators can restake their staked ETH natively by pointing their withdrawal credentials to the EigenLayer contracts. This is equivalent to L1 → EigenLayer yield stacking
  • LST restaking. Validators can restake by staking their LSTs, ETH already restaked via protocols like Lido and Rocket Pool, by transferring their LSDs into the EigenLayer smart contracts. This is equivalent to DeFi → EigenLayer yield stacking
  • ETH LP restaking. Validators stake the LP token of a pair which includes ETH. This is equivalent to DeFi → EL yield stacking
  • LST LP restaking. Validators stake the LP token of a pair which includes a liquid staking ETH token, such as Curve's stETH-ETH LP token, thus taking the L1 → DeFi → EL yield stacking route
ETH LP restaking 和 LST LP restaking 风险比较大,未来可能会被淘汰,比较有机会的是 Native restaking 和 LST restaking

Eigen Layer slashing mechanism

  • lf a taker who is restaked on EigenLayer is proven to have behaved adversarially wile participating in an AVS, then that staker's ETH will be subject to slashing and are frozen
  • From use perspective, one of the bigget risks of using EigenLayer is the potential slashing on the consensus layer(up to 50%), as well as any new slashing conditions set by the protocol that can impact the remaining 50%of staked ETH. This means up to 100% of their staked ETH can be slashed if they act maliciously, but this also incentivizes users to honest behavior
有 slashing 就有风险,为什么说 Native restaking 在未来会有机会,是因为它 slashing 的是底层的 ETH。假设一个场景,我质押的是 stETH,slashing 的也是 stETH,但是底层的 ETH 仍在 Validator 中质押,那么这就产生了不一致、不衔接的问题,那如果我质押的是 ETH,slashing 的也是 ETH,上面 mint 出来的 token 跟其没有太直接的关系,同时 Puffer Finance 还有一个 anti-slash,能给 LSDFi 行业带来一个系统性的稳定性
但 Native restaking 会有比较大的挑战,协议的架构设计会非常复杂,且对现有的 restaking 协议来说需要对自身协议重新组件,难度系数很大
Here is a question we should think over “What if a Native restaking / LST retaking validators got slashed on Eigenlayer or the original staked ETH got slashed in Ethereum Blockchain.
notion image
  • Eigen Layer has got 130,785 ETH in TVL within 3-4 months, and the TVL has got up close to Lybra's
  • In the balance of Eigen Layer's TVL, $stETH is taking up ~70%, followed by rETH(14.5%) and cbETH(15%)

Benefits

  • lncreased Protocol Security: With Eigen Layer, protocols will be able to tap on Ethereum’s security layer by incentivizing ETH stakers to stake on their protocol
  • High Degree of Flexibility: By building on Eigen Layer, protocols will be able to retain sovereignty and have the freedom to customize their architecture, including the type of consensus mechanism, slashing conditions etc
  • Increased Capital Efficiency: Given the ability to restake ETH, stakers can now earn rewards from multiple protocols with the same capital

Risks

  • Slashing: up to 100% of their staked ETH can be slashed if they act maliciously, but this also incentivizes users to honest behavior
    • 对于不采用 Anti-slashing(抗罚没) 技术的 Protocol,一旦 slash 出现了,那么搭建在他们上面的所有的 Fi 的东西都会带来系统性的风险
    • 用户把自己的 ETH 质押进去 mint 出来稳定币,然后突然发现有一天自己的 ETH 全没了,但是 mint 的稳定币还在。这中间应该怎么去衔接,是一个市场性的问题
  • Centralization Risks
  • Yield Risks Eigen Layer stakers may look for the highest yield to maximize their returns, which leads to protocols racing to offer higher yield to attract stakers and lower yields for protocol users
"Dual-use of validator staked ETH, while it has some risks, is fundamentally fine, but attempting to "recruit" Ethereum social consensus for your application's own purposes is not." — Vitalik Buterin

LSD/LSDFi Outlook

LSD/LSP

  • LSD market would experience growth and APR decreases continuously until they reach a dynamic equilibrium
  • LSPs which could really tackle the following challenges like lower entry barrier, increase validators’rewards sustainably and higher ETH bond security would outpace others and truly preserve the Ethereum decentralization
  • DVT is early, and still has a long way to go. However we are also seeing it is improving and evolving

LSDFi

  • LSDFi is still early, and it would grow with LST's highly integration with DeFi
  • LSDFi's prosperity would give surprise to the crypto market and would bring potential threat to the whole system like contribution to several specific LSD’s growth leading to centralization, Eigenlayer restaking's slashing risk to the staked ETH/LST resulting in DeFi market damage, etc

Q&A

  • Puffer 整体的优势在哪里?
1. lower bound(1.5ETH)且保证安全性,2. 增厚收益且可持续,3. anti-slashing 保住本金,同时不会让建立在 restaking 上的协议出现特别强的系统性风险
  • LSD 和现实中哪种业务比较像?
LSD 是代理业务。可以理解为是一个平台如基建、发电站
这个电大家都需要用的,而发电站既要提供底层的技术(发电),对应的就是要有真实的 Validator 出现,还要提供 station,也就是要把电真正放出来。而一个小型发电站,依然可以并入到主网去提供电,提供电的同时还有很多用户来用,且还能拿到 rewards
LSD 赛道做的是在提供电的同时,还能把这个资源 1 : 1 的兑换为另外一个合成资源,用户可以拿这个合成资源去其他地方获取收益
  • 代币价格稳定性和 PoS 稳定性之间的关系能讲一下吗?
链上代币价格稳定性都是基于交易的,大概率上 mint 出来的代币和本币不是 1 : 1 兑换,跟 DEX 和 CEX 有关,和 PoS 没有太直接的关系
PoS 兑换出来的 Synthetic token, 为了保证 mint 出来的 token 跟本来的 ETH 是 1 : 1 兑换的,是需要 DEX 中去做池子组建的,所以在 Curve 中我们可以看到 stETH-ETH 的池子或其他类似的池子
  • EigenLayer 增长的速度非常快是什么原因?
有代币空投,估值非常高。EigenLayer TVL 有上限,所以 Puffer 就天然给了这些想冲 Eigenlayer TVL 但不得的人机会,未来可能拿 EigenLayer 的空投和 Puffer points,双重收益
  • 对于这些 LST 以及衍生出来的产品造成的 restaking 对于整体 Ethereum 主网的负载风险有可能以什么形式发生?
restaking 只是将 ETH 存到协议,在纯是 Validator 的计算 layer 来讲并不能造成 Ethereum 主网上的计算负载,因为本身做 block proposal 和 验证的话并不需要什么计算量
而 Puffer 在这一点上是既要做这个认证又要做 restaking 认证,是怎么实现这两种呢? Puffer 在做 PoS 认证的时候,存在 down time,此时它是闲置的,而 restaking 正好可以在闲置时间利用上
所以对于 PoS 主网的 PoS 负载,大概率是不会发生任何风险,但是它带来的风险是 ETH 本身的风险,因为 Ethereum 的 security 都是基于经济上的 security,ETH 价格一旦出现问题则会面临太多清算的风险
  • 有没有什么值得投资观察的 LSDFi 项目?
首先推荐 Lybra、Prisma(Curve)、Gravita、Raft 等稳定币,做利率互换 Pendle(币安投资),EigenLayer(在华语圈还没有很大震动)
强烈建议看 Pendle 的协议
  • 要增长 ETH 持有人的收益,刺激他们做 Validator的话,Lido不是已经把 90% 收益分出去了嘛?还要怎么增加刺激?
90% 的收益分出去了,剩下的 10% 再分成两个 5%,5% 给 treasury,5% 给 Validator,而所谓的刺激激励它是没有刺激的。但是为什么 Validator 愿意到 Lido 上做呢? 首先是因为它是最开始做的,且这些 Validator 是有规模效应的,Lido 是倒逼 node operator 去找到更多的 node operator 来平摊成本,从而使收益增加。Puffer 则是引入外部收益,同时我们要注意部分 LSD 协议是靠代币排放来做补贴的,所以这种方式可不可持续是一个重要的点
  • 发生了 slash 这种代币损失情况,会是哪一方的责任比较大,谁又要为损失买单呢?
Validator 自己,很多时候并不是它自己想要 slash,比如一个 Validator 突然离线了,离线之后它的代币就会不断地被 penalty,一点点流失。为了防止代币流失或某个 Validator 突然离线,它会用两个机器运行一个 Validator 来防止 penalty,但是在防止 penalty 的同时可能会出现 slash 的风险,当使用两个机器运行一个 Validator 时可能会同时提交 block proposal,导致出现 slash。在 Lido 中目前是 Lido DAO 承担
  • Anti-slash 是什么意思? 是指防止 slash 发生吗? 还是发生后可以给到保护 or 补偿?
Anti-slash 叫做抗罚没,是一种保护机制,目前只有 Puffer 提供,相当于给 Validator 做了一个”冷钱包”,将 key 放入”冷钱包”,平时不动它,当要进行 block proposal 或验证的时候再到”冷钱包”中去取,在一定程度上防止了多重提交、多重签名,在去”冷钱包”取私钥时还会有多重判断
  • LSD存在价值的底层依据: 1)以太坊升级带来的 LSD 也会随着升级完毕结束吧? 以后人们还有必要玩 LSD 吗? 2)另外,LSD mint 出来的 xxETH 和已经 staking 的 ETH 价格一样,那不是相当于 ETH 就没有质押过?
LSD 最开始是为了解决流动性问题,因为 ETH 质押之后无法拿出来。后面因为这些协议如 Lido 可以拿出来作为一种资产,有资产就开始可以玩金融的东西了
看 TVL 就知道了。同时对于有没有必要的问题,取决于市场是否对这个东西形成了共识,很多时候你认为它没有必要,但市场对其产生了共识,那它存在即合理
并不一样,价格一样,但是两个东西,但同时另外那个资产是取不出来的。另外一个解释就是映射,用户质押给 Validator 一个 ETH,同时兑换出来另外一个跟它具有相同价值 ETH 的 token,当想要取出 ETH 时就要销毁持有的这部分 Synthetic token,它们是一一映射的,而不是同时流通到市场里面
  • Pendle 今年表现好强劲
Pendle 本来是做生息资产的,所谓生息资产,包括像 LSD 协议,stETH,或者是各种 DEX 的 LP token,都是生息资产。因为持有这个 token,它就能获取收益。Pendle 最开始就是做 LP token 自己的本币和未来的生息预期做成了 token 并进行 swap。Pendle 在上海升级带火了 LSD 赛道之后获得了更多的关注,从而起飞

Thinking

课中 Stecoin 老师提到过目前链上的金融项目与传统金融产品的情况,就目前而言,DeFi 领域的玩法仍然无法覆盖传统金融产品的很多玩法,诸如订单簿、期权交易等等,这些虽然已有产品出现,但仍然受限于链本身。举个通俗点的例子就是,传统交易所的交易模式基本上都是采用订单簿模式,上手简单,用户使用门槛低,而主流 DeFi 协议中目前采用的更多还是 AMM 算法,这会出现滑点损失,且因为区块链的交易处理速度,若采用订单簿模式进行交易,其交易数据的处理将会是很大的一个问题
不过相信在未来的发展中,链圈的发展会从交易处理速度、可扩展性等方面进行,届时说不定 DeFi 又会迎来一次新的 DeFi Summer

致谢

最后,非常感谢 BuidlerDAOStecoin 老师的辛苦付出,给我们带来了很精彩的课程!
DeFi 安全与监管Yield Farming
Howe
Howe
Web3 buidler and researcher | Everything is possible!
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