Ha marang-rang a Ethereum le a mang a bopaki ba li-stake (PoS) a ntse a hola, staking e fetohile karolo ea mantlha ea leano la setheo la crypto- e nolofalletsa chai, ho kenya letsoho marang-rang, le katleho ea chelete.
Hona joale u na le:
- Traditional staking: Notlela li-tokens, sireletsa marang-rang, fumana meputso-empa u lahleheloe ke chelete.
- Ho emisoa ha metsi: Tšoaea ha u ntse u boloka rasiti ea tokenized eo u ka e sebelisang ho DeFi kapa khoebo ka bolokolohi.
Ka thepa e fetang limilione tse likete tse 30 ea thepa e teng hona joale ho Ethereum, Cosmos, Solana le L1 tse ntseng li hlaha, khetho pakeng tsa setso le mokelikeli staking e na le litlamorao tse kholo bakeng sa phepelo ea chelete, kotsi, le moralo oa sethala.
Traditional Staking ke Eng?
Traditional staking ke tshebetso ya motheo ka Bopaki-of-Stake (PoS) blockchains moo basebelisi ba notlela chelete ea bona ea crypto, joalo ka ETH, SOL, kapa ATOM, ho kenya letsoho ts'ireletsong le ts'ebetsong ea marang-rang. Ka ho abela li-tokens tsa bona ho validator kapa letamo la staking, barupeluoa ha e le hantle fana ka thepa ea bona ho ts'ehetsa netefatso ea transaction le ho thibela tlhahiso. Nakong ena ea staking, li-tokens li notletsoe 'me li ke ke tsa fumaneha kapa tsa rekisoa. E le ho khutlisa tlatsetso ea bona, batšehetsi nako le nako ba fumana meputso, eo hangata e leng motsoako oa li-tokens tse sa tsoa etsoa (inflation) le litefiso tsa transaction, ka chelete ho ipapisitsoe le chelete e behiloeng le tšebetso ea mohlahlobi. Ho bohlokoa ho hlokomela hore ho tlosa li-tokens tsena hangata ho hloka nako e reriloeng esale pele ea pholiso, e ka tlohang matsatsi a 'maloa ho isa libekeng tse' maloa, moo thepa e lulang e sa fihlellehe.
melemo:
- E bonolo ebile e bolokehile: E loketse batho ba nang le nako e telele
- Ho kenya letsoho marang-rang ka kotloloho: Thusa decentralize ketane
- Kotsi e fokolang ea protocol: Haholo-holo ha staking natively
tlhoka mesola:
- Ho se sebetse hantle ha chelete: Chelete ha e molaong
- Kotsi ea ho senya: Ts'ebetso e fosahetseng ea validator e ka baka tahlehelo e itseng
- Boikemisetso bo fokolang: Ha e khone ho sebelisa thepa e behiloeng ho DeFi kapa khoebong
Bakeng sa litsi tse nang le sepheo sa ho pepeseha feela le mamello e tlase ea kotsi, staking ea setso e fana ka chai e tsitsitseng empa e notlela ho fetoha ha chelete.
Liquid Staking ke Eng?
Liquid staking e fana ka mokhoa o mocha oa ho fumana meputso e holimo ha o ntse o boloka boleng ba thepa ea hau ea crypto. Basebedisi ba kenya li-tokens tsa bona ho protocol ea staking ea metsi, 'me, ka lehlakoreng le leng, ba fumana tokenized derivative, eo hangata e bitsoang Liquid Staking Token (LST), e kang stETH, mSOL, kapa rETH. Li-LST tsena li emela boemo ba mosebelisi 'me li tsoela pele ho fumana meputso e meholo ho tsoa ho marang-rang a teng. Monyetla o ka sehloohong ke hore li-LST tsena li lula li le metsi 'me li ka sebelisoa ka bolokolohi libakeng tse fapa-fapaneng tsa decentralized finance (DeFi) ecosystem. Sena se bolela hore basebelisi ba ka sebelisa LST ea bona bakeng sa menyetla e meng ea kotulo, ho kenyeletsoa ho ba alima, ho li rekisa ka phapanyetsano e arolelanoang, ho nka karolo maqheka a temo, kapa ho li sebelisa e le tebeletso bakeng sa liprothokholo tse ling tsa DeFi, ho ntlafatsa katleho ea chelete ntle le ho tela meputso ea bona e kholo.
melemo:
- Liquidity + chai: Lula u amehile ha u ntse u sebelisa thepa ea hau
- Ho lumellana ha DeFi: LSTs li ka sebelisoa ho alima, ho rekisa, le liprothokholo tsa LP
- Tšebeliso e ntle ea chelete: E tumme ka hedge funds, treasury, le DAOs
tlhoka mesola:
- Kotsi ea konteraka e bohlale: LSTs e itšetlehile ka mokhoa o rarahaneng oa protocol
- Theko e tlase: LST e ka hoeba ka tlase ho boleng ba lets'oao la eona
- Ho itšetleha ka protocol: Ho otla kapa likokoana-hloko ho mofani oa thepa ho ka ama LSTs
Liquid staking e loketse bakeng sa Maano a DeFi-native, bafani ba lichelete, le batsamaisi ba mafolofolo ba matlotlo ho sheba ho matlafatsa chai ka nako e ts'oanang.
Tafole ea Papiso: Traditional vs. Liquid Staking
| Feature | Traditional Staking | Mokelikeli Staking |
| Thepa Liquidity | notletsoe | Mokelikeli o felletseng (LST) |
| Tšebelisano ea DeFi | Low | High |
| Nako e sa Lebelloang | Ee (mohlala, matsatsi a 7-21) | Che (LSTs e ka rekisoa neng kapa neng) |
| Khefutsa | Meputso ea marang-rang feela | Tlhahiso ea Network + DeFi |
| kotsi | Validator & slashing | Validator + konteraka e bohlale |
| Sebelisa Case Fit | HO Sebetsa ka nako e telele | Ho kenya letsoho ka mafolofolo ho DeFi |
Mehopolo ea Setheo
Bakeng sa libapali tsa mekhatlo tse joalo ka lichelete, libanka, bahlokomeli, le li-DAO, qeto lipakeng tsa moetlo le li-staking tsa metsi e hloka tlhahlobo e hlokolosi ea taolo, tlhokomelo le taolo ea likotsi, le maano a ntlafatso ea chelete.
Ho tsoa ho a pono ya taolo, mefuta e tloaelehileng ea staking, haholo-holo e amanang le "staking-as-a-service," e ka ikamahanya habonolo le mekhoa e teng ea taolo. Ka lehlakoreng le leng, ho fana ka li-derivatives tse emelang maemo a tsitsitseng, ho ka 'na ha etsa hore ho be le lihlopha tsa litšebeletso tsa tlhokomelo kapa esita le tse tsoang ho lichelete tlas'a libaka tse itseng, tse kang tse hlokometsoeng ke SEC kapa MiCA. Sena se hloka tlhahlobo e phethahetseng ea molao le boikamahanyo ho etsa bonnete ba hore ho latela melaoana e tsoelang pele ea thepa ea dijithale.
Mabapi le tlhokomelo le kotsi, tsamaiso ea linotlolo tsa validator ke ea bohlokoa ka ho fetisisa, ka litokelo tsa Multi-Party Computation (MPC) tse hlahang e le tharollo ea bohlokoa ea ho matlafatsa tšireletso le ho thibela lintlha tse le 'ngoe tsa ho hlōleha. Leha ho le joalo, staking ea metsi e hlahisa likarolo tse ling tsa kotsi. Tsena li kenyeletsa kotsi ea mofani oa lichelete (LP), moo boleng ba tokene ea mokelikeli e ka 'nang ea theola letlotlo la motheo, le kotsi ea konteraka e bohlale, ho latela ho itšetleha ka khoutu e rarahaneng e ka bang le bofokoli. Ka lebaka leo, litlhahlobo tse matla tsa lits'ebetso tsa liprothokholo tsa mokelikeli li bohlokoa ho fokotsa likotsi tsena tse teng.
Qetellong, ka dipehelo tsa optimization ea chelete, staking ea metsi e fana ka monyetla o moholo ka ho nolofalletsa tšebeliso ea chelete e seng e sa sebetse. Bokhoni ba ho tsamaisa Liquid Staking Tokens (LSTs) ho pholletsa le liprothokholo tse fapaneng tsa DeFi bakeng sa ho alima, ho rekisa, kapa temo ea lihlahisoa li ka khahla haholo litsi tse batlang maano a sebetsang a taolo ea chelete. Ka lehlakoreng le leng, staking ea setso, ka ho notlela thepa ea eona, hangata e loketse hantle bakeng sa li-portfolio tse tsitsitseng tse shebaneng le kaho ea nako e telele ea motheo oa ts'epo le ts'ireletso ea marang-rang ntle le tlhoko ea khaello ea chelete hanghang.
Mehopolo ea ho Qetela: Khetha Mohlala o nepahetseng oa Staking bakeng sa Leano la Hao
Ha ho na boholo bo lekanang-tsohle karabo ho staking.
Traditional staking e fana ka bonolo, botsitso, le ho lumellana ho sireletsehileng le bophelo bo botle ba marang-rang.
Ho emisoa ha metsi e notlolla chelete le ho ba bonolo - ho fetola chai ho ba leano.
Bakeng sa likhoebo tse tsamaisang khetho ena, tharollo e molemohali e ka ba mokhoa oa lebasetere- ho nka karolo bakeng sa ts'ireletso, ha o ntse o sebelisa LSTs ho kenya chelete e ngata ho kopanyelletsa le DeFi e tšeptjoang.
ChainUp e fana ka lisebelisoa tsa motheo tse lokiselitsoeng khoebo ho ts'ehetsa ts'ebetso ea hau ea maemo. Behela litherisano kapa u kope demo kajeno.
Ha re theheng leano la hau la ho ts'oara - le bolokehile, le ka senyeha, 'me le lumellana le DeFi.
