Original author: Haotian (X: @tmel0211)
If the Lending platform of the POW public chain is the foundation of the ecosystem, then the LSD protocol of the POS public chain must hold the lifeline of ecological development.
recent,@Metis L2While the decentralized Sequencer process is still in full swing, we have begun to spare no effort to support it.@ENKIProtocolThis is the fundamental logic of the development of the LSD protocol.There is no doubt that LSD will be the foundation for the Metis Ecosystem to build 10,000-meter-high buildings.Next, let me tell you my opinion:
1) LSD (Liquid Staking Derivatives) protocol aims to allow ecological users to pledge native platform Tokens to POS mining nodes, thereby promoting the security and stable operation of the public chain platform. It is equivalent to the LSD protocol raising Tokens from users to support the normal operation of Nodes, and also allowing users to participate in the POS mining Reward process.
To build a decentralized Sequencer node on Metis, the basic threshold is 20,000 METIS, which is very costly for node operators. If the LSD protocol first raises Metis assets, then the corresponding pledge Token quota is given to Sequencer Miner. It can not only lower the threshold for nodes to participate in decentralized Sequencer mining, but also provide native staking income to users who pledge METIS.
If things go on like this, a positive incentive flywheel for Sequencer Miner and LSD Staking will be formed:Users pledge Metis to LSD - lower the threshold for decentralized Sequencers - more Sequencers participate in mining - the Token pledge rate increases, and the chain security consensus becomes stronger - driving up the price of Token assets - users want to pledge more to participate in LSD. To some extent, the development of the LSD platform is to further consolidate the decentralized Sequencer mining system.
Of course, LSD’s participation in Sequencer Miner will have corresponding quota restrictions to ensure the balance of node technology, operations, market and other comprehensive capabilities, and to avoid excessive concentration of resources, which violates the fundamental essence of decentralized Sequencer.
In essence, this is similar to the logic of POW public chain development Lending platform. Miners can lend their mining income assets to the lending platform to obtain stable coins to pay for the electricity required for mining, achieving normal mining without selling assets. Cover costs Derivative finance gameplay.
2) Metis is a layer 2 platform that uses METIS as the native token, and Enki Protocol is positioned as the first LSD protocol on the Metis platform., the goal of native layer 2 Token + native Layer 2 LSD is to bring a real source of liquidity staking income to the layer 2 platform?Why do you say that?
previously@Blast_L2In the TVL impact war that has been launched, Blast promises to provide users with points in exchange for Tokens. The biggest highlight is that Blast can pledge the ETH pledged by users to the LSD protocol of layer 1 to obtain income to empower the layer 2 ecosystem.
In this scenario, layer 2 absorbs the cross-chain native token from layer 1, and then uses it by the platform operation and maintenance party of layer 2 to use layer 1 for pledge financial management to obtain income. This will inevitably make people confused. What is the meaning of layer 2’s existence?
If the LSD protocol on layer 2 can directly take over the possibility of obtaining stable returns from the native assets on layer 2, a layer 2 platform like Metis will not only have hematopoietic capabilities, but also with the interoperability between layer 2, it will also There will be an influx of liquidity from multiple layer 2 platforms. Wouldnt it be more logical for Enki to launch a TVL points reward mechanism similar to Blast?
If Blast takes users pledged ETH and returns it to the main network to participate in Lidos pledge, it is a unified asset management behavior of institutions. Users cannot yet choose the final stay of the assets. When the feasibility of layer 2 LSD protocol pledge is completed, it will There are a large number of retail investors who cross layer 2 between various layer 2 platforms to do overflow financial management of liquidity, and their future imagination space cannot be underestimated.
3) In order to stimulate the development of Metis ecological LSD protocol, Metis launched Metis Liquid Staking Blitz (LSB) to accelerate the growth plans of many LSD protocols. In addition to Enki Protocol, this will continue to attract the rapid rise of LSD protocols including Artemis. , LSD will be more and more on Metis.Following the development paradigm of Ethereum, after LSD, the Restaking mechanism is bound to appear at some point in time, further promoting the refined management and implementation of layer 2 liquidity.
On Ethereum, the emergence of Staking protocols such as LIDO, RockX, and SSV has raised the ETH pledge rate on layer 1 to 38%. On Metis, how much imagination will LSD protocols such as Enki Protocol bring to Metis?
Of course, the goal of Staking + Restaking is to lock in greater liquidity. The advantages of Metis are:
1. The two-way demand forward flywheel of the Sequencer Miner + LSD protocol will form the mature fundamentals of Staking on Metis. Just like the fundamentals of Eigenlayer is actually to deliver the security consensus capabilities of the Ethereum main network to the emerging layer 2 chain, the value of Staking must eventually fall. Only when it is practical can it be stable enough;
2. Metis has built a decentralized economy specifically for the METIS native Token, which is different from other traditional layer 2 models that use Token as the governance token. It is continuing to exert its self-generating capabilities in the process of building an ecosystem. If the token of layer 2 only stays in the new and governance stage, it will be difficult for its pure incentive Tokenomics to effectively empower the Token Holder.
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At this point, everyone should have realized that Metis is the first to build layer 2 native LSD Staking and the future ReStaking platform, which actually has hidden ambitions.
While many layer 2s are opening up and sharing modular technology components and expanding their territory with Rollup As A Service, Metis has built a set of ecological liquidity sharing components of Rollup Ecosystem As A Service, trying to combine a native token+ The decentralized economy of native LSD is delivered as a “modular” commodity.
Note: Pay close attention to the ecological development of Metiss LSD protocol. This is the cornerstone for determining the subsequent growth of the Metis ecosystem and also a judgment.#METISThe key is whether there will be a second wave of value growth.
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