Original Author: Haotian (X: @tmel0211)

Recently, a series of factors, including @eigenlayer's Airdrop expectations, @RenzoProtocol's underperformance after launch, and other Restaking's Fomo sentiment drop, have undoubtedly cooled down Restaking's stake track. How do you see the current state of the restaking industry and the possible changes in the future? Next, I would like to briefly share a few points:

1. The Restaking track has indeed experienced a long period of irrational prosperity and development, from the points war to ETHFI, Renzo, Puffer, Swell, etc., which are pinned on high market expectations, and then stake track has fallen into a "lock-Liquidity" data show mode of grabbing native ETH and LST credentials, as if who can attract more long assets to lock in, who can create greater expected value in the future, and therefore get a higher valuation to enter the market?

In my opinion, this value estimation standard is outrageous, ignoring an essence, locking LST vouchers such assets can not create incremental value for points, the AVS network market situation behind can be opened, and truly creating benefits is the beginning of value appearance. Obviously, under the irrational emotion, everyone's expectations and focus are not on the landing Application Layer AVS, but instead of the high expectations exchanged for absorbing draw attention and assets, and cannot be effectively support; **

2. Eigenlayer's hasty issuance of tokens, and the proposed innovative paradigm of intersubjective, in fact, this token issuance seems to me to be specifically for "fire fighting and cooling". **Because if the Restaking points Lego war is further demonized, the pressure on Eigenlayer will also be exponentially amplified, and once Eigenlayer develops in the future, it will trigger a chain resonance crisis in the stake industry. **

The expected landing of Eigenlayer's issuance of Token will obviously cool down the Fomo atmosphere such as the points war, and let the market focus on the rise nature of the support point AVS network effect of the stake.

3. AVS (Active Verification Service), simply put, is to screen out some Node from the tens of thousands of Node operators and operators in Ethereum, and do some corresponding software, hardware and technical service capabilities enhancement, so that these validators can maintain their original Ethereum Consensus on the basis of adding some service capabilities to maintain network security such as other Rollups, and then obtain the possibility of additional income. (equivalent to abstracting some "mining pools" from a large number of "miners" and then doing some business development)

The AVS network can be understood as doing some "middleware" service enhancement in the basic Infra layer of Ethereum, so that some nodes can unite and do Decentralization Sequencer, Decentralization Oracle and other service capabilities "encapsulation" and commoditized output. **Theoretically, as long as the capability boundary of the nodes under the jurisdiction of AVS is large enough, as long as it is within the framework of Ethereum's large Consensus, the application landing scenarios that can be expanded will be very considerable. **

In layman's terms, these middleware networks originally required external consensus construction to access, but now they directly allow Ethereum's underlying infrastructure to have such service capabilities, and it can represent a certain Ethereum security Consensus. **AVS Node Enhancement Application Paradigm can be regarded as a potential direction for Ethereum to increase business expansion capabilities, but its focus is on the enhancement of Node service capabilities, as well as the real landing of AVS network service capabilities and the transformation of benefits. **Instead of the secondary stake re-stake and integral war expected attributes brought by AVS.

4. In fact, AVS Node enhanced application paradigm, which is also reflected outside the Ethereum network: for example: @MarlinProtocol can provide rental Computing Power support for some AI model training demanders through distributed Node augmentation; Another example: @FlareNetworks enhances its off-chain distributed Oracle Node capabilities, allowing Oracle Node to directly integrate with the EVM network and on-chain ecosystem, opening up the narrative direction of Oracle as A Service. (Take the shorter time to follow up the analysis and interpretation in detail)

**After strengthening and enhancing the capabilities of these Node operation and maintenance parties that were originally behind the scenes, they can bring a wider range of business rise capabilities to the original chain. **

In retrospect, Eigenlayer originally did stake just to provide basic security capabilities for its EigenDA (the first AVS), but it never thought that it would open the "Pan long Magic Box" of the stake: on the negative side, if it is not guided and controlled, the false prosperity of the stake will further ETH the potential Liquidity crisis of the network; On the positive side, from the perspective of AVS Node capability enhancement, Restaking will indeed inject a new narrative direction and imagination shorter into the Blockchain ecosystem.

This is the future of the re-stake track, without it.

Note: If you lack a systematic understanding of the Restaking re-stake track, it is recommended to subscribe to the 10,000-word research report of web3 caff, a panoramic dismantling of the re-narrative track led by Eigenlayer, the principles behind it and the development trend, etc.