主要观点

◉ Rocket Pool在以太坊赌注市场上被定位为一个去中心化和用户友好的产品,在赌注者和验证者之间有一个巧妙的调整机制验证人

◉ 自合并以来,Rocket Pool经历了最大的百分比增长,在所有的液体赌注衍生品(LSD),巩固了其作为LSD主导地位的合法竞争者的地位。

◉ 随着Redstone升级的完成,Rocket Pool专注于通过战略伙伴关系确保rETH的流动性,执行他们的可扩展性路线图,以及内部运营结构(如激励管理委员会)来简化DeFi采用。

◉ 火箭池的用户群看起来正在增长,特别是随着可扩展性路线图继续为ETH订户提供新的产品和服务,包括较少的ETH绑定迷你池(LEB),订户即服务(SaaS),以及单独订户迁移。

简介

在以太坊成功过渡到的证明(PoS)之后,节点和验证器的格局已经成为去中心化和运营效率之间古老矛盾的一个意识形态缩影。在运营效率方面,有大型押注托管机构,如Lido和Coinbase,这两个机构最近受到了明显的批评。另一方面,Rocket Pool已经确立了自己在主要赌注提供商中的去中心化弥赛亚的地位。

然而,一眼望去,该协议在实际使用方面仍然落后于竞争对手。基于其最初对道德的投资,而不是运营效率,Rocket Pool受益于强大的叙事尾巴,进入一个注定要增长的市场。它已经发展成为一个成熟的协议,具有流动性和合作战略。综上所述,Rocket Pool代表了液体赌注市场上的一个重要的上升机会。

火箭池简述

以太坊成功过渡到PoS,使任何用户都可以通过运行自己的节点,成为新的以太坊区块的验证者来参与网络。这种类型的参与伴随着沉重的资本要求,并且通常是技术性的。为了解决这些挑战,去中心化的托管人(如Rocket Pool)允许用户将ETH存入他们的协议中。作为交换,用户收到一个LSD代币,可以在更广泛的生态系统中利用。LSD允许ETH持有者将他们的ETH抵押给去中心化的托管人,而不需要在自己的节点上运行。

火箭池协议

火箭池协议为两个主要用户群服务:希望参与ETH入股的用户和希望入股ETH并运行节点的用户。以太坊赌注证明需要32个ETH才能在以太坊信标链上运行一个验证器。Rocket Pool通过将智能节点运营商(供应方)与潜在的ETH订户(需求方)配对,提供了一个独特的解决方案。这种关系使节点运营商和订户能够合作,共同实现32ETH的门槛。

智能节点运营商(SNOs)

任何持有16个ETH的一方都可以通过运行Rocket Pool Minipool验证器来作为一个SNO运营。为此,该方必须提供16个ETH,并将验证器的ETH价值的至少10%押在RPL(协议的治理代币)上,作为对Rocket Pool的安全承诺。作为交换,Rocket Pool将用户存入的16个ETH汇总并分配给Minipool验证人。智能节点运营商获得三种形式的补偿。

◉ RPL奖励。节点运营商有资格获得RPL奖励,通过RPL的5%排放率提供资金。RPL奖励的权重由作为抵押品的有效RPL总额的比例决定。
◉ 佣金率。节点运营者可从将ETH加入其迷你池的投币者那里获得15%的佣金。
◉ 赌注奖励。节点运营商可以为他们自己押注的任何ETH收取免佣金的押注奖励。

自从以太坊合并后的Redstone升级以来,验证者已经收到了优先费,由用户支付,以激励他们的交易得到更快的处理。他们还实施了最大可提取价值(MEV)捕获策略,以获得额外的收入。智能节点运营商可以参与MEV Boost中继,并可以选择预先批准的Rocket Pool白名单策略,以适合他们的情况(受监管、非受监管等)。

用户

在需求方面,用户(即stakers)可以向Rocket Pool存款池存入低至0.01个ETH,以换取Rocket Pool LSD代币rETH。rETH代表用户在Rocket Pool协议中的ETH赌注,rETH在Rocket Pool节点运营商产生这些奖励时累积赌注奖励。一旦存入Rocket Pool协议,存款就会在存款池中累积,存入的16个ETH会与节点运营商的16个ETH相匹配。

火箭池治理

火箭池协议由两个主要管理机构管理:Oracle DAO(oDAO)和协议DAO(pDAO)。

oDAO由运行智能节点软件的节点操作员组成,并作为链上DAO发挥作用。它通过转发Minipool验证器余额、RPL:ETH比率和RPL奖励分配等信息,确保火箭池合约的正常运行。oDAO还为协议完成任务,如确保协议优化存款池中可用的ETH。

用户只有通过邀请才能成为ODAO的成员。这些以太坊和火箭池社区的高知名度成员包括Etherscan、Beaconchain、Lighthouse、Nimbus和Bankless。他们还需要缴纳RPL保证金,作为良好行为的保证金。成员可以获得额外的RPL奖励,以换取履行ODAO职责。

pDAO由节点运营商管理,其管理和投票权与他们在协议中的有效RPL股份成正比。pDAO主要负责管理火箭池的财政,并为火箭池协议的未来发出信号。随着时间的推移,预计pDAO将监督更大范围的协议参数,包括。RPL通货膨胀,奖励,拍卖,费用和存款参数。pDAO管理火箭池的pDAO库房,其资金部分来自于RPL通货膨胀。

火箭池代币:rETH和RPL

Rocket Pool生态系统由两种代币组成:rETH和RPL。

rETH

rETH是Rocket Pool协议的LSD代币。rETH代表了存入协议的等量ETH,加上协议中累积的ETH赌注奖励的等量份额。虽然持有的rETH的余额将保持不变,但火箭池协议中支持该代币的ETH余额继续增加。换句话说,rETH代币通过对ETH的市场价值随着时间的推移而增加来累积价值。

rETH对用户的一个明显优势是rETH持有者能够主动解套。ETH的持有者必须等待EIP 4863来直接从Beacon链上提取他们所持有的ETH头寸。然而,Rocket Pool允许rETH持有者通过将他们的头寸换回ETH来 “解除抵押”。他们通过让用户访问存款池的流动性来做到这一点,存款池包括等待被节点运营商盯上的ETH。rETH也可以在去中心化的交易所兑换成ETH,只要有足够的市场流动性来促进交易。

rETH作为非重定代币的地位,与类似的LSD代币如stETH的基础状态相比,具有明显的优势。当stETH重新调整时,它的基础余额会随着基础赌注ETH的收益而增加。另一方面,rETH的基础余额保持不变,尽管它的支持在增加(通过Rocket Pool智能合约中积累的赌注奖励)。

由于其恒定的余额,非回购(和包装的回购代币)更好地进入DeFi应用。所有的代币都依赖于套利和市场力量来维持它们的价值,即使它们的余额不能直接反映应计收益。例如,Lido也提供wstETH,它将重塑的stETH转换为对DeFi友好的代币,而不是要求终端用户进行额外的交易。根据不同的司法管辖区,非回溯代币也可以具有税收效率;每一个改变代币余额的每日回溯事件,将登记为一个应税事件。非回溯代币只有两个应税事件:入股和解股(或市场上的买入和卖出)。

RPL

RPL是火箭池协议的原生代币。RPL被节点运营商用来对协议的治理进行投票,并作为一种保险形式,以应对stakers和验证者的惩罚或削减。RPL的年通货膨胀率为5%,目前分配如下。

◉ 70%分配给节点运营商押注RPL。

◉ 15%给oDAO成员的oracle数据。

◉ 15%给pDAO财政部。

RPL代币分配主要在2017年9月22日进行的预售和2018年1月4日进行的众筹之间进行。

牵引力

目前,液体押注代表了以太坊网络上最大类别的信标链押注存款人。它占总存款的33.5%。即便如此,液体订金市场提供了巨大的上升空间,因为目前只有11.9%的ETH总供应量被订金。

随着用户越来越熟悉押注的概念,押注的以太坊数量预计将大幅增加,特别是一旦EIP 4863实现了从Beacon链的提款。虽然Rocket Pool已经落后于它的主要竞争对手Lido,但该协议的参与度已经急剧上升。自合并以来,Rocket Pool在所有主要的有桩ETH储户中享有最大的百分比增长。


虽然Rocket Pool对去中心化的强调为其赢得了以太坊安全最高主义者的青睐,但Rocket Pool的未来发展战略可能会受到RETH在DeFi中的效用的推动。随着LSD在整个Layer-2中的不断扩展,Lido和Rocket Pool都把重要的砝码放在Arbitrum和Optimism的激励措施上。

7月,Rocket Pool在申请60万OP的流动性奖励时,对去中心化的强调为他们赢得了主要Optimism代表的青睐。 与此形成鲜明对比的是,Lido的提案甚至没有进入投票阶段,更不用说批准了。Loopring在最近的投票中也投了类似的票,以优先考虑代币的整合。虽然Layer-2社区已经接受了LSD的桥接,但Arbitrum(1.04%)和Optimism(1.60%)上持有的rETH比例仍然只占rETH总供应量的微不足道。在主网上,Rocket Pool在2022年10月26日经历了另一次大规模的胜利,当时rETH作为一种抵押品类型被成功地投票进入MakerDAO。

竞争格局(成为一个DeFi稳定器)

Rocket Pool代表了第三大LSD协议,自成立以来,有近30万个ETH被抵押。在LSD市场格局中,Rocket Pool有两个明显的竞争对手,在盯盘市场上有很大的吸引力。

◉ cbETH:Coinbase的托管液体盯盘衍生品代表了最集中的产品供应。虽然Coinbase目前托管了超过200万个盯盘ETH,但其LSD产品是相对较晚进入市场的。

◉ stETH:Lido是明显的市场领导者,拥有400万桩ETH。由于运营效率和对DeFi整合的关注,它很早就确立了市场主导地位。Lido确立了其作为LSD领导者的地位,部分原因是其将stETH与DeFi整合,以及Lido对强大的DeFi流动性的投资。

尽管Lido作为一个协议具有主导地位,但Rocket Pool对节点运营商多样化的强调在一些关键指标上表现出了巨大的反差。例如,虽然Lido拥有以太坊网络上所有验证器的29.95%,但其整个验证器集仅由29个节点运营商运行。相比之下,Rocket Pool的验证器份额只有Lido的10%,但它有1647个独立的SNOs在运营其验证器份额。

如前所述,DeFi实用性预计将成为LSD采用的重要驱动力。rETH与DeFi应用的整合将使用户产生的收益率高于用户单独从盯盘中获得的收益。

除了所有DeFi协议都面临的智能合约漏洞风险外,火箭协议很可能要处理与其使用由ODAO管理的神谕有关的风险。理论上,ODAO参与者之间可能会出现串通,尽管鉴于DAO过去的行动,这是一个不太可能的事件。

风险

Rocket Pool已经进行了多次审计,包括最近由Sigma Prime进行的审计。一个高危风险和两个中危风险被Rocket Pool开发者标记为已解决。

从市场角度来看,Rocket Pool在整体市场上的主导地位仍然落后于Lido和Coinbase。正如本报告的牵引力部分所概述的那样,增长的机会代表着巨大的上升空间。许多人猜测,更集中的节点运营商(主要是Lido和Coinbase)之间的MEV协调可能会带来更有吸引力的收益率。这样一来,那些赌注供应商将获得独特的收益率,可能会威胁到RETH的吸引力。

路线图

在协议成功推出红石升级版之后,Rocket Pool已经将其重点从协议开发转向建立rETH作为跨协议和Layer-2的DeFi的基本要素。其他目标包括通过开发Rocket Pool DAO和进一步概述协议的MEV政策,在组织层面上增加去中心化。

随着stakers的增加,Rocket Pool计划为rETH持有人提供一个强大的市场,使他们能够利用有效的市场进行借贷和交易。作为执行其战略的第一步,Rocket Pool于2022年8月24日批准了一项定义和资助pDAO的提案。Rocket Pool为DAO引入了一个委员会结构,此后不久又提出了一个激励管理委员会。该委员会松散地基于Lido的reWARDS委员会,提议年度预算为67,500RPL。它还要求每月有大约154,000美元的跑道,其中一半被严格指定用于奖励。

2022年8月2日,Rocket Pool的一篇博客文章概述了Rocket Pool DAO的0阶段治理结构的启动。它描述了DAO的治理过程和委托系统,并建立了对未来DAO发展的期望。随着Rocket Pool继续获得牵引力,DAO将在其组织去中心化的旅程中面临更多的扩展挑战和机会。虽然正式的帖子正在酝酿中,但Rocket Pool的Marceau已经在Twitter上暗示了一些正在开发的扩展解决方案,其中包括。

◉ 减少ETH绑定的迷你池(LEB)。提供迷你池的想法,将抵押品要求从16ETH减少到低至4ETH。
◉ 抵押即服务(SaaS)。为较大的ETH持有者提供的解决方案,以信任最小化的方式参与定投。

综合性的单人订金迁移。为大型订金提供者提供直接的迁移解决方案,将现有的验证者转换为Rocket Pool,提供收入平滑、可能增加收益、更容易操作和额外流动性等好处。

结论

Rocket Pool是第三大LSD协议。尽管如此,该协议已将其目标定得更高。从叙述的角度来看,Rocket Pool在去中心化方面的投资开始得到回报,在以太坊2.0合并成功后,该协议已经重新启动了相关性。随着近90%的ETH未被盯上,Rocket Pool代表了最令人兴奋的协议之一,目标是在2023年达到一个巨大的可寻址市场总量。

 

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