TL;DR

Ethernum Overview

The History of Ethereum

• 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

• 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

• 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

• 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 Update Roadmap

The Merge

Consensus Layer of Ethereum

• 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

• 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

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 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

• 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

• 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

Penalties

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

Staking with Ethereum

LSD Development Roadmap

LSD/LSDFi Overview

• 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

Decentralized vs. Attack

Why Attack?

• 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

• 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

• 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

Process (for liquid stakers)

1. Stake ETH in to LSP

2. LSP mint a 1:1 Synthetic token back to stakers

3. LSP stake ETH into Validators to earn rewards

4. LSP charges protocol fee and validators change commission fee on the rewards

5. Rewards are back to the pool for withdraw or distributed to increase the balance of LSD holders

6. Stakers can use LSD into DeFi for yield farming which is LSDFi

• 判断是托管的还是非托管的:

• 目前主流的 LSD 协议都是非托管的

• 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

• 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)

• 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

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

• 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

• 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

LSD — Rocket Pool

• 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

• 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

• $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

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

• 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

• 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

• proposal check: slot > previous slot

• attestation check: source epoch ≥ previous source epoch

• attestation check: target epoch > previous target epoch

DVT — Distributed Validator Technology

• 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

• 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

LSDFi Market

• 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

LSDFi — Lybra

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

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

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

• 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

• 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

Problem- Fractured Trust Networks

• 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

EigenLayer Enables Multiple Staking Modalities — Superfluid Staking

• 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

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

• 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?

• LSD 和现实中哪种业务比较像?

• 代币价格稳定性和 PoS 稳定性之间的关系能讲一下吗?

• EigenLayer 增长的速度非常快是什么原因?

• 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?

• 有没有什么值得投资观察的 LSDFi 项目?

• 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?

• 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?

• 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?

• 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?

• Pendle 今年表现好强劲

Thinking

致谢