The staking platform has reached a watershed: Is decentralization the next step?

The Staking Platform is an entrance and channel for users to participate in digital asset staking. Since Ethereum upgraded from the PoW consensus mechanism to the PoS consensus mechanism, the staking platform has also received a new wave of attention and attracted the participation of a large number of new users.

From the perspective of the purpose of staking, there are currently two common staking platforms: one is a liquidity staking platform that helps users participate in the PoS mechanism blockchain network ; One is a DeFi protocol project platform that provides conventional digital asset pledge services. The two types of platforms may be very similar in terms of service models and usage methods, and both can help users enhance the liquidity of assets, but they are different in the design of the protocol architecture and the ultimate purpose of the pledge service.

As for the "pledge" mentioned in the former, this is a mechanism to maintain network security on the PoS mechanism blockchain network - users participate in the PoS mechanism By pledging the blockchain network, you can obtain asset rewards, and this reward is designed to encourage users to maintain the integrity and security of the blockchain network by participating in staking.

As for the "pledge" mentioned in the latter, this is an asset service provided by the DeFi protocol project platform - users lock the digital assets they hold In the smart contracts of DeFi projects, the purpose is to obtain further benefits for the digital assets held, that is, to obtain interest.

It is worth noting that for conventional digital asset pledge services, different DeFi protocol projects can support different types of assets to participate in pledges, and even NFTs can be pledged. However, staking platforms designed to help users participate in PoS mechanism blockchain network verification usually accept established, single asset types to participate in staking.

Recently, many information platforms have selected the list of staking platforms worth looking forward to in 2024 based on indicators such as trading functions, user participation, asset aggregation, platform availability, security, rewards, etc., and they have appeared on different lists. The staking platforms with higher ranking frequency include:

Lido

Lido  is the largest liquidity staking platform in terms of assets today. The total market value of locked assets (TVL) has exceeded US$14 billion and supports participation in Ethereum, Polygon and Solana. Wait for the pledge of the PoS consensus mechanism blockchain network.

Rocket Pool

Rocket Pool  is a decentralized liquidity staking platform that supports and focuses on participating in Ethereum staking. It develops smart node software, provides a permissionless protocol, and supports users to freely choose to become node operators (i.e. validators).

Coinbase Prime

Coinbase Prime ’s total market value of locked assets (TVL) has now exceeded $2 billion, supporting participation in Ethereum staking.

 EigenLayer

EigenLayer  is a well-known re-staking platform that supports and focuses on participating in Ethereum staking. From the perspective of staking purposes, it is also a liquidity pledge. Currently, more than 600,000 pledged ETH are hosted on Eigenlayer.

Stader

Stader It is a comprehensive staking platform that supports multiple blockchains. It supports staking activities in PoS consensus mechanism blockchain networks such as Ethereum and Polygon. It also links to more than 40 DeFi projects with conventional digital asset staking services. Today The total market value of locked assets (TVL) exceeds US$124 million.

 Tenderize

Tenderize  is a DeFi protocol project platform that provides conventional digital asset staking services. It supports a variety of digital assets to participate in staking services. Users can obtain interest and use alternative assets obtained through staking to participate in other freedoms. trade.

The above-mentioned staking platforms on the list cover a variety of staking service models, including liquidity staking (including re-staking), centralized exchange staking, and staking in the form of pledge pools for DeFi protocol projects, etc., but they are still locked by liquidity staking. has the largest assets. Since Ethereum completed the merger and changed the consensus mechanism on September 15, 2022, the staking of the digital asset ETH has so far been mostly completed through third-party liquidity staking platforms.

Next thoughts on the staking platform

Ethereum Pledge is facing serious centralization issues. Lido, Coinbase and other pledge platforms with the largest locked-in assets have accounted for nearly half of the Ethereum pledged assets.

On March 21, 2024, Ethereum founder Vitalik Buterin once again reiterated the centralization risks faced by Ethereum staking at the ETHTaipei event. The speech explained the new concept proposed by Barnabe Monneau of the Ethereum Foundation in February 2024: Rainbow Staking, in order to deal with the growing centralization problem of Ethereum staking.

The core concept of the Rainbow Staking technical framework is to allow various technical protocol service providers (Protocol Service Providers) to participate as much as possible to differentiated protocol services, thereby increasing the number of validators independently participating in staking.

Through the integration of various protocols, Rainbow Staking hopes to solve the two major challenges faced by users who want to participate in staking: "It requires 32 The asset threshold for "ETH participation in pledge" and the technical challenges of "independent operating nodes". This may also mean that the goal of the new technology framework is to reduce the economic value of existing liquid collateral assets (LSD assets) and return Ethereum staking to the original intention of staking.

Use digital asset management tools to participate in staking 

Currently, if you want to participate in Ethereum staking or DeFi projects more conveniently, you can also participate directly with the help of digital asset management tools (such as blockchain wallets).

As one of the earliest Ethereum wallets developed and launched, imToken has always actively participated in the ecological construction of Ethereum. Users can participate in Ethereum staking through imToken with two pledge options: "custodial pledge" and "non-custodial pledge". Users can also view the pledge details at any time and withdraw from the pledge at any time according to their own wishes and needs.