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Comparing Lido with Rocket Pool, who is better Staking?

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原文作者：Ben Giove, Bankless 分析师

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经过多年的开发和等待，以太坊从工作量证明 (PoW) 到权益证明 (PoS) 的过渡已接近完成，预计最终将在 2022 年第二季度末或第三季度到来。

The merger will bring a lotWide impact。

首先，它承诺以数量级降低以太坊的能源消耗，因为以太坊网络将不再需要密集的、能源效率低下的挖矿来保护自己。

The shift to PoS also led to the release of ETHA reduction of more than 90%, while upgrading for future scalability (e.gshard) 铺平道路。

The impact of the merger will also be felt in the application layer, as it will boost Ethereum'sLiquidity pledge service的增长。这些质押协议消除了用户参与质押 (staking) 而产生的机会成本，因为它们使持有者能够赚取质押收益，同时仍能够通过向用户发行衍生品 Token，使用户能够在整个 DeFi 和更广泛的以太坊经济中部署他们的资产。

当前主要的 ETH 流动性质押协议中质押的 ETH 余额

(Dune Analytics)

由于进入壁垒 (比如质押金需求和技术要求等)，以及这些流动性质押协议的流动性和集成所产生的网络效应，流动性质押似乎很可能成为赢家，夺取大多数市场。

考虑到在合并前已经有价值 108.9 亿美元的 ETH 被质押，而存款人却 (暂时) 无法提取他们的资产，这个行业 (即流动性质押) 似乎准备在未来几年增长到数百亿 (如果不是数千亿的话)。更不用说还有其他快速增长的 PoS 网络 (如 Terra、Solana 和 Avalanche) 上新兴的质押经济。

It's still early days, but right now the two biggest players in this rapidly growing industry are.Lido And & have spentRocket Pool. Although these protocols provide similar products to their end users, they areThere are huge differences in architecture, adoption, growth strategies, and the design of native tokens。

Which begs the question: Who will win? Which is a better investment choice, LDO or RPL?

(编者注：LDO 和 RPL 分别是 Lido 协议和 Rocket Pool 协议的治理 Token。)

让我们试着找出答案。

01. 协议设计

让我们看看 Lido 和 Rocket Pool 的架构，看看二者在协议设计方面的差异和权衡。

Lido

Lido is a relatively simple protocol for end users. ETH (or other PoS chain assets) holders can deposit their tokens into Lido's smart contracts and receive them in a 1:1 ratio.stETH. StETH is a derivative. It represents your claim on the ETH you pledge, which is deposited and distributed to the ETHThe verifier节点。stETH 是一种能够累积通胀 (质押) 奖励和交易费的 ERC-20 Token，可以像任何其他 ERC-20 Token 一样使用和交易。

这为用户提供了更高的资本效率和效用性，因为它允许持有者赚取质押收益，同时还能够在 DeFi 上使用使用的 ETH。当合并之后启用信标链的取款功能时，stETH 将可以用于赎回其标的 ETH。

Lido is unmanaged, but Lido is not a permissionless agreement。相反，其底层的验证者是由 Lido DAO 通过治理的方式来选择出来的，这些验证者从质押赚取的收益中抽取一部分收益。虽然这种模式提高了该协议的可扩展性并将复杂性降至最低，而且尽管 Lido DAO 有充分的动机不会恶意行为，但通过将权力集中在 LDO Token 持有者手中，这确实构成了一个潜在的中心化向量。

Rocket Pool

From a user's point of view, Rocket Pool is like Lido: owners can deposit their ETH to earn it.rETH，这也是一种基于 ERC-20 标准的衍生品 Token，代表了对质押的 ETH 的索取权。

The difference between Rocket Pool and Lido isIt is the process of selecting verifiers.The Rocket Pool protocol does not require a licenseRather than leaving the decision to its Token holders. Anyone can do this by creating oneMinipool Become the node operator in the network: to this end,Node operators need to store 16 ETH(i.e., half of the 32 ETH requirement stipulated in ethereum protocol),The remaining 16 ETH comes from user deposits. In addition, the "mini pool" operatorA minimum pledge value of 1.6 ETH is also required (i.e. 10% of the 16 ETH pledged).The RPL Token，这是用于在验证者节点发生大型罚没事故时作为该协议的一个安全保障。

编者注：RPL 是 Rocket Pool 协议的治理 Token，也可以用于质押进 Rocket Pool 节点上作为一种保险形式。具体来说就是，这些由「迷你池」运营者质押的 RPL Token 将作为抵押品，当节点运营者在履行验证职责过程中被以太坊协议严重惩罚或者遭遇罚没，并导致该节点的质押金少于 16 ETH 时，这些 RPL 抵押品将通过拍卖的形式被卖出以获得 ETH，从而帮助补偿 Rocket Pool 协议这些损失的 ETH。作为提供这种安全保障的回报，该协议将通过协议内置的 Token 通胀 (增发) 来向节点运营者提供 RPL Token 奖励。Rocket Pool 中的节点运营者质押的 RPL Token 越多 (上限是其质押的 ETH 价值的 150%)，那么就能获得越多的 RPL Token 奖励。

Rocket Pool 的模型通过要求节点运营者质押 RPL Token，从而使该协议和节点运营者之间的利益一致，并通过自动化加入该网络的过程来最小化信任假设。

However,This comes at the cost of reduced scalability。Lido 可以在任何时候不断地向验证者分发无限数量的 ETH，与此不同的是，Rocket Pool 的增长受到加入该网络所需的 16 ETH 的限制，并依赖于需要不断有新的节点运营者上线。

小结

虽然 Lido 和 Rocket Pool 对最终用户来说可能是相同的，但当涉及到将新的验证者加入网络时，两者在本质上是截然不同的。

虽然 Lido 是以相对于 Rocket Pool 而言增加了信任假设为代价，但 Lido 的模型本身具有更大的可扩展性和资本效率，因为验证者不需要将用户的存款与验证者自己的 ETH 质押金相匹配。

02. 增长策略 & 市场采用

现在我们已经理解了这两个协议在底层是如何运作的，接下来让我们看看这两个协议的策略、增长和竞争地位。

Lido

Lido has experienced tremendous growth since its launch in December 2020. The agreement has been drawn fromMore than 33,600 independent depositorsThere's accumulatedMore than 3.05 million ETH, worth about at current prices;10.3 billion dollars, accounting for approximately all ETH pledged on the beacon chain;28%. From the perspective of liquidity pledge service market, this proportion accounts for all ETH pledged through liquidity pledge agreement.88.1%That obviously solidified it.Lido dominates the sector。

Growth of ETH stored in Lido

(Photo by Nansen Lido Dashboard)

Part of Lido's success is its pursuitMulti-chain expansion strategy. In addition to ETH, the protocol also offers liquidity pledges of LUNA, SOL, KSM, and MATIC, which are native tokens of Terra, Solana, Kusama, and Polygon, respectively: This diversity makes the Lido protocol accumulate value.$9.66 billion in deposits，其中 stLUNA/bLUNA 是 Terra 上最大的流动性质押方案，stSOL 是 Solana 上第二大流动性质押方案。

Growth trend in total lock-up value (TVL) of Lido agreements, in US $billion

(Photo by DeFi Llama)

Lido has also succeeded by offering LDO Token incentives to liquidity providers and "bribing" CVX holders millions every two weeksFor stETH, an amazing depth of liquidity was established on Curve platformStETH, worth more than $5.1 billion at the time of writing, is locked up in Curve's & NBSP;StETH - ETH poolIn the. This not only increases the convenience for stETH holders to exchange back to "pure" ETH, but also enhances the anchoring of stETH Token with ETH and the network effects of the protocol,Making stETH the largest liquid collateral derivative。

因此，Lido 已经成功地在 DeFi 领域进行了大量的整合，stETH 可以作为货币市场 (比如 Aave 和 Fuse) 的抵押品，也可以用于铸造 Stablecoin (比如 DAI)。

Rocket Pool

Rocket Pool launches in November 2021, more than Lido Eleven months too late. Rocket Pool has been removed from theMore than 2,300 independent depositorsThere accumulated more than...173000 the ETHThat's about the same at current prices.571 million dollars. Approximately all ETH pledged on the beacon chain;5%，远远落后于 Lido，但比紧随其后的竞争对手 StakeHound 高出两倍多。

The total amount of ETH stored in the Rocket Pool protocol increases

(Dune Analytics)

Unlike Lido, Rocket Pool has chosen not to pursue a multi-chain strategy -- instead,The protocol chose to focus on Ethereum。虽然这种专门化可能有助于该项目在这个利基市场中站稳地位，并让自己受到以太坊社区的喜爱，但这最终限制了 Rocket Pool 相对于其主要竞争对手的潜在市场。

As of April 6, the proportion of ETH deposits in each liquidity pledge agreement in ETH liquidity pledge market

(Dune Analytics)

Although Rocket Pool has been online for less than six months, the agreement has only recently begun to add rETH integration. For example, the recently launched Curve liquidity pool.rETH-wstETH The TVL attracted more than $126 million in funding, thoughThe pool does not currently have any secondary excitation。如果 Rocket Pool 能够借鉴 Lido 的做法，提供二级 RPL Token 激励和/或「贿赂」，那么这个流动性池将为 rETH 提供增长和深化流动性的机会。

小结

尽管 Rocket Pool 在推出后的几个月里经历了强劲的增长，Lido 仍然是以太坊上流动性质押服务的明显市场领导者。此外，考虑到其专注于多链的策略，Lido 比其竞争对手拥有更大的潜在市场。

03. Token 经济学

现在我们已经了解了 Lido 和 Rocket Pool 在协议设计和市场采用方面的差异，接下来让我们看看这两个协议的 Token 设计和经济学。

Lido

Lido is governed by LDO Token. As mentioned above, currently LDO Tokens are only used for governance, and LDO Token holders are able to decide who the node operators are in Lido and how the fee benefits of this agreement are divided between the Lido DAO vault and the node operators. Although the agreement has been in place for the past year.$21.2 million in revenue, but none of the income is currently distributed to LDO Token holders, becauseThe Lido protocol charges users 10% of the pledge reward revenue between node operators and the protocol's forfeiture insurance fund.(slashing insurance) Equal distribution between.

(编者注：Lido 协议的罚没保险基金由 Lido DAO 控制，主要用于在以太坊验证者受到惩罚时，用于补足用户的收益乃至本金。)

While Lido has an excellent foundation, THE LDO Token is currently facing many headwinds in its pursuit of sustainable value capture. For example, due to the LDO Token inThere is a lack of practicality in the agreement, soThere is no natural demand for this Token. In addition, since LDO tokens are used to incentivise liquidity and pay "bribes", the tokens naturally face pressure from yield farmers as well as Token holders seeking to lock up LDO to capture yieldSelling pressure。

这种缺乏需求来抵消 LDO Token 通胀 (增发) 的情况表明，当该 Token 没有叙事顺风 (比如当前关于即将到来的以太坊合并的叙事) 时，其价值可能很难保持。我们可能已经看到了这种趋势的初步迹象。虽然 LDO Token 在 2022 年第一季度的表现超过了 RPL (前者上涨了 88%，后者上涨了 40%)，但撰文时 LDO 仍然比历史高点低了 48%，而其竞争对手 Rocket Pool 的原生 Token RPL 则低了 41%。

Rocket Pool

Like the LDO Token, the RPL Token is also used for governance. However, as mentioned earlier,The RPL Token is used as forfeiture insurance，即节点运营者需要质押价值 1.6 ETH 的 RPL Token 才能参与到该网络中。

This provides utility for the RPL Token，并将该 Token 的需求与 Rocket Pool 协议的增长联系起来。随着越来越多的用户将 ETH 存入 Rocket Pool，以及更多的节点运营者上线，将会有相应的大量 RPL Token 需要被用于质押。这种用例使 RPL Token 定位为具有实用性的商品 Token (而且具有治理权)，而不像 LDO Token 那样作为纯加密原生股权。这种效用性有助于缓解 RPL 的通胀压力 (RPL Token 的通胀是作为奖励支付给质押了 RPL Token 的节点运营者)，从而使得在该网络上进行质押变得更具吸引力。