在區塊鏈Restaking領域，2025年主導權之戰空前激烈，三大協議—EigenLayer、Symbiotic及Karak—正爭相重塑去中心化網絡加密經濟安全的運作方式。
EigenLayer以超過170億美元的鎖倉總價值（TVL）穩踞市場領導地位，但新晉挑戰者Symbiotic及Karak已快速建立鮮明定位，有機會徹底改變格局。這場競賽不僅僅是爭奪市場份額，更關乎建立未來去中心化應用、跨鏈協議及Web3服務所需的基礎安全設施。
這場戰爭可謂輸贏難料。Restaking意味著由傳統分隔的網絡安全，進化至共享、可組合的安全底層，預示釋放萬億美元經濟價值。不再需要每條新鏈或去中心化服務從零自建安全層——這既昂貴又費時，restaking容許現有質押資產同時保障多條協議。此創新正擊破Web3普及的一大障礙：過往去中心化網絡安全零碎分隔，導致發展受限。
2025年浮現的競爭格局，三大協議各自走上獨特發展路線。EigenLayer從單純restaking協議演化為所謂「可驗證雲端」，針對企業及機構用戶，提供經過實戰驗證的基礎設施。Symbiotic則開創首個完全無需許可的restaking協議，主打最大自訂及模組化架構，專為DeFi原生應用打造。Karak定位「通用restaking層」，支持多鏈最多資產橫跨，不僅目標企業，更涵蓋國家級應用場景。
Restaking革命：理解基本原理
Restaking徹底改變區塊鏈安全操作模式，允許同一批質押資產同時守護多個網絡。傳統PoS系統要求驗證者將代幣鎖定於單一網絡進行安全保障。restaking打破這個束縛，使質押者除可領取原協議獎勵外，亦可保障並賺取其他協議（如AVS、DSS等）的報酬，而無需分別持有不同協議的代幣。
其價值遠超收益優化。對新興協議而言，restaking解決了要說服驗證者用不知名幣種守護網絡那種天價啟動成本。新項目無需從零開始，即可接入如Ethereum等數十億美元資產保障，從第一天便獲得堅實安全。這大大縮短創新應用的上市時間，同時給予用戶經實戰驗證的保障。
經濟模型產生多層次價值創造。質押者可同時賺取原有協議和額外協議的獎勵；營運商（operators）作為技術提供者，於多協議間擴展收入來源並抽成手續費；新協議則以極低成本，直接接入成熟的安全設施，無需自建驗證者網絡。如此打造出更高資本效率、可擴展且可組合的安全生態。
不過，restaking亦引入傳統質押模型不見的新型複雜風險，最突出的便是slashing風險——即若某服務出現技術失誤或惡意行為時，參與協議的資產會同時被多個協議處罰。這種複雜的風險與回報平衡，在不同restaking方案間差異甚大，參與者必須審慎評估。
EigenLayer：由先驅蛻變「可驗證雲端」平台
EigenLayer發起restaking革命，現以約170至190億美元TVL佔據約75%整個restaking市場，由Sreeram Kannan創立，並獲Andreessen Horowitz等巨頭投資。EigenLayer已從實驗概念進化為可投入生產系統，為超過162個AVS和1,500多位註冊運營商提供安全。
協議技術架構圍繞三大核心組件靈活組合運作。用戶質押ETH或流動質押代幣提供安全，運營商運行技術設施為AVS做驗證，AVS可按自訂參數（如門檻要求、懲罰條件、獎勵方式）消耗安全資源。
2025年，EigenLayer策略大轉型，自純粹restaking協議轉型為「可驗證雲端」平台。2025年6月宣布此重塑品牌時，同步獲Andreessen Horowitz大手購入7,000萬美元代幣。EigenLayer現定位為「區塊鏈界AWS」，將雲端可編程性與加密驗證性結合。新引入三大基礎組件：EigenDA數據可用性、EigenVerify糾紛解決、EigenCompute基礎建設抽象，劍指10萬億美元雲計算市場，不再只限加密原生應用。
2025年4月全面完成slashing功能，是其發展路線圖的關鍵里程碑，經過多月反覆開發與測試。透過其獨特Stake Allocation系統實現高階風險隔離，允許運營商為個別AVS配比可被削減的ETH，防止懲罰連鎖效應。這直接解決了restaking一直被詬病的，一個協議出問題會牽連多協議的核心風險。
EigenLayer多鏈驗證擴展於2025年7月Base Sepolia測試網上線，主網定於第三季推出，此技術突破允許AVS於Layer-2網絡運作同時享有Ethereum原生安全。該功能會自動同步驗證者數據、質押比重及削減懲罰，極大擴展EigenLayer安全覆蓋的潛在場景，不再局限於Ethereum主網。
協議極受機構用戶歡迎，與Coinbase合作數字託管及質押業務、Google Cloud作為主網日一營運商、HashKey亦提供企業基礎設施。這些夥伴關係提供極大信譽及技術資源，成為中小協議難以匹敵的優勢，進一步鞏固EigenLayer作為機構級restaking方案的領導者地位。
EigenLayer經濟模型圍繞EIGEN代幣運作，2024年5月發行，總量17億枚，現流通約2.35億。EIGEN同時用於鏈上可驗證違規處理，以及社會共識介入的糾紛（借助創新分叉與削減機制）。雙代幣設計（EIGEN及質押用bEIGEN）容許高度治理靈活性，同時保障高價值應用的資產安全。
隨著新協議功能急起直追，並支援更多資產或彈性特色，EigenLayer壓力亦日益加劇。協議本身隨擴張變得愈來愈複雜，2025亦因資源重組，削減25%人手，專注最關鍵發展領域。這既顯示持續領導處境艱難，也見其管理層傾向可持續發展而非盲目擴張。
Symbiotic：模組化革命者
Symbiotic自帶完全不同願景投入restaking戰局：由第一天起便極致模組化及無需許可。2025年1月28日主網正式啟用，是首個即時支援全功能slashing的restaking協議，開啟24小時內TVL突破2億美元，現已超過17億。
協議架構圍繞五個主要組件，為安全需求方提供最大彈性。可用作抵押的資產涵蓋任何ERC-20代幣，且額外增強可削減功能，並不限於ETH或流動質押代幣。Vaults負責授權管理與restaking操作，並可高度隔離風險。Operators提供基礎設施橫跨多個Vault及網絡。Networks即是使用安全服務的協議，能完全控制所有實作參數。Resolvers則擔當仲裁角色，對削減事件具有否決權，能進一步防止無理懲罰。
Symbiotic的模組化設計令其明顯有別於EigenLayer一體化路線及Karak的通用平台策略。Networks擁有對所有restaking落實細節的完全決定權，從削減條件到門檻要求直至獎勵方案都可自訂。
distribution mechanisms and operator selection criteria.
分配機制同營運者選擇標準。核心合約保持不可變同不可升級，從而消除治理風險同單點故障風險，避免影響成個系統。呢種方法吸引咗追求最大度身訂造、又唔想參與治理或承受可升級合約風險嘅協議。
The protocol's multi-asset support extends far beyond ETH-based restaking to include any ERC-20 token, LP tokens, stablecoins, and other DeFi primitives. 協議嘅多資產支援唔止於基於ETH嘅再質押，仲包括任何ERC-20代幣、LP代幣、穩定幣及其他DeFi基礎資產。
This flexibility enables novel use cases such as using yield-bearing assets like sDAI as collateral or restaking governance tokens to secure protocol-specific services.
呢種彈性容許新嘅應用案例，例如用sDAI等帶息資產做抵押，或者再質押治理代幣去保障協議專屬服務。
The abstracted collateral model supports assets across multiple blockchains, creating cross-chain capital efficiency opportunities that traditional restaking protocols cannot match.
抽象化嘅抵押模式支援多鏈資產，帶嚟跨鏈資本效率機會，係傳統再質押協議難以媲美。
Symbiotic's strategic partnerships have proven crucial to its rapid market penetration.
Symbiotic嘅策略性合作夥伴對其快速進入市場發揮咗關鍵作用。
The alliance with Lido co-founders through cyber.Fund investment and integration with Mellow Protocol provides sophisticated liquid restaking token infrastructure that appeals to DeFi-native users seeking advanced yield strategies.
透過cyber.Fund投資同Lido聯合創辦人合作，加埋同Mellow Protocol整合，為尋求進階收益策略嘅DeFi原生用戶提供咗精密又進階嘅流動再質押代幣基建。
The Paradigm-led $5.8 million seed round, followed by a $29 million Series A from Pantera Capital and Coinbase Ventures in April 2025, provided both funding and strategic credibility for competing against EigenLayer's established ecosystem.
由Paradigm主導嘅580萬美元種子輪融資，及2025年4月由Pantera Capital及Coinbase Ventures領投嘅2,900萬美元A輪，為佢對抗EigenLayer現有生態系統提供咗資金同策略信譽。
The resolver system represents one of Symbiotic's most innovative technical features, allowing networks to choose between automated contracts for slashing decisions, committee-based governance approaches, integration with established dispute resolution systems like UMA or Kleros, or operating without any resolver for specific use cases.
resolver系統係Symbiotic其中一個最創新嘅技術賣點，容許網絡可以揀用自動執行嘅罰沒合約、委員會治理模式、整合現有糾紛解決系統如UMA或Kleros，或者針對特定用途唔用resolver。
This flexibility enables networks to tailor their security models to their specific requirements and risk tolerance rather than accepting a one-size-fits-all approach.
呢種彈性令網絡可以根據自己具體需求及風險承受能力去調節安全模型，而唔使被迫接受一刀切方案。
Symbiotic's rapid ecosystem development has attracted over 40 partners in its initial cohort, including major DeFi protocols like Ethena, Frax, EtherFi, and RedStone Oracles.
Symbiotic生態系統快速發展，首批已吸引超過40個合作夥伴，包括主要DeFi協議如Ethena、Frax、EtherFi同RedStone Oracles。
The protocol's emphasis on permissionless deployment means that new networks can integrate without requiring approval from protocol governance or core developers, significantly reducing time-to-market for innovative applications. 協議強調無需許可嘅部署，新網絡可以唔使獲協議治理或核心開發者批准就整合到去，大大縮短咗創新應用嘅上市時間。
This approach positions Symbiotic as the "Uniswap of restaking" - providing open, composable infrastructure that anyone can build upon. 咁樣做令Symbiotic有「再質押界Uniswap」之稱——提供開放、可組合嘅基建，任何人都可以喺上面創建應用。
The protocol's growth trajectory demonstrates the market appetite for flexible restaking solutions, with 69,000 wallets claiming 1.3 billion NIGHT tokens and rapid cross-chain adoption. 協議增長軌跡清楚展現市場對靈活再質押方案嘅需求，已經有69,000個錢包認領咗13億個NIGHT代幣，並且迅速納入多鏈應用。
However, Symbiotic faces the challenge of maintaining decentralization and security standards while enabling permissionless deployment, particularly as less sophisticated networks begin consuming its security services without adequate risk assessment or monitoring capabilities. 不過，Symbiotic喺追求無需許可部署時，要同時保持去中心化同安全標準，特別係當一些冇咁成熟嘅網絡開始用佢啲安全服務，而又可能無足夠風險評估或監察能力，係一大挑戰。
Karak: The Universal Multi-Asset Platform
Karak：通用多資產平台
Karak has carved out a distinctive position in the restaking landscape by pursuing the broadest possible asset and chain support, positioning itself as the universal restaking layer that can secure any protocol using any asset across any blockchain. Karak走出咗自己獨特路線，追求支援最廣泛資產同區塊鏈，定位為通用再質押層，可以用任何資產為任何鏈上協議提供安全保障。
With approximately $740-826 million in total value locked across multiple chains, Karak represents the second-largest restaking protocol and demonstrates compelling growth momentum despite being the newest major player in the space. 現時喺多條鏈總鎖倉價值約7億4千至8億2千萬美元，Karak已經係第二大再質押協議，雖然係新玩家，但增長勢頭好明顯。
The protocol's technical architecture centers around Distributed Secure Services (DSS) - Karak's equivalent to EigenLayer's AVS - supported by sophisticated vault systems that handle dedicated storage for each token type. 協議嘅技術架構圍繞分布式安全服務（DSS）展開，相當於EigenLayer嘅AVS，並由進階保險庫系統支援，為每種代幣提供專屬儲存。
The VaultSupervisor serves as the central hub managing all vault operations, while the DelegationSupervisor handles withdrawals and delegation logic. VaultSupervisor 負責統籌管理所有保險庫操作，DelegationSupervisor就處理提現及委託邏輯。
The native K2 Layer-2 network provides a purpose-built environment for risk management and DSS testing, offering developers a sandbox for experimentation without mainnet risks. 原生K2 Layer-2網絡為風險管理及DSS測試專門設計，開發者可以喺測試環境無需承擔主網風險下，盡情試驗。
Karak's multi-asset restaking capability represents its most significant competitive advantage, supporting the broadest range of collateral types including native ETH and liquid staking tokens, Bitcoin through WBTC, major stablecoins like USDC and USDT, LP tokens from various DeFi protocols, and yield-bearing assets such as Pendle PT positions. Karak嘅多資產再質押能力係最大競爭優勢，可以支援最多類型抵押品，包括原生ETH、流動質押代幣、透過WBTC引入嘅比特幣、主流穩定幣如USDC及USDT、各種DeFi協議LP代幣同有息資產如Pendle PT 頭寸。
This diversity enables unique yield optimization strategies that aren't possible with ETH-only protocols, particularly appealing to sophisticated DeFi users seeking to maximize returns on diverse portfolios. 如此多元化資產支援，造就咗只有ETH嘅再質押協議做唔到嘅優化收益策略，令精明DeFi用戶可以為分散投資組合盡攬回報。
The protocol's cross-chain architecture operates natively across Ethereum, Arbitrum, Optimism, Mantle, BSC, and other networks, with dedicated TVL tracking showing approximately $250.75 million on Ethereum, $12.22 million on Arbitrum, $11.54 million on Fraxtal, and $8.8 million on K2. 協議跨鏈架構原生支援Ethereum、Arbitrum、Optimism、Mantle、BSC等，獨立鎖倉數據包括Ethereum約2.51億美元、Arbitrum約1,222萬、Fraxtal約1,154萬、K2約880萬美元，充分體現真正多鏈採用，而唔只係簡單跨鏈或包裝代幣。
This distribution demonstrates genuine multi-chain adoption rather than simple bridging or wrapped tokens, creating real utility for users operating across diverse blockchain ecosystems. 咁分佈反映出真實多鏈使用，對喺不同區塊鏈生態操作用戶帶來實際用處。
Karak's $48 million Series A funding round at a $1+ billion valuation, led by Coinbase Ventures, Pantera Capital, and Lightspeed Ventures, included notable investment from Mubadala Capital, a $280 billion sovereign wealth fund. Karak嘅4,800萬美元A輪融資，估值超過10億美元，由Coinbase Ventures、 Pantera Capital及Lightspeed Ventures領投，仲有阿布扎比2,800億美元主權基金Mubadala Capital參與。
This institutional backing provides both financial resources and strategic credibility for pursuing large-scale enterprise and nation-state applications that smaller protocols cannot access. 呢啲機構支持令Karak有足夠資金同策略聲譽，去開拓一般細協議接觸唔到嘅企業或國家級應用。
The funding supports Karak's ambitious multi-chain expansion and asset diversification strategy while providing runway for significant technical development. 融資協助Karak推行多鏈擴展同資產多元化戰略，並為重大技術開發提供資金準備。
The protocol's enterprise and nation-state focus distinguishes it from competitors primarily targeting DeFi applications or institutional investment managers. Karak專注開發企業及國家級應用，與只針對DeFi或機構投資者嘅競爭對手有明顯分野。
Karak has received recognition from the White House for providing sovereign-grade digital infrastructure and offers white-label solutions for businesses and governments seeking to deploy blockchain technology without the complexity of building custom infrastructure. Karak更獲白宮認可為具主權級數字基建供應商，亦提供白標方案，方便企業政府落實區塊鏈技術，唔使繁複自建基礎設施。
This positioning could provide sustainable competitive advantages as traditional institutions increasingly explore blockchain adoption. 咁樣定位幫佢建立長遠競爭優勢，隨住傳統機構漸多考慮採用區塊鏈。
Karak's developer experience emphasizes simplicity and accessibility through turnkey SDK tools, comprehensive smart contract audit capabilities, and the K2 sandbox environment for testing. Karak好重視開發者體驗——一鍵SDK工具、全面訂製合約審計支援、K2沙盒環境等，讓開發變得簡單易用。
The protocol's approach recognizes that many potential DSS developers lack the technical expertise to navigate complex restaking implementations, providing abstracted interfaces that enable rapid deployment without sacrificing security or functionality. 協議明白到好多潛在DSS開發者唔熟悉複雜再質押技術，因此提供高度抽象化界面，等佢哋可以快速部署，同時又唔犧牲安全同功能。
The anticipated launch of the KAR token represents a significant upcoming catalyst for Karak's ecosystem development. KAR代幣即將推出，預料會成為Karak生態系重要增長推動力。
While specific tokenomics haven't been announced, the token is expected to power governance participation, staking and restaking rewards, DSS security mechanisms, and cross-chain operations. 雖然詳細代幣經濟未公布，KAR預計會用作治理參與、質押與再質押獎勵、DSS安全機制及跨鏈操作。
The protocol's active XP rewards campaign has attracted substantial community participation ahead of the token launch, building engagement and early adopter momentum. 協議現正推行XP獎勵活動，吸引大量社區參加，預先培養參與度同早期用戶勢頭。
However, Karak faces significant technical challenges highlighted by Code4rena audit findings that identified four high-severity and five medium-severity vulnerabilities, including potential permanent locking of ETH and denial-of-service attacks on slashing mechanisms. 不過，Karak正面對嚴峻技術挑戰。Code4rena審計發現4項高危、5項中危漏洞，包括ETH永久鎖定風險及罰沒機制遇到拒絕服務攻擊等問題。
While mitigation efforts are ongoing, these findings underscore the complexity of building secure multi-asset, multi-chain restaking infrastructure and the importance of rigorous security testing before full deployment. 雖然Karak正努力做補救，但上述結果亦突顯多資產多鏈安全基建開發有幾複雜，以及全面上線前必須徹底做安全測試。
Competitive Dynamics and Market Evolution
競爭動態與市場演變
The restaking wars of 2025 have evolved far beyond simple competition for total value locked into sophisticated battles for different segments of the decentralized infrastructure market.
2025年再質押大戰已經唔只係爭鎖倉價值，而係進化成為分別爭奪不同去中心化基建市場細分領域嘅激烈競賽。
Each protocol has developed distinct competitive moats and strategic positioning that suggest sustainable differentiation rather than winner-takes-all dynamics. 每個協議都發展出自己嘅競爭護城河同策略定位，意味住市場會維持長遠分化，而唔係單一贏家通吃。
EigenLayer's institutional strategy leverages its first-mover advantage and established partnerships to dominate the enterprise and institutional segment. EigenLayer主打機構市場，以先行優勢同穩定合作夥伴為基礎，在企業及機構賽道領航。
The partnership with Google Cloud provides technical credibility for enterprise applications, while the Coinbase integration offers comprehensive custody and staking services that institutional investors require. 與Google Cloud嘅合作為企業應用帶來技術背書，Coinbase整合亦提供機構投資者一站式託管同質押服務。
The protocol's transformation into a "verifiable cloud" platform positions it to capture value from the broader $10 trillion cloud computing market rather than limiting itself to crypto-native applications. 協議轉型成為「可驗證雲端」平台，有望切入10萬億美元雲端運算市場，而唔止於加密原生應用。
This positioning particularly appeals to large organizations seeking blockchain benefits without the complexity of managing multiple protocols and security models. 呢種定位最適合希望享受區塊鏈好處、但又唔想管理多種協議同安全模型複雜度嘅大型組織。
Symbiotic's DeFi-native approach targets sophisticated protocols and developers seeking maximum flexibility and customization. Symbiotic走DeFi原生路線，目標係追求最大靈活性同定制化嘅先進協議與開發者。
The partnership with Lido co-founders and integration with advanced DeFi protocols like Mellow, Ethena, and Pendle demonstrates clear positioning for yield-optimizing users who prioritize customization over simplicity. 與Lido創辦人合作，並整合Mellow、Ethena、Pendle等advanced DeFi協議，明確針對追求高度定制、優化收益嘅用戶群。
The protocol's immutable core contracts appeal to projects concerned about governance capture or protocol changes that could affect their security assumptions. 協議核心不可變合約吸引咗對治理風險、協議變更有疑慮、重視安全假設嘅項目。
This approach resonates particularly well with established DeFi protocols looking to enhance their security models without sacrificing control. 呢種思路特別適合已成熟嘅DeFi協議，希望加強安全同時保持主導權。
Karak's universal platform strategy addresses use cases that neither EigenLayer nor Symbiotic can effectively serve, particularly multi-asset yield optimization and cross-chain applications. Karak嘅通用平台策略鎖定EigenLayer同Symbiotic都做唔好嘅用例，尤其係多資產收益優化同跨鏈應用。
The protocol's support for stablecoins, governance tokens, and LP tokens enables innovative security models that aren't possible with ETH-only approaches. Karak支援穩定幣、治理代幣及LP代幣，創造咗ETH-only協議做唔到嘅創新安全模型。
The enterprise and nation-state focus provides a differentiated go-to-market strategy that avoids direct competition with established players while addressing significant market opportunities that others overlook. 主攻企業及國家市場，令Karak避開直接對抗成熟對手，開拓其他人忽略嘅重大市場機會。
The market share （以下內容未完，如需繼續翻譯，請貼出剩餘部分。）distribution reflects these different strategic approaches, with EigenLayer maintaining approximately 75% market share despite growing competition. Symbiotic has captured roughly 7-8% market share within eight months of launch, demonstrating the demand for flexible, permissionless restaking infrastructure. Karak's 2-3% market share understates its strategic significance, as the protocol serves unique use cases and asset types that generate value beyond simple TVL metrics.
分布反映出這些不同的策略方向，儘管競爭日增，EigenLayer 依然保持約75%的市場份額。Symbiotic 自推出八個月以來，已取得約7-8%的市場佔有率，顯示市場對靈活、無需准入的重質押基建有強烈需求。Karak 雖然僅佔2-3%市場份額，但其策略價值被低估，因為該協議針對獨特用例及資產類型，所創造的價值遠不止TVL指標本身。
Feature convergence across protocols has accelerated throughout 2025, with all major platforms now offering or planning complete restaking functionality including slashing mechanisms, multi-chain support, and sophisticated risk management tools. This convergence has benefited the entire ecosystem by raising security standards, improving user experience, and expanding the total addressable market for restaking services.
2025年間，各大協議的功能趨於一致加速，各主要平台現時均已提供或計劃提供完整的重質押功能，包括懲罰（slashing）機制、多鏈支援，以及先進風險管理工具。這種趨同提升了整個生態系統的安全標準、改善了用戶體驗，並擴大了重質押服務的可觸及市場規模。
The competitive responses demonstrate sophisticated strategic thinking rather than simple imitation. EigenLayer's accelerated multi-chain deployment directly addresses Symbiotic and Karak's flexibility advantages while the verifiable cloud repositioning creates differentiation that competitors cannot easily replicate. Symbiotic's emphasis on permissionless deployment and modular architecture provides sustainable advantages for developers seeking maximum control. Karak's multi-asset and nation-state positioning creates unique value propositions that don't directly compete with other protocols' strengths.
競爭對手的回應展現出成熟的戰略思維，而非單純模仿。EigenLayer 加速多鏈部署，正面回應 Symbiotic 與 Karak 在靈活度上的優勢，同時透過「可驗證雲端」定位，建立出難以被競爭對手輕易複製的差異。Symbiotic 強調無需准入部署和模組化架構，為追求最大自主權的開發者提供可持續的優勢。Karak 以多元資產和「國家級」定位，形成獨特價值主張，並非直接與其他協議的強項競爭。
Security Considerations and Risk Management
安全考量與風險管理
The security landscape for restaking protocols presents complex new risk vectors that require careful evaluation by all stakeholders. While restaking enhances capital efficiency and expands earning opportunities, it also introduces interconnected risks that didn't exist in traditional staking models.
重質押協議的安全格局帶來了複雜的全新風險，需要所有持份者審慎評估。雖然重質押提升資本效率及拓展賺取收益的機會，但同時引入了傳統質押模式所沒有的連鎖性風險。
Slashing risk represents the most significant concern for restaking participants, as misbehavior or technical failures in one service could potentially result in penalties across multiple protocols. Each platform addresses this challenge differently, with EigenLayer implementing sophisticated risk isolation through its Unique Stake Allocation system, Symbiotic providing vault-specific risk management and flexible resolver mechanisms, and Karak offering progressive slashing models designed to protect smaller validators from disproportionate penalties.
對重質押參與者而言，懲罰風險（slashing）是首要考慮，因為單一服務的失誤或技術故障，可能導致多個協議同時被懲罰。不同平台各有應對：EigenLayer 透過其獨特的「Stake Allocation」系統進行高階風險隔離；Symbiotic 為各金庫（vault）提供專屬風險管理和靈活解決機制；Karak 則設有漸進式懲罰（slashing）模式，旨在保護小型驗證者免受過度處罰。
The actual frequency of slashing events provides important context for risk assessment. Historical data shows slashing is extremely rare, with Ethereum experiencing only 0.04% of validators slashed (472 out of 1.2 million validators) and Cosmos Hub recording only 5 slashing events since 2019. This suggests that while slashing risk requires careful management, it's not the overwhelming concern that some critics suggest.
懲罰事件的實際發生頻率，是進行風險評估的重要參考。歷史數據顯示，懲罰情況極為罕見——以太坊至今僅有0.04%驗證者被處罰（120萬驗證者中有472個被slashed），Cosmos Hub 自2019年起僅發生過5次懲罰。這顯示雖然懲罰風險須審慎管理，但其實未如某些批評者所言般嚴重。
Smart contract vulnerabilities pose additional risks, particularly for newer protocols with less battle-tested code. Karak's Code4rena audit findings, which identified multiple critical vulnerabilities including potential permanent locking of ETH and denial-of-service attacks, highlight the importance of comprehensive security reviews and ongoing monitoring. In contrast, EigenLayer's longer operational history and multiple security audits provide greater confidence in its technical implementation.
智能合約漏洞構成另一大風險，尤其對於新協議而言，其代碼尚未經歷足夠實戰測試。Karak 在 Code4rena 安全審核中發現多個重要漏洞，包括ETH有可能被永久鎖定及拒絕服務攻擊，突顯全方位安全審查和持續監控的重要性。相對而言，EigenLayer 運行歷史較長、經過多次安全審核，在技術實作上更具信心。
Operator risk affects all restaking protocols, as stakers typically delegate their assets to operators who run the actual infrastructure and validation services. Poor operator performance, whether through technical failures or malicious behavior, can result in slashing penalties or reduced rewards for delegated assets. This creates the need for sophisticated operator evaluation and monitoring systems that most individual stakers lack the expertise to implement effectively.
營運者風險亦適用於所有重質押協議，因為用戶通常將資產委託給營運商（operator）運作基建與驗證服務。營運者表現不佳，不論是技術失誤或惡意行為，均有機會導致被懲罰或取得較低回報。這促使需要先進的營運者評估及監控系統，而一般用戶大多無法自行有效執行。
The regulatory landscape adds another layer of complexity, particularly following the SEC's May 2025 guidance that provided clarity for basic protocol staking while explicitly excluding liquid staking, restaking, and liquid restaking from its safe harbor provisions. This regulatory uncertainty creates compliance challenges for institutional participants and may limit adoption until clearer guidance emerges.
監管環境則進一步增添複雜性。美國證券交易委員會（SEC）於2025年5月就基礎協議質押發出指引，雖然釐清了部份規則，但明確將流動質押、重質押及流動重質押排除在「安全港」範圍之外。這種監管不明朗，為機構參與者帶來合規挑戰，或會限制其廣泛採用，直至有更清晰指引出台。
Emerging insurance solutions address some of these concerns through innovative products like Slashing Insurance Vaults (SIVs) proposed by Re² and Symbiotic, which provide institutional-grade insurance logic with tranched risk models and permissionless coverage enforcement. Traditional insurance providers and decentralized options like Nexus Mutual also offer coverage for smart contract failures and other technical risks.
嶄新保險方案已針對部分疑慮提出創新產品，例如 Re² 及 Symbiotic 推出的 Slashing Insurance Vaults（SIVs），用以提供機構級保險邏輯，結合分層風險及無需准入的理賠執行。傳統保險商及如 Nexus Mutual 等去中心化方案，亦為智能合約失誤及相關技術風險提供保障。
Risk-reward profiles vary significantly between different stakeholder groups and protocols. Conservative investors might prefer EigenLayer's established track record and institutional-grade partnerships, while yield-seeking investors might gravitate toward Symbiotic's modular risk management or Karak's diverse asset opportunities. Institutional participants require comprehensive compliance frameworks and professional custody solutions that add complexity but provide necessary risk management capabilities.
不同持份者及協議之間，風險回報特徵差異甚大。保守投資者或會傾向選擇具備可靠往績及機構級夥伴關係的 EigenLayer；追求收益的投資者則更青睞 Symbiotic 的模組化風險管理或 Karak 多元資產機會。機構參與者則需全面的合規框架及專業託管服務，雖然增加複雜性，卻帶來所需的風險管控能力。
Market Outlook and Strategic Implications
市場展望與策略啟示
The restaking landscape in 2025 demonstrates remarkable maturation from experimental concepts to production-ready infrastructure securing billions of dollars in value. This evolution has profound implications for the broader blockchain ecosystem and suggests several important trends that will shape the market's future development.
2025年重質押生態已由實驗性概念，成熟演化為能保障十億美元價值的實用基建。這一轉變對區塊鏈生態帶來深遠影響，並透露出多項主導未來市場發展的重要趨勢。
The total addressable market extends far beyond the current $20+ billion in restaking TVL to potentially encompass much larger segments of the global economy. EigenLayer's verifiable cloud positioning targets the $10 trillion cloud computing market, while Karak's nation-state and enterprise focus addresses massive government and institutional infrastructure requirements. Symbiotic's DeFi-native approach serves the rapidly growing decentralized finance ecosystem, which continues expanding despite periodic market volatility.
總體可觸及市場遙超現時重質押 TVL 超過200億美元的規模，潛在地可以涵蓋更多全球經濟領域。EigenLayer 以「可驗證雲端」定位對標10萬億美元雲計算市場；Karak 則聚焦政府及企業，正面回應龐大的機構及國家級基礎需求；Symbiotic 則原生服務於高速擴展的 DeFi 生態，即使市場波動仍持續壯大。
Institutional adoption represents a critical growth driver with significant untapped potential. Current restaking participation remains primarily retail-driven despite growing institutional interest, largely due to regulatory uncertainty and complex slashing mechanisms that lack sufficient historical data for institutional risk models. However, partnerships with major custodians like Fireblocks and Balance, combined with improved regulatory clarity, could unlock substantial institutional capital flows.
機構採用是關鍵增長動力，潛在空間巨大。現時重質押參與仍以散戶為主，儘管機構興趣提升，受制於監管不明朗及懲罰機制過於複雜、機構無足夠數據建立風險模型。但與 Fireblocks、Balance 等主要託管機構合作，再加上監管日趨明確，將有望引進大量機構資金。
Cross-chain expansion appears inevitable as all major protocols develop multi-chain capabilities to capture broader market opportunities. The success of Karak's native multi-chain approach and EigenLayer's Layer-2 verification expansion demonstrates clear demand for security services beyond Ethereum's base layer. This trend could dramatically expand the total addressable market while creating new competitive dynamics as protocols compete across multiple blockchain ecosystems.
多鏈擴展將無可避免。各大協議積極開發多鏈能力以捕捉更大市場機遇。Karak 原生多鏈方案和 EigenLayer 延伸至 L2 驗證的成功，證明市場對以太坊以外安全服務的真正需求。這一趨勢將大幅擴大可觸及市場，同時在多鏈生態中促成全新競爭格局。
Specialization rather than winner-takes-all dynamics appears to be emerging as the dominant theme, with each protocol developing distinct competitive advantages and target markets. This specialization benefits the entire ecosystem by driving innovation, improving security standards, and expanding use case coverage. Rather than direct zero-sum competition, the market seems to be evolving toward complementary positioning where different protocols serve different needs within the broader restaking ecosystem.
專業化取代「贏家通吃」成為主流。各協議逐漸發展出獨特優勢及目標市場，專業分工推動創新、提升安全標準，並拓展應用範疇。市場進一步走向互補定位，各協議服務重質押生態不同層面的需要，而非單一零和競爭。
Developer tooling and user experience improvements continue accelerating across all platforms, making restaking more accessible to mainstream users and enabling rapid deployment of new services. Karak's turnkey SDK, Symbiotic's permissionless deployment, and EigenLayer's comprehensive infrastructure stack all contribute to reducing barriers for new entrants while improving the experience for existing participants.
各平台在開發工具及用戶體驗上持續突破，令重質押更易融入主流，用戶可更快部署新服務。Karak 的一站式 SDK、Symbiotic 的無需准入部署、以及 EigenLayer 的詳盡基建組合—all有助降低新進者門檻，同時優化現有用戶體驗。
Regulatory evolution will significantly impact market development, with clearer guidance potentially unlocking institutional adoption while restrictive regulations could limit growth in certain jurisdictions. The current gray area around restaking creates both risks and opportunities for protocols that can navigate regulatory uncertainty effectively while building compliant infrastructure.
監管發展將深遠影響市場。假如有更明確指引，或可釋放機構取向的潛力，反之設限則或會抑制部分地區的增長。現時重質押處於監管灰區，為擅於應對不明朗監管並構建合規基建的協議帶來機遇同時也伴隨風險。
The emergence of liquid restaking tokens (LRTs) and sophisticated yield optimization strategies represents another significant trend that could reshape the market. Protocols like Mellow that support multiple restaking platforms enable users to optimize across different protocols while maintaining liquidity, potentially reducing the winner-takes-all dynamics by allowing capital to flow more freely between platforms based on risk-adjusted returns.
流動重質押代幣（LRT）及先進收益優化策略的興起，也是另一將大幅重塑市場的重要趨勢。像 Mellow 這類支援多平台重質押的協議，讓用戶可在不同協議間維持流動性並優化回報，有望減弱「贏家通吃」現象，促使資本因應風險調整收益更自由流動於各平台間。
Future of Decentralized Security Infrastructure
去中心化安全基建的未來
The restaking wars of 2025 represent more than competition between protocols - they're establishing the foundational security infrastructure that will enable the next phase of blockchain adoption. The innovations emerging from this competitive landscape have implications that extend far beyond the immediate participants to influence how decentralized networks, applications, and services approach security, governance, and economic sustainability.
2025年重質押競爭，不僅僅是協議之爭，更是在奠定支持區塊鏈採用下一階段的安全基建基石。當中湧現的創新，不僅影響參與者，更深遠影響去中心化網絡、應用及服務在安全、治理、經濟可持續方面的發展模式。
The composable security model pioneered by restaking protocols addresses one of the most significant barriers to blockchain adoption: the fragmented security landscape that has historically required each new protocol to bootstrap its own security from scratch. By enabling shared security infrastructure, restaking protocols dramatically reduce the time and cost barriers for launching new decentralized services while providing users with proven security guarantees from day one.
重質押協議首創的「可組合安全模型」，正面解決了區塊鏈普及最大障礙之一：安全資源分散，過往每個新協議都需從零構建自身安全。透過共享安全基建，重質押協議大大降低新去中心化服務的部署時間和成本，並即時為用戶帶來可靠安全保證。
Economic incentive alignment across multiple protocols creates more sustainable and efficient capital allocation compared to isolated staking models.
多協議經濟誘因的對齊，促使資本配置比傳統單一質押模式更可持續、更高效。Validators and operators can maximize returns while providing security services to multiple networks, creating positive-sum dynamics that benefit all participants. This economic model could prove particularly important for niche or experimental protocols that struggle to attract dedicated validator sets but can provide valuable services when backed by established security infrastructure.
驗證者同營運者可以喺為多個網絡提供安全服務嘅同時，最大化回報，咁樣可以創造一個對所有參與者都有利嘅正和局面。呢個經濟模式對於一啲難以吸引專屬驗證者組、但如果有穩健安全基礎設施支持就可以提供有價值服務嘅小眾或者實驗性協議特別重要。
Innovation acceleration represents perhaps the most significant long-term impact of the restaking ecosystem. When new protocols can access proven security infrastructure immediately rather than spending months or years building validator networks, the pace of blockchain innovation can accelerate dramatically. This could enable rapid experimentation with novel consensus mechanisms, governance models, and application architectures that would be impractical under traditional security bootstrapping requirements.
創新加速可能係重新質押生態系統最重大嘅長遠影響。當新協議可以即時用到經過驗證嘅安全基礎設施，唔需要花幾個月甚至幾年去建立驗證者網絡，區塊鏈創新速度就可以大幅提升。咁樣會令各種新型共識機制、管治模式同應用架構可以迅速實驗，而呢啲如果用傳統安全啟動方式係難以實現嘅。
The competitive dynamics between EigenLayer, Symbiotic, and Karak have already driven significant improvements across the entire ecosystem. Feature convergence has raised security standards while specialization has expanded the range of use cases and applications that restaking can support. This competition benefits users through better products, developers through improved tooling, and the broader ecosystem through enhanced security and reduced barriers to innovation.
EigenLayer、Symbiotic 同 Karak 之間嘅競爭動力已經推動成個生態系大幅進步。功能收斂提升咗安全標準，而專門化就拓展咗重新質押可以支持嘅應用場景同用途。呢場競爭令用戶獲得更好產品，開發者獲得更好工具，亦令成個生態系有更高安全同更低創新門檻。
The maturation of restaking infrastructure in 2025 marks a critical inflection point where experimental concepts have evolved into production-ready platforms securing billions of dollars in value. This evolution provides confidence for institutional adoption while enabling more sophisticated applications and use cases that require proven security and reliability.
去到 2025 年，重新質押基礎設施成熟，標誌住一個重要轉折點，從實驗性概念進化成為可以保障數十億美元價值嘅生產級平台。呢個演變唔單止令機構用戶可以更有信心採用，仲令需要高安全同可靠性嘅高端應用同場景得以實現。
As the restaking wars continue evolving, the ultimate winners will likely be determined not by total value locked alone, but by their ability to serve distinct market segments effectively while contributing to the broader goal of making decentralized security infrastructure more accessible, efficient, and sustainable. The competition between EigenLayer's institutional focus, Symbiotic's modular flexibility, and Karak's universal platform approach suggests a future where multiple protocols coexist and complement each other rather than competing in a winner-takes-all dynamic.
隨住重新質押之戰持續演化，最後勝者好可能唔單止靠鎖倉總值（TVL），而係在於佢哋幾有效服務唔同細分市場、同時推動更開放、高效、可持續去中心化安全基建。EigenLayer 主打機構市場、Symbiotic 強調模組化彈性、而 Karak 採用通用平台路線，相信未來好多協議都會共存互補，而唔係「贏家通吃」模式。
The implications extend beyond the immediate restaking market to influence how the entire blockchain ecosystem approaches security, governance, and economic sustainability. The innovations emerging from this competition will likely reshape not just how individual protocols operate, but how the decentralized web as a whole evolves to serve mainstream users and applications.
呢啲影響唔止限於重新質押市場本身，仲會改變成個區塊鏈生態對安全、管治同經濟可持續性嘅理解。由競爭帶動嘅創新將重新定義唔只係單一協議嘅運作方式，甚至整個去中心化網絡未來點樣適應主流用戶同應用。
For users, developers, and institutions evaluating restaking opportunities, the key insight is that each protocol serves different needs and risk profiles within the broader ecosystem. Rather than a single "best" choice, the optimal approach likely involves understanding the specific requirements, risk tolerance, and strategic objectives that different protocols address most effectively. The restaking wars of 2025 have created a rich ecosystem of options that can serve diverse needs while contributing to the shared goal of making blockchain technology more accessible, secure, and sustainable for mainstream adoption.
對於評估重新質押機會嘅用戶、開發者同機構嚟講，重點係每個協議都喺生態系入面滿足唔同需求同風險偏好。市面上冇一個單一「最好」選擇，最理想策略係了解自己實際需求、風險承受力同目標，再揀最切合自己需要嘅協議。2025 年重新質押之戰，令成個生態都多咗唔同選擇，可以滿足更多元需求，同時推動區塊鏈技術更易用、更安全、更可持續發展，促進主流普及。