Editor's Note: This article comes fromTalk about Xia Kanshi (ID: huaxiakiss), Author: Hua Xia, published by Odaily with authorization.
Editor's Note: This article comes from
Talk about Xia Kanshi (ID: huaxiakiss
Talk about Xia Kanshi (ID: huaxiakiss
), Author: Hua Xia, published by Odaily with authorization.
As ETH2.0 is getting closer, Staking service-related sectors have gradually attracted the attention of the market.
Staking is not a new concept and thing, it has been accompanied by the emergence of Pos and Dpos consensus mechanism projects. For example, the once-popular Dpos project EOS. In the entire industry, there is also a clear trend of transitioning from POW to POS-like consensus mechanisms.
It should be emphasized that in this article, I mainly focus on the Stkaing service provider\platform section. The logic is that if staking of ETH2.0 is an opportunity, then projects that provide services or platforms for staking will be the biggest and most direct beneficiaries.
Several characteristics of the POS mechanism of ETH2.0 determine that Staking service providers are an important group that will inevitably appear.
1. Unlike most DPOS projects, the POS of ETH2.0 is more pure.
Ideally, ETH2.0 will have millions of validators in the future. At the same time, the number of tokens required to be pledged by a single validator is a stable 32 ETH, and the part with more than 32 ETH on a single validator will not generate more income. Therefore, for large users, they need to distribute their ETH equally to multiple accounts and participate in network pledge. This workload and maintenance difficulty are relatively high.
At the same time, the validator threshold of 32 ETH is not a low threshold for individual investors with small capital. Then, there is a need to pool the scattered ETH and then evenly distribute it to multiple accounts. Such demands require professional service providers or platforms to meet them.
2. Forfeiture mechanism.
In the Ethereum 2.0 mechanism, if the verifier continues to be offline, part of the pledged ETH will be fined; and if the verifier does evil, all will be confiscated. The slashing mechanism is a huge psychological burden for ordinary ETH holders.
Moreover, keeping online in real time and running related clients stably is a huge barrier for ordinary users.
If there is a pain point, there will be a corresponding market. Staking service providers can use their professional services and scale advantages to help ordinary currency holders avoid the risk of principal being confiscated.
3. Liquidity requirements for pledged ETH.
(1) Liquidity demand during the freeze period before ETH2.0 enters phase 2. This freeze period is conservatively estimated to be in the range of 1-2 years.
(2) After 2048 Epochs (about 9 days of work), the validator can choose to release the pledge; after the release, the validator needs to wait for 4 Epochs to withdraw the released ETH, which is about 27 hours. At this stage, there is a certain liquidity requirement.
(3) Liquidity requirements of evil verifiers. When a validator is identified by the system as evil and is punished by slashing, it needs to wait for 8192 Epochs (about 36 days) before withdrawing the balance. In the case of market fluctuations and special capital needs, there is a certain liquidity demand.
In the above three cases, professional and large-scale Staking service providers (or platforms) have room to provide users with corresponding liquidity solutions and are favored by users.
secondary title
What staking service providers/platforms are currently available for attention?
Regarding this question, I mainly list four representative projects that have been launched so far for comparative analysis. (Not complete, nor does it represent specific investment advice) Here is only a brief list and examples. You can search for detailed information online.
1. Blox, the token is abbreviated as CDT. Binance, the main trading place, currently has a market capitalization of $3.9 million.
CDT is associated with business: Staking software service fee income will be used for CDT token repurchase and destruction.
2. Ankr, the token is abbreviated as ANKR. The main trading venues are Binance and Huobi, and the current market value in circulation is about 18 million US dollars.
3. RocketPool, token abbreviated as RPL. The main trading venues are Biying, Hufu, and UNI, and the current market value in circulation is 65 million US dollars.
RPL is associated with business: Rocket Pool is also a platform model, and node service providers need to pledge a certain amount of system tokens as a deposit; at the same time, Rocket Pool will provide users with a liquidity solution for the pledged ETH, and RPL will be used as a liquidity transaction The payment method of the handling fee.
4. Stafi, token abbreviated as FIS. The main trading venues, Huobi and Bitmax, currently have a market value of about 10 million US dollars in circulation.FIS is related to business: Stafi is also a Staking platform model, and node service providers need to pledge the system token FIS to become a service provider; 70% of rETH solution revenue will be destroyed by dividends or repurchase of user FIS, the specific form has not yet been determined; 21 SSV The corresponding security deposit needs to be pledged, and the total value of the security deposit needs to be greater than the above ETH asset value. FIS is the only security deposit payment method.secondary title
Will the Staking service provider\platform sector explode?
Previously, in the "
About ETH2.0, the data you must know
"In this article, a set of data was calculated:
Calculated according to the current price of ETH, when the pledge reaches 10 million, the overall revenue will be 260 million US dollars, and the staking service provider commission is calculated at 20%, which is about 52.44 million US dollars. When the amount of pledge reaches 30 million, the overall revenue is about 455 million U.S. dollars. Calculated according to the 20% commission ratio, the commission income of Staking service providers is about 91 million U.S. dollars.
Compared with the total token market value of the entire staking service provider\platform track, the total commission income of 91 million US dollars is obviously a bit thin.
If the Staking service provider\platform track under ETH2.0 wants to usher in a concentrated explosion, it needs a token model that stimulates the secondary market demand more.
