为什么Paradigm错了：rETH如何取代stETH（上篇）

osityofLidosincentivessystem,whichisintendedtoattractmoreusersandholdontoitsdominantmarketshare.WithLDOtokenholdersvotingtorapidlyincreaseincentivesfortwoconsecutivequarters,theresultingfloodofLDOtowardsmarketparticipantshaskeptstETHpriceshigh,artificiallyproppingupLidosmarketshareandmakingitmorechallengingfordesignatedcompetitorstoenterthemarket.MuchlikewithLidosgovernancestructure,itisultimatelyunsustainable.Anylossinthetokensvalueswillresultinamassivesell-off,affectingbothLidoandthebroadermarket.

https://blog.lido.fi/liquidity-mining-era-2

Bycontrast,RocketPoolhasaproprietaryalgorithmsystemformanagingincentivestobothstakersandnodeoperators.Mostimportantly,thissystemautomaticallyadjustsincentivesbasedonmarketcompetition,ensuringthattheyarestableyetstillappealingtousers.Inaddition,RocketPoolinsistsongivingstakersandnodeoperatorsampletimeforthemtocomeupwithasounddeterministicplanbeforeimplementinganychanges,inaccordancewiththenatureofstableandpredictableprotocolgovernance.

3-TechnicalHeadwindstostETHGrowth

LidohadosuccessfullyforciblyimposeditselfastheclearleadingEthereumLSDproviderthroughsuccessfulmarketpenetrationandhighbudgetedadvertisingcampaigns.However,Lidohasclearlyfacedagrowingcompetitionandproductintricacyinrecenttimes.RocketPoolhassignificantdifferentialsinitsprotocoldesignandarchitecturecomparedtoLidos,severalofwhicharecriticalinaddressingthetechnicalheadwindstowardaPareto-likeconcentrationofpower.

LimitationonETHStakeAmount

OneofthecriticalcomponentsofHasuandGeorgiosargumentforconcentrationofpowerinLidoshandsistheclaimthatthewholestETHsupplyisgoingtobestaked.Allstakers,whetherfrominstitutionalpool,CEXpool,oratos-staker,areboundtoenablenumbersnearesttothehighestcontrolingpoolrival.Lidosdominancehasbeenaugmentedbyitsabilitytoexpandthisstakingcontingent.However,suchgrowthisunsustainableinthewidercontextofEthereumsgrowth.ItisinevitablethatgapsinthemarketwillariseandthatdemandforEthereumstakingwilloutpaceavailablesupply.GivenRocketPoolsdecentralizedarchitecture,itismorepracticaltodeployvaluablestakepoolsinuniquegeographicalcontextsandwithdifferentresourceprofiles.Here,theRocketPoolarchitectureallowsforamorediverseandagileecosystem,counterbalancingpowerlawpressuresthatareattractedtoLidoshomogeneityanddependenceonawholisticapproachtostaking.

CentralizedOff-ChainPriceFeedsandTrustMinimization

LidosPareto-likecontrolintheEthereumstakingspherehasbeenfueledbyitshighlycentralizedpricingandrewardfeed,anditispreciselythiscentralizationthatisLidosachillesheel.Themainvulnerabilityofsuchacentralizedpricingmechanismisthatitcreatesanairgapoftrustconcernbetweenunderlyingstakingassetsandthaliquiditythatstakestakersout(LSDtokens).Themainway(Rational)stakerstakeadvantageofthisairgapisbyfront-runningofmedianodepricechangesonETH.AsstakedETHcontinuestogrow,itisunlikelythatLidoscentralizedoff-chainpricefeedswillbeabletoremainscalable,MEV-resistant,and(FE?)frees.Incontrast,RocketPoolusesanon-blockchainpricefeedthathardlyexpendsgaswhilestillrelayingdataaccurately.Itdoesntrequireacentralizedoracleoranythirdpartytooperateandreview,therebyeliminatingtheseentrenchedcentralizationriskscompletely.

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