MIIX資本：預期重倉正在啟動ETH上漲趨勢

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介紹

近期，比特幣現貨ETF的推出引發市場調整機制，市場出現階段性下跌。然而，質押的ETH數量不斷增加，重新質押的需求也暴漲。顯然，這就是為什麼人們對 ETH 將引領新一輪市場價格的預期正在發揮作用。

在這種預期下，Restake的熱度開始上升，吸引了越來越多的人的注意。尤其是ALT上線幣安後，24H漲幅近58倍，ALT（AltLayer）錨定的空投就是為了參與Restake。用戶，這充分展現了Restake業務的預期潛力。

ETH ShowTime、敘事與期望相輔相成

如果說最近的上漲行情對於BTC來說是一個特殊的事件，那麼接下來就是ETH的Showtime了。畢竟，BTC現貨ETF的採用和預期的市場表現已經為ETH接班樹立了充分的榜樣，而相比之下，ETH似乎滿足了激活預期市場條件的所有必要條件：

• BTC即將減半，ETH即將進行坎昆升級；

• BTC現貨ETF已獲批，ETH現貨ETF將面臨審核；

• BTC是加密市場最強共識，ETH是加密產業最強應用領域；

• BTC是加密市場最高的價值載體，ETH是業界最具敘事性的動態生態；

敘事和期望必須相輔相成。以上唯一缺少的是，在BTC的市場預期中，Inscription利用正式開放BTC生態的機會，同時為產業增添了更豐富的敘事可能性，而在ETH現有的生態中，有目前還沒有出現像銘文這樣能為新的市場預期提供額外紅利，甚至引領市場的焦點。

ETH生態的下一個主旋律是對坎昆升級直接有利的Layer 2板塊，以及EigenLayer主導的Restake生態。但如果跟ETH強相關的話，那一定還是Restake，尤其是Restake的金融屬性。不僅可以承接和拓展LSD現有的業務框架，還可以進一步盤活市場資金，讓市場預期離我們更近。 。因此，Restake很可能成為ETH ShowTime期間敘事的重點。

Leading from point to point, EigenLayer ignited the Restaking trend

EigenLayer has become very popular recently. In just over a month, EigenLayer has absorbed more than 700,000 ETH, and its TVL has reached 515.92K ETH (equivalent to about 1.8 billion US dollars), becoming the 12th top protocol on the Ethereum chain. As EigenLayer increased the LST mortgage amount, ETH staking became the focus of the market, and the Restaking trend was completely ignited.

Let’s take a look at the recent EigenLayer related developments:

• On January 11, EigenLayer announced that it would bring its talent to Cosmos and provide re-pledge services for the Cosmos sub-chain to obtain the security of Ethereum;

• On January 21, the Ethereum re-pledge agreement EigenLayer TVL (locked amount) exceeded US$1.8 billion (DefiLlama data);

• On January 23, EigenLayer plans to provide a “shared security” model for DApps, allowing protocols to join the network by utilizing a public ETH staking pool;

• On January 24, AltLayer announced the airdrop rules for EigenLayer participants: ETH direct staking users, LST re-staking users, and LRT staking users;

• On January 25, EigenLayer announced the introduction of sfrxETH, mETH and LsETH into the ecosystem, and the cancellation of LST’s personal limit of 200,000 ETH;

• On January 26, Polyhedra Network cooperated with the Ethereum re-pledge protocol EigenLayer to build a cross-chain protocol from Ethereum to the Bitcoin network;

Since the beginning of the month, EigenLayer related news has been coming one after another. Whether it is for marketing hype or to support the construction of the Restaking business, everyone has begun to focus on EigenLayer. In fact, these are all laying the foundation for the follow-up efforts of Restaking. The foundation makes it easier for Restaking to leverage the entire industry ecology and user market.

The rise of Restaking is a demand and necessity

In essence, restaking is a common practice in traditional finance. When applied in the encryption market, restaking based on ETH2.0 will make ETH2.0 more financial. This can be seen as another recognition of the financial attributes of ETH, but this recognition is also strongly related to market demand.

First of all, in the encryption market, financial attributes and financial characteristics are a key element to attract incremental users and incremental funds, and are also an effective tool to promote market activity and industry activity. When people have expectations that ETH will lead a new round of market conditions , and when this expectation is continuously strengthened, financial strategies will be given priority. This is the role of market demand.

Secondly, in the field of LSD, the related businesses based on ETH2.0 are too simple and thin compared with traditional finance. They are not enough in terms of risk resistance and support for market demand, especially the inability to support expectations for ETH. narrative ability; at the same time, as the LSD business is essentially financial, it is inevitable to take this opportunity to expand the business periphery and build structured finance.

Therefore, in the context of people's continuous superposition of expectations on the ETH market, the rise of Restaking is both a market demand and an inevitable development. In the final analysis, it is the improvement of self-narrative ability driven by expectations.

Starting from Restaking, it will benefit the ETH market

Just like Inscription leverages the BTC market to open up a new story line branch for industry expansion, Restaking will also become a key role in this Showtime. With continuous action, Restaking has become a very cost-effective investment option. As long as you participate in Staking, you can eat two or three of the same fish. Just looking at the directions that have begun to exert efforts, AltLayer, which is a Layer 2 hotspot, has been bundled and interacted with EigenLayer. EigenLayer's cancellation of the personal upper limit of LST also provides greater operating space for the market and users. It seems that it has begun to dominate the new market for ETH. A cycle is laid.

Combined with the market's expectations for the ETH market, in the evolution of expectations and narratives, the Restaking trend set off by EigenLayer is inevitable, and Restaking is indeed activating a new market cycle and activating ETH's market cycle as people expected. Showtime is good for the ETH cycle.

About AltLayer

AltLayer is a decentralized, flexible Rollup-as-a-Service (RaaS) protocol dedicated to providing highly scalable Layer 2 solutions for blockchain applications. It works closely with Layer 1 solutions such as Ethereum, Solana, Arbitrum, and Optimism. Connected to Layer2, developers only need to click buttons and configure parameters, and use AltLayer's launchpad or control panel to quickly publish application-specific Rollups in a few minutes, creating a Rollup service platform.

About Restaking Risks

Restaking is a kind of continuous nesting of dolls, or it can also be understood as beating drums to spread flowers. Restaking is essentially a speculative lever created for liquidity. While it brings higher returns, it also amplifies risks, no matter which layer it is. Any contract issues in the agreement will cause damage to user assets.

Note: All the above opinions are not investment advice. If there is anything inappropriate, please leave a message to add or correct it.

Note: All the above opinions are not investment advice. If there is anything inappropriate, please contact us for correction.

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