是什么让Lido成为顶级的ETH质押协议？

火星财经Published on 2022-03-20Last updated on 2022-03-20

Abstract

在Lido协议中质押ETH可赚取12%至14%的年化收益。

Lido 是基于 Ethereum 2.0 Beacon Chain 上建造的平台，用户无需锁定 ETH 的同时还可获得质押的奖励，并 1∶1 获得 Token stETH，以参与 DeFi 市场其他的服务。
在短短 3 个月内，Lido 以 139.8 亿美元的 TVL 创下历史新高，并超越 AAVE、Convex Finance 协议，在 DeFi 项目中位居第三。
让我们来分析一下，TVL 增长快速的 Lido 是否是一个值得使用的平台？
Lido 支持多条主流公链，具有创新的 Tokenomics
Lido 所做的业务为 POS（Proof of Stake）公链的质押池服务，目前支持 Ethereum 2.0、Terra、Solana 和 Kusama 四条公链。据 Footprint Analytics 显示，截止 3 月 1 日，Lido 的 TVL 为 139.8 亿美元创下历史新高，其中占比最大的是 Terra（56%），其次是 Ethereum（41%），其他的公链占比甚少。

DeFi

Footprint Analytics - TVL of Lido
Lido 通过支持这 4 条公链可整合很多的头部协议，并发行对应公链 Token 衍生品为权益持有者的资产提供流动性。用户不仅可以选择质押 ETH、SOL、LUNA 和 KSM 的加密货币获得同比例 Token stETH、stSOL、stLUNA 和 stKSM，还能获得 4.5% 至 18% 的年化收益。

DeFi

Screenshot Source - Lido website
Lido 还发行原生 Token LDO，截止 3 月 1 日，LDO 的价格为 2.08 美元，对比上述的 4 种 Token 价格较低。LDO 主要是用来参与投票和治理，且未上较大的去中心化交易所，整体的价格走势与 Lido TVL 不成正比。

DeFi

Footprint Analytics - ETH & KSM & SOL & LUNA & LDO Token Price
这使 Lido 区别于 MakerDAO、Liquity 等协议，如 MakerDAO 存入 ETH 获得的奖励是 DAI，而 Lido 质押 ETH、SOL 和 Luna 等 Token 能获得同等价格的衍生 Token，还能享受不低的年化收益，并且不受原生 Token LDO 价格而影响。这意味着 Lido 是一个不错的生息质押服务协议。
Lido 多种投资方式
用户想独立参与 Ethereum 2.0 的质押，需要质押 32 个整数倍的 ETH，这对于散户来说，非常不友好。而 Lido 在质押数量上就比较人性化，用户质押任意数量的 ETH 就可以参与 Ethereum 2.0 。
截止 3 月 1 日，ETH 总质押 198 万枚。以质押 ETH 为例，展开分析在 Lido 平台上如何赚取更多的收益。
用户质押任意数量的 ETH，获得 1 : 1 Token stETH，能赚取 4.5% 的 APY。对比 AAVE，存入 ETH，可获得 0.2% 的 APR，收益可忽略不计。

  • 把原本有利息的 stETH 资产凭证转为流动性，参与到其他的 DeFi 协议（如 Curve、AAVE 和 Convex Finance）中赚更多的收益。操作如下：
  • 将 stETH 投放 Curve 中可赚取约 3% 的 APY。
DeFi

Footprint Analytics - Curve website

  • 在 Curve 上获得的收益还能往 Convex Finance 平台上投放可再次赚取收益。用户把 stETH 存入 Curve 平台得到 LP 后，再存入 Convex Finance 平台的 steth pool 中，可赚取约 5.1% 的 APR。
DeFi

 Footprint Analytics - Convex Finance website
综上，用户在 Lido 平台上质押任意数量的 ETH 用于其他 DeFi 平台中，可获得 12% 到 14% 的 APR，对于用户来说，是一笔可观的收益。Curve 和 Convex Finance 是全网前 5 的头部协议，不仅风险可控，而且无清算风险，完全是单币质押的模式。
Lido 的优劣势思考
Lido 的优势：

对小白友好、灵活

可以质押到外部合约，获取更高的 APY

单币质押模式
Lido 的劣势：

  • 惩罚机制
    Lido 是基于 Ethereum 2.0 Beacon Chain（一种全新的权益证明区块链）上建造的平台，筹集到用户质押的 Token 后存在 Beacon Chain 上。它有奖罚机制，当 Rebase 发生时，Token 的供应会根据 Beacon Chain 中的质押奖励在算法上增加或减少。当预言机报告 Beacon 统计信息时，就会发生 Rebase（变基）。
  • 收益并不稳定
    stETH 的余额会在每天 UTC 时间 24 时更新，如果 stETH 的余额有增加，可获得一定的奖励；如果 stETH 的余额有减少，将损失一定数量的 Token stETH。但是，在 Lido 上质押的年化收益是 4.5%（如是质押 ETH），这收益与 Beacon Chain 上的奖惩不冲突，两者之间是单独计算。
  • Gas 费对于小额用户也是个考虑在内的成本
    本文来自 Footprint Analytics 社区贡献
    以上内容仅为个人观点，仅供参考、交流，不构成投资建议。如存在明显的理解或数据错误，欢迎反馈。

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