北京时间2月21日下午，被众多一线投研机构视为2023年以太坊最重要的创新，有可能开启以太坊新叙事方向的项目Eigenlayer终于披露了其第一版白皮书。
On the afternoon of 21 February, Beijing time, the first edition of the White Paper was finally revealed by Eigenlayer, a project that had the potential to launch a new narrative in Taiku in 2023, which was considered the most important innovation by a large number of front-line institutions.
EigenLayer是以太坊的再质押集，允许共识层ETH质押者选择验证构建在以太坊生态系统之上的新软件模块。
EigenLayer is a re-mortgage of the Taiwan, allowing the Consensual Level ETH pledgeer to choose to validate the new software modules built on the Etai ecosystem.
本期Web3CN将为大家提供EigenLayer完整版中文白皮书，并具体介绍该项目，以及分析Eigenlayer为何具有潜力?白皮书有哪些看点?
This issue of Web3CN will provide you with a full version of the Chinese White Paper on EigenLayer, with a specific description of the project, and an analysis of why Eigenlayer has the potential. What are the points for the White Paper?
要理解“再质押”需要从以太坊合并说起。
To understand & & ldquo; re-mand & rdquao; need to start with the Ethio merger.
2022年9月15日，以太坊合并完成了以太坊网络从工作量证明(POW)向权益证明(POS)的过渡。在PoS共识机制中，需要质押一定数量的ETH才能成为以太坊节点，且质押的ETH和奖励无法随时取出，这影响了大家质押ETH的意愿。
On September 15, 2022, the Etherms merged to complete the transition from workload proof (POW) to equity certification (POS). In the Pos Consensus mechanism, a certain number of ETHs are required to be pledged in order to become ether nodes, and the pledged ETHs and rewards are not readily available, which affects the willingness to pledge ETHs.
在今年以太坊上海升级之后，自由冲提的时代将来临。上海升级允许质押者取出他们的ETH和奖励，对于提高大家质押意愿大有帮助。
This year, the era of freedom will come with the upgrading of Tai Hoi Shanghai. Shanghai upgrades will help raise the willingness of all to pledge by allowing the pledgeers to take out their ETHs and rewards.
同时，为了解决质押ETH的流动性，LSD(全称Liquid Staking Derivatives，即流动性质押衍生品)赛道逐渐成长起来，成为DeFi衍生品。
At the same time, in order to address the fluidity of the pledged ETH, the LSD (all referred to as Liquid Staking Derivatives, i.e. mobile derivatives) races grew up to become deFi derivatives.
当投资者将某种代币质押到某个协议中，LSD协议将按照1:1的比例为用户铸造出流动性质押代币来参与其他项目。也就是说，投资者除了能够获得质押奖励之外，还能解锁额外的收入来源。
When investors pledge a currency to a given agreement, the LSD agreement will create a mobile deposit for the user at a ratio of 1:1 to participate in other projects. That is, the investor can unlock an additional source of income, in addition to receiving a pledge incentive.
再质押(Re-staking)是LSD赛道里重要的部分，是将质押的ETH进行二次质押、并解决非结算层DApp的信任及安全性。其中，EigenLayer是该赛道的代表，让质押用户除了 PoS 质押外，同时可以把资金重复质押到其他项目，从本质上提高质押的资本效率。
Re-staking is an important part of the LSD track, which involves a secondary pledge of the pledged ETH and the resolution of the trust and security of the non-reconciliation level DApp. Among these, EigenLayer is the representative of the track, allowing the pledge user, in addition to the PS pledge, to double the funds to other projects in order to substantially increase the capital efficiency of the pledge.
随着ETH释放、套利驱动和LSD协议的发展，市场普遍预计ETH质押率会持续上涨，以太坊当前质押率正在接近14%，以PoS公链典型质押比率的 40-70% 来计，增长空间大。在不考虑ETH价格的情况下，LSD将会成长为一个千亿业务体量的赛道，再质押也将迎来快速发展。
With the release of ETH, arbitrage drive, and the development of the LSD agreement, the market generally anticipates a sustained increase in the ETH pledge rate, which is now approaching 14% in Taipan, and a high growth space, measured by 40-70% of the typical PoS public chain pledge ratio. Without consideration of the ETH price, LSD will grow into a hundreds of billions of business-sized track, and re-prising will soon develop.
EigenLayer不仅是再质押赛道的代表，也是该概念的发起者。可以说，EigenLayer开启了以太坊的新叙事方向。
EigenLayer is not only a representative of the re-manding track, but also a sponsor of the concept. It can be said that EigenLayer has started a new narrative for Ether.
EigenLayer是以太坊上的一组智能合约，允许共识层ETH质押者选择验证构建在以太坊生态系统之上的新软件模块。质押者通过授予 EigenLayer 智能合约对其质押的ETH施加额外削减条件的能力来选择加入，从而允许扩展加密经济安全性。
EigenLayer is a group of smart contracts in the Taiga, allowing the Consensual Level ETH pledgeers to choose to validate the new software modules built on the Taiyo ecosystem. The pledgeers choose to join by granting EigenLayer the ability to impose additional cut-off conditions on their pledged ETHs, thereby allowing the security of the encryption economy to expand.
通过选择加入EigenLayer，质押者可以验证多种类型的模块，包括共识协议、数据可用性层、虚拟机、守护者网络、预言机网络、桥、阈值加密方案和可信执行环境。
By opting to join EigenLayer, the pledgeer can verify various types of modules, including consensus protocols, data availability layers, virtual machines, guardian networks, pro forma networks, bridges, threshold encryption programmes and credible implementation environments.
EigenLayer不是在模块之间分散安全性，而是在所有模块中聚合ETH 安全性。这提高了依赖模块的去中心化应用程序(DApps)的安全性。
EigenLayer does not spread security between modules, but aggregates ETH security across all modules. This enhances the security of decentralised applications (DApps) that rely on modules.
此外，由于这些多形式模块提供了新的费用分摊机会，ETH的价值也有所增加。
In addition, the value of ETH has increased as these multiform modules offer new cost-sharing opportunities.
EigenLayer还作为当以太坊的分级系统，在最佳创意被集成回以太坊之前，可以在多形式变化中对新的创新进行实战测试，例如 Danksharding 和提议者/构建者分离。
EigenLayer also acts as a graded system for the Etherm, where new innovations can be field-tested in multiple forms of change, such as the separation of Danksharding from the proposer/builder, before the best ideas are integrated back into Ether.
EigenLayer开创了一个无许可创新的新时代，在这个时代，创新者不需要建立自己的信任网络来实现新的分布式验证模块，而是可以依靠 ETH 再质押者通过 EigenLayer 提供的安全性和去中心化。
EigenLayer has ushered in a new era of unlicensed innovation, in which innovators do not need to build their own networks of trust to achieve new distributed certification modules, but can rely on the security and decentralisation provided by the ETH re-massers through EigenLayer.
EigenLayer核心团队背景
创始人：Sreeram Kannan ：华 盛 顿大学计算机工程系副教授，华 盛 顿大学区块链实验室(UW-Blockchain-Lab)负责人，发表区块链相关论文20余篇。
Founder: Sreeram Kannan: Associate Professor, Computer Engineering Department, University of Sutton, and Head of the UW-Blockchain-Lab Block Chain Laboratory, University of Sutton, Washington, D.C., published more than 20 papers related to the block chain.
Soubhik Deb：华 盛 顿大学在读博士，华 盛 顿大学区块链实验室研究员。
Soubhik Deb: Washington University is studying for a Ph.D., Researcher at the Block Chain Laboratory at the University of Washington, D.C.
Robert Raynor: 华 盛 顿大学在读博士，电子与计算机工程系。
Robert Raynor: Washington University is in Ph.D., Department of Electronics and Computer Engineering.
Bowen Xue:华 盛 顿大学电子工程硕士，助理实验员。
Bowen Xue: Washington University, Master of Electronic Engineering, Assistant Experimental Officer.
Jeffrey Commons：华 盛 顿大学，智能合约架构师。
Jeffrey Commons: Washington University, Smart Contract Architect.
Gautham Anant：华 盛 顿大学计算机专业，开发者。
Gautham Anant: Computer major, developer, Sutton University, Washington, D.C.
Vyas Krishnan：伊利诺伊大学，全栈软件开发。
Vyas Krishnan: University of Illinois, full-storey software development.
EigenLayer发展历史
2022年4月EigenLayer开始了内部测试网测试
In April 2022, Eigen Layer started testing the internal testing network.
2022年5月参加了以太坊DevConnect开发者大会路演和ZK峰会路演
Participant at the conference of DevConnect developers and the ZK Summit Road in Etheria, May 2022
2022年7月注册推特账号
Registered Twitter account in July 2022
2023年2月，发布项目白皮书
Project White Paper released in February 2023
从各方面情况来看，项目正在紧锣密鼓的开发之中，团队也在进行一些宣传推广，总体还处于较早期的阶段。
In all respects, the project is under intensive development and the team is carrying out a number of outreach activities, which are generally at an early stage.
2月21日，以太坊再质押协议 EigenLayer 发布首版白皮书，描述了核心开发人员将在今年将发布的第一版协议中实施的关键构思，包含潜在的 EigenLayer 模块列表(例如 MEV、测序)，未来几周官方将在论坛上发表文章，探讨每个用例。此外，官方还启动了 EigenLayer讨论论坛，重点关注EigenLayer协议、EigenDA 开发、新的中间件这3个主题。
On February 21, EigenLayer released the first edition of the White Paper, describing the key ideas to be implemented by the core developers in the first edition of the agreement, which will be released this year, including a list of potential EigenLayer modules (e.g., MEV, sequencing), and an official paper on each example to be published at the Forum in the coming weeks. In addition, the EigenLayer discussion forum was officially launched, focusing on the three themes of the EigenLayer agreement, EigenDA development, and new intermediates.
那么本次发布的第一版白皮书有何看点?
So what's the point of the first edition of the White Paper released this time?
目前，数以千计的去中心化应用(DApps)构建在以太坊之上。一个可信的去中心化底层网络价值基础源于：开发者不需要任何声誉或信任，就可以让其开发出来的DApp被任何信任该底层区块链并验证的人采用。
At present, thousands of decentralized applications (DApps) are built on the Etheria. A credible decentralized bottom network value base stems from the fact that developers do not need any reputation or trust to allow their developed Dapp to be used by anyone who trusts the bottom block chain and verifies it.
然而，任何不在EVM之上部署或证明的模块，都无法利用以太坊可信底层的安全性。它们需要搭建自己独立的AVS(主动验证系统)，为自己的系统安全负责。
However, any module that is not deployed or certified on the EVM will not be able to take advantage of Ether’s credible bottom level of security. They will need to build their own independent AVS (active verification system) to be held accountable for their own system security.
但目前的AVS体系对一些DApps来说，安全系数被削弱了。
However, the current AVS system has weakened the safety coefficient for some DApps.
对此，EigenLayer引入了2个新概念，即再质押和自由市场治理来实现将以太坊的安全性扩展到其他系统以及提升治理的效率。
In response, EigenLayer introduced two new concepts, namely re-mortgage and free market governance, to extend the safety of the neighbourhood to other systems and to improve the efficiency of governance.
(1)再质押
(1) Re-encumbrance
EigenLayer提供了一种新的池安全性机制，使模块能够通过再质押的ETH而不是它们自己的代币来保护。任何具有链上削减合约的 AVS 都可以由EigenLayer保护。
EigenLayer provides a new pool security mechanism that allows modules to be protected by re-encumbrances of ETH, rather than their own tokens. Any AVS with a chain-down contract can be protected by EigenLayer.
(2)自由市场治理
(2) Free market governance
EigenLayer提供了一种开放市场机制，该机制说明了其池安全性如何由验证器提供并由AVS 使用。作为一种自由市场机制， EigenLayer 为验证器提供了通过选择加入或退出在 EigenLayer 上构建的每 个模块来确定自己的?险/回报权衡的机构。
EigenLayer provides an open-market mechanism that illustrates how the safety of its pools is provided by a certificationer and used by AVS. As a free-market mechanism, EigenLayer provides the certificationer with an institution that determines its own risk/return trade-off by opting to join or withdraw each module built on EigenLayer.
EigenLayer上的AVS可以租用以太坊验证者的安全服务，有以下好处：
AVS on EigenLayer can be leased to provide security services to the evaporateer, with the following benefits:
①新的AVS可以从以太坊的大型验证器集中引导安全性;
A new AVS can lead to a concentration of security from a large authentication device in the Taiku;
②EigenLayer的原生ETH质押者的边际资本成本最小;
The marginal capital costs of the original ETH pledgeer of 2EigenLayer are minimal;
③EigenLayer大大增加了破坏成本(130亿美元);
3EigenLayer significantly increased the cost of destruction ($13 billion);
④EigenLayer为ETH质押者提供了几个他们可以参与的额外收入来源。
EigenLayer provided the ETH pledgeers with several additional sources of income in which they could participate.
EigenLayer为收益堆叠提供了多种途径，允许质押者通过获得新的AVS 来赚取额外的收益。
EigenLayer provided a variety of avenues for the accumulation of proceeds, allowing the pledgeer to earn additional benefits by acquiring the new AVS.
在EigenLayer 中，有几种形式的再质押:
In EigenLayer there are several forms of re-mortization:
(1)原生再质押。验证器可以通过将其提款凭证指向EigenLayer合约，来再质押他们的ETH。
(1) The original re-encumbrance. The authenticator can re-encumber their ETH by pointing its withdrawal certificate to the EigenLayer contract.
(2)LSD再质押。验证器可以通过质押他们的LSD(已经通过Lido和RocketPool等协议再质押的ETH)进行再质押，方法是将他们的LSD转移到EigenLayer智能合约中。这相当于 DeFi →EigenLayer收益堆栈。
(2) LSD re-encumbrances. The authenticator can re-encumber their LSD (an ETH that has been re-encumbered through agreements such as Lido and RocketPool) by transferring their LSD to the EigenLayer Smart Contract. This is equivalent to the DeFi & rrr; EigenLayer Remand.
(3)ETH LP再质押。验证器对包含ETH的一对LP代币进行质押。这相当于DeFi→EL收益堆栈。
(3) ETH LP re-prise. The authenticator pledges a pair of LP tokens containing ETH. This is equivalent to DeFi&rrr; EL's earnings stack.
(4) LSD LP再质押。验证器对包含一个流动性质押ETH代币的一对LP代币进行质押，其中，例如Curve的stETH-ETH LP代币，从而采取L1 → DeFi→EL收益堆栈路线。
(4) LSD LP re-encumbrance. The Certifier pledges a pair of LP tokens containing a mobile ETH token, such as the stETH-ETH LP in Curve, thereby adopting L1 & rrr; DeFi & rrr; and the EL proceeds stacking route.
加密经济的安全性量化了攻击网络的成本，该成本被称为“破坏成本(Cost-of-Corruption)”。当破坏成本大于可能的破坏收益(Profit-from-Corruption)时，系统便获得了很强的安全性。EigenLayer的罚没机制会提高破坏成本并让加密网络更加安全。
The security of the encryption economy quantifys the cost of attacking the network, known as “ cost of destruction (Cost-of-Corruption) & rdquo; and when the cost of destruction is greater than the potential cost of destruction (Profit-From-Corruption), the system acquires a high degree of security. EigenLayer’s penalty mechanism increases the cost of destruction and makes encryption networks more secure.
EigenLayer中存在两类风险：
There are two types of risks in EigenLayer:
(1)许多运营商可能串通攻击一组AVS。
(1) Many operators may be complicit in attacking a group of AVS.
解决方案：EigenLayer用一个机制来确定使用再质押的一个运营商或一组运营商，是否可能通过某种串通产生安全漏洞。通过创建一个开源的加密经济仪表板，EigenLayer将允许 AVS来监控参与其验证任务的一组运营商是否在许多其他AVS中根深蒂固。AVS可以在其合约中制定规范，仅激励参与少量AVS的EigenLayer运营商。
Solution: EigenLayer uses a mechanism to determine whether an operator or a group of operators using re-prising can create a security gap through some kind of collusion. By creating an open source encrypted economic dashboard, EigenLayer will allow AVS to monitor whether a group of operators involved in its certification tasks are deeply entrenched in many other AVSs. AVS can set norms in its contracts that only encourage EigenLayer operators involved in a small number of AVSs.
(2)基于EigenLayer构建的AVS 可能存在意外的罚没漏洞(slashing vulnerabilities)，这是诚实节点被罚没的?险。
(2) The AVS, constructed on the basis of EigenLayer, may have an unexpected penalty gap (slashing vulnerabilities), which is an honest node that has been confiscated?
解决方案：EigenLayer希望任何AVS都需要进行适当的安全性审计，以获得质押者和运营商的选择。其次，EigenLayer中有一个治理层，其主要由以太坊和EigenLayer社区的重要成员组成，它有能力通过多重签名否决罚没决定。
Solution: EigenLayer hopes that any AVS will require an appropriate security audit to obtain the option of a pledgeer and operator. Secondly, EigenLayer has a governance layer, composed mainly of important members of the Ether and EigenLayer communities, which have the capacity to block decisions through multiple-sign vetoes.
(1)支持新的应用场景
(1) Support for new applications
EigenLayer通过提供AVS服务可以支持很多类型协议，包括：数据可用性层、去中心化定序器(sequencer)、连接以太坊的轻节点桥、Rollup之间更快的桥、预言机、事件驱动的激活功能、MEV管理、低延迟的侧链、帮助以太坊实现single slot最终性等。
EigenLayer can support a number of types of agreements through the provision of AVS services, including data availability layers, decentralised sequencers (sequiencer), light nodes bridge connecting with the Tails, faster bridges between Rollup and Rollup, prophecies, event-driven activation functions, MEV management, low-delayed side chains, help to achieve finality for the Single Slot.
(2)利用质押者异构性，大规模扩展区块空间
(2) Large-scale expansion of block space using the pledgeor's heterogeneity
EigenLayer允许在计算能力、?险 偏好、奖励偏好和身份方面表达跨再质押者 的异构性，同时还允许模块根据这些偏好和特征的组合招募再质押者。
EigenLayer allows for the expression of the heterogeneity of trans-depositors in terms of computing abilities, risk preferences, incentives for preference and identity, and also allows modules to recruit re-depositors according to the combination of these preferences and characteristics.
(3)打破了民 主和灵活性之间的权衡
(3) Breaking the trade-off between ownership and flexibility
EigenLayer允许在以太坊信任网络之上 构建灵活性创新，同时让以太坊的核心以谨慎和稳定的方式继续升级。这实现了两全其美。此外，EigenLayer 上可 能的无许可创新速度远远超过了任何自上而下的治理模型中的创新速度，在这种模式下，决策仅限于一小部分实体或个人。
EigenLayer allows flexibility innovation to be built on a network of trust in the Taiwan, while allowing it to continue to escalate in a cautious and stable manner at the heart of the Taiwan. This has been achieved in the United States. Moreover, the speed of unlicensed innovation that EigenLayer has been able to innovate far beyond that in any top-down governance model, where decision-making has been limited to a small number of entities or individuals.
在这种配置中，?期稳定性由以太坊基础层提供，以太坊基础层一如既往地经过精心升级，而短期内所需的灵活性 创新则通过自由市场的EigenLayer进行分配。
In this configuration, period stability is provided by the Ether base, which has been carefully upgraded as ever, while the flexibility needed in the short term is distributed through the free market EigenLayer.
(4)可以推进以太坊质押者的去中心化
(4) can promote the centralization of Etherm's pledge.
EigenLayer给AVS 提供了一个能够购买去中心化的市场。随着越来越多的 AVS 指定只有家庭 验证器才能参与他们在 EigenLayer 上的任务，这使得在以太坊上运行家庭验证器节点更有利可图，从而激励去中心化。
EigenLayer provides AVS with a market where it can buy decentralisation. As more and more AVSs specify that only family certifications can be involved in their task on EigenLayer, this makes it more profitable to run home certifier nodes on Ether, thereby stimulating decentralisation.
(5)支持多代币的节点群
(5) Support Multi-Domestic Nodes
AVS可以将两个节点群视为两个独立的节点群，并使用 AND 子句将两 个节点群中的多数响应合并在一起。这种定义多个节点群的灵活性为 AVS 提供了一个机会，可以将自己的代币作为实用代币引导并为其协议累积价值， 同时使用再质押的 ETH 节点群来对冲自己代币的死亡螺旋。
AVS can see two nodes as two separate nodes and combine most of the responses in two nodes using the AND sentence. The flexibility to define multiple nodes provides an opportunity for AVS to direct its own tokens as a practical token and to build value for its agreements, while using the re-encumbered ETH node to counter the death spiral of its own node.
(6)商业模式
(6) Commercial model
AVS可以在EigenLayer之上构建的商业模式包括：纯钱包模式、费用代币化模式、使用协议原生代币支付模式和双币质押模式。
The business models that AVS can build on EigenLayer include: a pure wallet model, a cost monetization model, a payment model using the protocol's original intergenerational currency and a double-currency pledge model.
此前报道，EigenLayer正在进行A轮融资，拟筹集5000万美元，该轮融资完成后，将使EigenLayer交易后股权估值达2.5亿美元、完全稀释估值FDV达5亿美元。
It was previously reported that EigenLayer was in the process of raising $50 million for a round of financing, which, when completed, would bring EigenLayer's post-trading equity valuation to $250 million and a fully diluted valuation of FDV to $500 million.
EigenLayer让我们看到了质押代币效益最大化的可能性，开启了以太坊新叙事方向。
EigenLayer has shown us the possibility of maximizing the value of pledge money, opening the way for a new Ether narrative.
但对于运行Eigenlayer的验证器来说，安全性是一个严重的问题，Eigenlayer多了一个信任层，也将带来新的黑客攻击。且项目方主 权丧失，共识层直接“外包出去”，以太坊价值捕获增加，合作项目价值捕获能力降低。
But security is a serious problem for running the Eigenlayer certification, and Eigenlayer has an additional layer of trust that will lead to a new hacking attack. And the project owner loses his rights, the consensus level is direct & ldquao; outsourcing & rdquao; and the value of the cooperative project is increased by the value of the portal and reduced.
总结来说EigenLayer仍在早期阶段，缺少实际例子，仍需要进一步研究和讨论。目前，该项目仍在测试开发中，主网预计在今年5月至7月推出，可以持续关注。
In conclusion, Eigen Layer is still in its early stages, lacking practical examples, and still needs further study and discussion. The project is still being tested for development, and the main network is expected to be launched from May to July this year, with sustained attention.
参考：
References:
EigenLayer：Whitepaper
Bixin Ventures《一文速览EigenLayer白皮书：共识层的扩容》
Bixin Ventures, A Brief Review of EigenLayer White Paper: Expanding the Consensus Layer
李科《新项目|EigenLayer：通过再质押(Re-Staking)打造以太坊上的共识中枢》
Leeko, The New Project EigenLayer: Building Consensus in the Tails through Re-Staking
Cabin VC《EigenLayer 的 Re-staking：会催化 LSD 板块的下一波吗》
Cabin VC Re-staking: Will it catalyze the next wave of the LSD plate?
币圈岁月《LSD没整明白 “再质押”叙事就来了》
& & ldquao; Remand &rdquao; The Narrative.
来源：Bowen
Source: Bowen
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