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The potential of the Solana staking ecosystem: why the swQoS mechanism may surpass Ethereum
Analysis of the Differences in Staking Business Models Between Ethereum and Solana
After obtaining funding from Polychain and Binance Labs in two rounds, the restaking project Solayer on the Solana chain has become a highlight in the DeFi field, with its TVL continuously rising, surpassing Orca and ranking twelfth on the Solana chain.
The staking track is an important sub-track of native cryptocurrency and also the track with the largest TVL, but its representative tokens LDO, EIGEN, ETHFI, etc. are struggling in performance. This article will explore:
Ethereum Network Stake Ecosystem Analysis
Lido's business logic and revenue composition
Lido solves the high staking threshold issue of ETH through the LST concept. Its income mainly comes from:
The business logic and revenue structure of Eigenlayer
Eigenlayer proposes the concept of restaking, allowing staked ETH to be staked again for additional returns. Its business logic is:
The actual returns of the current restaking projects are still mainly in tokens/points, and the demand side is still unclear.
Liquid restaking ( Etherfi )'s way of survival
Projects like Etherfi and LRT enable users to participate in staking and restaking in a simpler way. Their survival space comes from:
This part is brought about by the Ethereum Foundation's "distrust" of Lido and Eigenlayer.
Ethereum stake ecology protocol analysis
There are three sources of long-term returns related to staking activities:
There are three types of stake-related protocols on the Ethereum network:
Currently, the ETH stake yield is continuously declining, and the market ceiling is gradually becoming apparent, which is one of the reasons for the poor performance of related tokens.
Solana's staking and restaking
Solana's liquid staking is similar to Ethereum, but the restaking mechanism is different, primarily based on the swQoS mechanism.
swQoS determines transaction priority based on the stake amount, rapidly increasing the success rate of network transactions. Solayer provides a "transaction pass-through rental platform" based on swQoS, serving protocols that require transaction reliability.
Solayer's restaking business process
Solayer combines LST and restaking, similar to Lido which supports native restaking.
Analysis of the Business Prospects of Solayer Restaking
Comparing the staking yields of Ethereum and Solana:
Solana stake related agreements have a larger market and potential:
Although Solana restaking has not yet found a clear PMF, it has more development potential than Ethereum. This trend may further expand in the future.
(This comment maintains a concise and direct style typical of online social networks, carrying a tone of skepticism and disdain, which aligns with common critical statements in the Crypto Assets community, while also showcasing personalized expression.)