深度解析再质押与 EigenLayer

Special thanks to Soubhik and Jessy of EigenLayer for their comments and feedback on this article.

There is no doubt that Restake is a key narrative for Ethereum in 2024. The term was coined by the EigenLayer project, which quickly became a hot topic in the Ethereum world.

A few months ago, I wrote an article about EigenLayer. Since then, a lot has happened and interest has grown exponentially. So, I'm back with another article.

In this article, my goal is to cover:

1. A Comprehensive Overview of EigenLayer: What It Is and Why You Should Care
2. Current Status: New situations that are happening now
3. Risks: What we should be aware of.

Part 1 - EigenLayer: A Comprehensive Overview

EigenLayer is a re-staking protocol that has received a lot of attention for its fresh and innovative approach to the Ethereum space.

Let's start by solving the problem that EigenLayer is trying to solve.

EigenLayer:简化网络引导

Proof-of-stake (PoS) networks typically require operators to run nodes and incentivize their efforts with token support. There are many complexities involved in starting such a network. The key is to design an effective token, ensure its fair distribution, gain market acceptance, and regulation. Together, these factors limit innovation at the infrastructure level.

That's where EigenLayer comes in – solving the challenges associated with infrastructure-level innovation.

The core idea is to leverage Ethereum's established economic trust as the foundation for building infrastructure components for advanced projects. To this end, EigenLayer redefines the bootstrap process for PoS networks.

来源:EigenLayer 白皮书

EigenLayer如何工作?

EigenLayer allows developers to leverage Ethereum's existing economic security infrastructure, which includes validator sets and capital. This process leverages Ethereum's already established security, simplifying the creation of new networks and services.

Source: Dune Analysis

At the heart of this is the concept of "re-mortgage". With restaking, EigenLayer can use Ethereum's staked ETH and validator set for other services and networks.

Why is this important?

• Simplifying the development of networks and services: EigenLayer's method of allowing ETH to be re-staked simplifies the process of setting up a new network. It provides immediate economic security and operational support to these networks, eliminating the need for developers to bootstrap these elements from scratch. This not only accelerates network development, but also lowers the barrier to entry, paving the way for a wider range of networks and services. (Happy Developers 🙂)
• New staking opportunities: The model provides ETH stakers with new ways to use their assets, potentially leading to additional rewards.
• Validator utilization: The model provides validators with new opportunities to leverage existing resources. By participating in multiple networks, they can maximize their utility and expand their earning potential.

Detailed overview: Roles, mechanics, and influences

Here's a closer look at how the system works:

Ethereum staking

Currently, the Ethereum network is secured by validators, who use their ETH as a capital-based commitment to comply with Ethereum rules. Validators are responsible for storing data, processing transactions, and adding new blocks to the blockchain by running validator software. If they don't follow the rules, then they run the risk of losing those ETH. To become a validator, you need at least 32 ETH. However, for those who can't reach this threshold, there is the option to contribute a small amount of ETH by participating in a staking pool, which acts like a group fund managed by someone else.

EigenLayer(重新)质押

EigenLayer takes it a step further. It expands the role of validators, allowing them to participate in new networks and systems that require external operators. By doing so, stakers can earn additional rewards, increasing their participation in the Ethereum ecosystem and providing them with new ways to earn rewards.

Before proceeding, let's clarify the participants and their roles.

Actors and roles

1. Stakers: They are people who have pledged to use ETH to support new networks and services. They have two options:
2. Native restaking: Stakers can operate independently by taking on the responsibility of contributing tokens and operating Ethereum validators.
3. Delegated to Operator (aka Liquidity Restaking): Stakers can delegate their ETH to an operator, with a focus on financial support, while the operator handles the technical requirements.
4. Operators: These actors manage and run software built on top of EigenLayer. They play a vital role in maintaining the integrity of the network and are penalized for any misconduct.
5. Services: These are networks and services that are run by carriers – they are called Active Authentication Services (AVS) – and this will be covered in more detail in the next section.
6. Service Consumers: These are end users or applications that use the services provided by EigenLayer.

I mentioned "networks and services", but what exactly do these categories belong in the context of EigenLayer?

Learn about Active Authentication Service (AVS)

An active authentication service is a service that requires an external operator to operate its network. Examples of AVS include data availability layers, decentralized sequencers, bridges, oracles, and more.

These services are not just passive entities, they are passive. They have specific operational needs. This includes:

1. Some node software requirements
2. Define the conditions under which a reduction (i.e., a penalty for malicious behavior) occurs.

Slashing:确保 EigenLayer 的诚实

In EigenLayer, collaboration between stakeholders and operators is crucial. When Stakers entrust their ETH, they explicitly trust that the operator will act honestly.

To keep everyone honest, EigenLayer has a mechanism called "cuts." If an operator does something they shouldn't, they can be penalized. This means that they may lose some of the ETH they have invested.

Penalty conditions are defined in the AVS smart contract and penalties are imposed for violations of the rules. For example, operators run the risk of being heavily penalized for acts such as sidechain double signatures or bridge signing non-existent messages.

This mechanism guarantees the integrity and credibility of the system.

Trust Bazaar: EigenLayer's decentralized marketplace

In short, EigenLayer creates a decentralized trust marketplace by taking Ethereum's trust (capital + validator set) and making its components available to anyone interested. Through this mechanism, stakeholders can choose to offer new services that bring them additional benefits.

Part 2 - Current Status: EigenLayer

Mainnet launches today and locks in the total value

• EigenLayer launched its platform in multiple phases, starting with re-staking on mainnet, then introducing operators, and finally launching AVS.
• They launched a re-staking feature on the Ethereum mainnet in June 2023. As of the time of writing, 648,964.0315 ETH has been staked (over $1 billion!), and you can follow it on the dashboard, showing a breakdown of the tokens.
• This phase begins with the adoption of a protected approach, testing the protocol at various stages. Now, EigenLayer allows you to stake liquidity with multiple LSTs and native re-stakes.

AVS World

• Various teams are actively developing AVS, of which EigenLayer's EigenDA is a notable example. In addition to the teams from Espresso, Witness Chain, Omni, and Lagrange, you can learn more here.
• Note that AVS is typically not a consumer application, but rather a service required for a consumer-facing application. For example, oracles, shared sequences, bridges. - We will not delve into it for the sake of this article, but for the sake of the future.

Source: www.eigenlayer.xyz

EigenLayer DA

• EigenDA is a data availability service being built by EigenLayer, and it is the first AVS to be launched on the Goerli testnet.
• This is part of the launch of the second phase. It involves an operator running a validation service for EigenDA and demonstrating how the service works on EigenLayer.
• It is currently being released on a test web. EigenDA is especially important because it will be the first service on EigenLayer.

A note on re-betting

• While the term "restaking" is used to describe staking ETH-denominated tokens on EigenLayer, at its core is a permissionless staking platform. The initial focus was on tokens denominated in ETH, but could be extended to other forms of assets, such as different tokens. This choice was made to support the Ethereum ecosystem, as well as the relatively low volatility of ETH. While the platform doesn't have to be tied to ETH and ETH-denominated tokens, the initial strategy is to start with it.

Part 3 - Risks and Re-evaluation of Ethereum's Incentives

Re-evaluate incentives

A few months ago, Vitalik wrote an article discussing the potential risks and implications of extending the Ethereum consensus mechanism beyond its original scope. The core message here is that while Ethereum's consensus mechanism is a powerful tool for maintaining a decentralized and secure blockchain, using it for decisions that exceed its intended purpose can pose risks and challenges that undermine the stability and trust of the system.

Similarly, Justin Drake gave a talk during Devconect to discuss the problems and potential solutions. I highly recommend watching this content, which provides a very insightful overview of potential risks and mitigations (especially if you have some background in MEV).

🌟 The key question for re-staking is how the staking protocol can change the incentives for Ethereum validators by providing rewards that go beyond the visibility of the core protocol, and whether this will change Ethereum's fundamental value proposition.

For example:

• The appeal of additional income opportunities through re-staking is likely to increase the demand for staked ETH, impacting the overall economics of the Ethereum network.
• In the case of high node requirements for the network and services, the potential for higher yields by participating in EigenLayer's staking may make the option of solo staking less attractive – meaning that not every validator can choose to provide a better service back. On the other hand, it can make solo staking more competitive and capital efficient if different incentives are offered.

Acknowledging that cutting-edge technology like this can come with some initial challenges – so I take it with a grain of salt, it's still very exciting to see something so different. New ideas and possibilities are constantly emerging.

EigenLayer Risks

Here are some notable risks and more background information:

1. Operator centralization
2. Fair distribution of rewards among operators
3. Operator misconduct and system security risks
4. The complexity and trust issues of liquid staking
5. Smart contract risk

Operator centralization

• One of EigenLayer's main concerns is the risk of operator centralization. This problem arises when there are high off-chain requirements for operators, which can lead to the concentration of resources and expertise in a limited group of operators. This situation may reduce the attractiveness and viability of solo staking on Ethereum. In other words, if the reward for participating as a "delegated retryer" is higher than being a solo retryer, it may discourage solo staking.

Fair distribution of rewards among operators

• A key aspect to consider is the fairness of the distribution of rewards among operators. In EigenLayer, operators can choose from a variety of services, each offering different potential rewards. This setup could significantly alter Ethereum's current "fair" reward system, where each node earns a similar APR by staking ETH. Different reward structures may incentivize operators to focus on maximizing returns, making it difficult to maintain a balanced and fair environment for all network validators. Now, validators need to do a little more work to understand the project and the reward structure - one month they can choose to join one AVS and then another, constantly looking for something better.
• (Supplementing the centralization argument - due to the different distribution of rewards, it may make sense for local retries to choose to delegate to an operator rather than run the software themselves, thus changing the validator allocation on the core protocol.) ）

Operator misconduct and system security risks

• The possibility of operator misconduct is a significant risk. Given that operators can participate in multiple AVS, what happens if a > penalty is awarded. Then the operator can choose to act dishonestly and be willing to lose his shares. If the number of participating operators is small, they may come together to carry out attacks (attacks > losses). (In some cases, you can imagine that the stake required to participate in AVS could be more than 32 ETH to become an ETH validator, which may limit the number of operators).
• In addition, if the mechanism for rebalancing collateral in EigenLayer fails due to slow adjustments, delays, or incorrect parameters, it could expose the system to various security risks. To counteract this risk, EigenLayer has come up with a "debonding" solution. This approach introduces a forced delay between when a staker requests to withdraw their stake and when they can actually access it. (This is an article by EigenLayer explaining their approach) seems to be effective in addressing the vulnerability of a malicious actor exiting prematurely. EigenLayer is actively refining this complex mechanism to enhance the safety and effectiveness of addressing this potential risk.

The complexity of liquidity re-collateralization and trust issues

• Complexity arises when stakeholders use external carriers and need to choose AVS - which AVS do stakeholders want to support?EigenLayer's solution involves operators using different addresses for each combination of AVS they support (e.g., an operator with 2 AVSs can have 3 addresses: AVS 1, AVS 2, and both - explained here). While this allows stakers to retain control over their staking, it introduces a layer of complexity in understanding which address represents which service or services. In addition, as with any permissionless blockchain, the question of "can I trust the operator" remains.

Smart contract risk

• Bugs and issues in smart contracts with EigenLayer or AVS can pose a potential risk of being inadvertently cut. To mitigate smart contract risk, EigenLayer relies on governance committees to resolve issues caused by unexpected cuts. The Commission can reverse cuts due to bugs or malicious code.

Source: https://docs.eigenlayer.xyz/

end

There is still a lot of research to be done. This includes work on the AVS side to bring these systems to life and design the protocol in a way that enhances Ethereum's core values. While EigenLayer's solutions are promising, they must balance effectiveness with manageable complexity to ensure that the system remains reliable.

I've tried very hard not to use "Ethereum alignment", which has become a meme at this point, but I hope my message gets out there despite that. Try at all costs to avoid new hype and unclear terminology 😀

Thanks to EigenLayer, it's really exciting to see all the new things happening in the Ethereum world. Re-staking is one of the main topics for Ethereum going into 2024, and thanks to the EigenLayer team for keeping me excited.

If you have any questions or comments, please feel free to contact me. See you in the next article. 👋

Key terms

• Restaking: Use staked ETH to support other services.
• AVS (Active Authentication Service): A service that requires an external carrier to operate.
• Liquid Staking Token (LST): A token that represents a staked cryptocurrency.
• Operator: A participant in the EigenLayer that runs the validation service for AVS.
• Stakers: Participants who stake ETH to support the network and earn rewards. They can choose to become a solitary staker or delegate to an operator.
• EigenDA: A data availability service provided by the EigenLayer team.
• Cutting conditions: Rules set by EigenLayer's smart contracts that impose penalties (cuts) on operators who act dishonestly or wrongly.