2025 年，區塊鏈再質押領域的主導權之戰劇烈升級，三大協議—— EigenLayer、Symbiotic 和 Karak ——爭相重新定義加密經濟安全機制在去中心化網路間的運作方式。
EigenLayer 以超過 170 億美元總鎖倉價值穩居市場領袖地位；不過，Symbiotic 與 Karak 這兩家靈活的挑戰者則飛速打造各自特色，展露出或可重新塑造整體格局的潛力。這場競爭不僅是爭奪市佔率，更關乎於誰能建立確保下一世代去中心化應用、跨鏈協議與 Web3 服務安全的基礎設施。
利益極高。再質押代表安全模型從各自為政轉型為共享、可組合的安全基礎建設，有望釋放數兆美元的經濟價值。過往每條新鏈或去中心化服務都需獨立起步、安全驗證，不僅成本高昂且耗時；有了再質押，現有質押資產可同時保障多種協議。此創新直接解決了長期阻礙 Web3 推廣的安全碎片化問題。
2025 年新興的市場競爭態勢顯現出三套截然不同的思想路線。EigenLayer 已從單純的再質押協議進化為被稱為「可驗證雲端」，鎖定企業應用及機構客戶提供成熟基建。Symbiotic 則率先推全無許可、完全模組化設計，為 DeFi 原生應用打造高度客製環境。而 Karak 積極塑造自己為全宇宙通用的再質押層，支援多鏈資產，並且觸及企業甚至國家級應用場景。
再質押革命：原理剖析
再質押徹底轉變區塊鏈安全運作方式，讓同一批質押資產可同時保障多條網路。傳統權益證明（proof-of-stake）下，驗證者要將代幣專門鎖定於單個網路。再質押則打破規則，讓質押者不僅能保障基礎鏈，也能參與保障 Actively Validated Services（AVS）、Distributed Secure Services（DSS）及其他協議，而無需為每個服務分開持有代幣。
再質押的價值不僅僅是提升收益。對於新興協議而言，它解決了說服驗證者以尚無市場證明的代幣投入安全保障的巨大困難。新服務可即刻借助以太坊等網路數十億美元的既有質押資產，創新專案上市時立即擁有經驗豐富的安全保障，極大縮短創新應用的上市時間，並為用戶帶來經市場驗證的安全感。
其經濟模型帶來多層價值創造。質押者可從原始網路拿到基礎獎勵，也能因保障額外服務拿到額外收益。運營者（Operator）則跑基礎建設和驗證服務，收取佣金並拓展多協議的收入來源。新協議能以遠低於自建驗證人網絡的成本，快速使用成熟的安全基建。最終產生更高資本效率、可擴展且可組合的安全生態圈。
然而，再質押同時導入傳統質押模型不存在的複雜新風險，其中最重要的便是削減（slashing）風險——即單一服務的違規或技術故障，可能導致多協議同時被處罰。這使得不同再質押實現方案下的風險報酬計算變得複雜，所有參與者都需謹慎評估。
EigenLayer：從先驅到可驗證雲端平台
EigenLayer 發起了再質押革命，並以約 170~190 億美元的總鎖倉金額，掌控約 75% 再質押市場。該協議由 Sreeram Kannan 創立，獲 Andreessen Horowitz 等一線投資人支持，從實驗性構想到量產級安全基礎設施，保障超過 162 項 Actively Validated Services，並有 1,500 多位註冊運營者。
其技術架構核心由三大組件協同：質押者使用 ETH 或流動質押代幣提供安全保障，運營者運行 AVS 等基礎設施進行驗證服務，而 AVS 可根據自身需求客製化參數（如特定門檻、削減條件與獎勵機制）來消耗安全性。
2025 年 EigenLayer 的戰略轉型標誌著其由單一再質押協議進入全面「可驗證雲端」平台新階段。2025 年 6 月隨著 Andreessen Horowitz 斥資 7,000 萬美元購入代幣的重大公告，EigenLayer 被定位為區塊鏈界的 AWS，融合雲端級可編程性與加密級可驗證性。公司推出三個核心原生模組：用於數據可用性的 EigenDA，用於爭端仲裁的 EigenVerify，與基礎設施抽象化的 EigenCompute，目標直指 10 兆美元雲端市場，而非僅限於原生加密應用。
2025 年 4 月完成削減功能，意味 EigenLayer 歷經多月開發與測試後，原始路線圖終於實現。新實作包括透過 Unique Stake Allocation 系統精細隔離風險，允許運營者設定 AVS 可削減的 ETH 百分比，有效防止連鎖削減波及多個服務，解決了再質押最大的顧慮之一——多協議相關削減事件。
EigenLayer 2025 年 7 月在 Base Sepolia 測試網推出的多鏈驗證擴展，並計畫於第三季上線主網，突破了規模瓶頸，使 AVS 可在 Layer-2 執行並維持以太坊安全性。這項技術自動同步驗證人資料、質押權重與削減懲罰，將 EigenLayer 服務範圍從以太坊主鏈推展到更多用例。
該協議的機構採用策略頗為成功，主要夥伴包括 Coinbase（全面託管及質押服務）、Google Cloud（主網上線首日運營商），以及 HashKey 提供企業級基礎設施。這些合作夥伴賦予項目高度信賴與技術資源，進一步鞏固 EigenLayer 作為機構級再質押方案的領導地位。
EigenLayer 代幣經濟圍繞 EIGEN 代幣設計，2024 年 5 月發行，總量 17 億，流通約 2.35 億。EIGEN 兼具兩大要務：一是鏈上可驗證違規的客觀錯誤判斷，二是經社群共識（fork-and-slash）處理主觀爭議。EIGEN 與質押用 bEIGEN 雙代幣模型，達到精巧治理與高經濟安全性，有利高價值應用。
然而，面對後起協議推出等同甚至超越自身能力的新功能、更高資產彈性的選擇，EigenLayer 競爭壓力日增。其隨規模擴張所帶來的複雜度，也促使 2025 年縮編 25% 員工，專注核心開發優先序。這既反映在擁擠市場中維持領先地位的困難，也凸顯其對永續成長的承諾。
Symbiotic：模組化革命者
Symbiotic 以徹底不同的理念進入再質押大戰：從第一天起即徹底模組化與無須許可。2025 年 1 月 28 日主網上線便具備完整削減功能，24 小時內 TVL 翻破 2 億美元，目前總鎖倉超過 17 億美元。
其技術架構圍繞五大關鍵組件，賦予安全需求方極大彈性。抵押品支援任意 ERC-20 代幣，並可延伸支援削減，不限於 ETH 或流動質押代幣。金庫（Vault）管理委託與再質押，內建先進風險隔離機制。運營者可服務多金庫與網路。網路方作為安全性服務需求方，對參數有完整掌控。仲裁者（Resolver）則擔任裁決角色，擁有對削減事件的一票否決權，防止冤枉處罰。
Symbiotic 的模組化設計理念徹底區隔於 EigenLayer 的一體化方案與 Karak 的萬用平台戰略。網路方能完全控制再質押相關的各項設定，從削減條件到門檻、人數要求、獎勵發放等自訂規則。 distribution mechanisms and operator selection criteria. The core contracts remain immutable and non-upgradeable, eliminating governance risks and single points of failure that could compromise the entire system. This approach attracts protocols seeking maximum customization without the overhead of governance participation or the risks associated with upgradeable contracts.
分配機制與營運者選擇標準。核心合約保持不可變且無法升級，排除了治理風險與單點失效問題，避免整個系統潛在的安全威脅。這種設計吸引了尋求高度客製化、但不希望負擔治理參與或承擔可升級合約相關風險的協議。
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. 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. The abstracted collateral model supports assets across multiple blockchains, creating cross-chain capital efficiency opportunities that traditional restaking protocols cannot match.
該協議的多資產支援遠超過基於 ETH 的再質押，涵蓋任何 ERC-20 代幣、LP 代幣、穩定幣，以及其他 DeFi 基元。這種彈性啟用新的應用場景，例如利用帶有收益的資產（如 sDAI）作為抵押品，或將治理代幣再質押以強化協議專屬的服務安全。抽象化抵押模型可支援橫跨多條區塊鏈的資產，創造傳統再質押協議難以企及的跨鏈資本效率商機。
Symbiotic's strategic partnerships have proven crucial to its rapid market penetration. 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. 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.
Symbiotic 的策略性合作夥伴關係對其迅速進入市場發揮了關鍵作用。透過 cyber.Fund 投資與 Lido 共同創辦人的合作、並與 Mellow Protocol 整合，提供了吸引 DeFi 原生用戶的成熟流動再質押代幣基礎設施。由 Paradigm 主導的 580 萬美元種子輪融資，及 2025 年 4 月 Pantera Capital 和 Coinbase Ventures 的 2,900 萬美元 A 輪，不僅挹注資金，更帶來與 EigenLayer 成熟生態系抗衡的戰略信譽。
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. 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.
解決者（resolver）系統是 Symbiotic 最具創新性的技術亮點之一，允許網路選擇自動合約進行懲罰裁定、委員會治理、整合 UMA 或 Kleros 等既有爭議處理機制，或針對特定應用場景不設置解決者。這種彈性讓各網路可按自身需求及風險承受度，量身打造安全模型，而非被迫接受單一通用方案。
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. 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. This approach positions Symbiotic as the "Uniswap of restaking" - providing open, composable infrastructure that anyone can build upon.
Symbiotic 的生態系發展迅速，首波合作夥伴已超過 40 家，包括 Ethena、Frax、EtherFi 與 RedStone Oracles 等主流 DeFi 協議。該協議強調免許可上線，讓新網路加入無需協議治理或核心開發者審核，顯著縮短創新應用的上市時間。此策略令 Symbiotic 有如「再質押領域的 Uniswap」，提供開放且可組合的基礎設施，讓任何人皆可參與搭建。
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. 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.
該協議的成長軌跡展現市場對彈性再質押解決方案的需求，共有 69,000 個錢包認領 13 億 NIGHT 代幣，並迅速實現跨鏈採用。惟 Symbiotic 也面臨在開放部署下，如何同時保持去中心化與安全標準的挑戰，尤其當越來越多技術能力有限的網路開始使用其安全服務，卻未具備完善的風險評估和監控機制時，潛藏風險不容小覷。
Karak: The Universal Multi-Asset Platform
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. 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.
Karak：全域多資產平台
Karak 以最廣泛的資產與鏈支援，在再質押賽道站穩獨特地位，定位為「萬用再質押層」，可以為任何區塊鏈上的任意資產和協議提供安全。全網總鎖倉值約在 7.4 億至 8.26 億美元，Karak 為規模第二大的再質押協議，即便是新進主要玩家，成長動能依舊引人矚目。
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. The VaultSupervisor serves as the central hub managing all vault operations, while the DelegationSupervisor handles withdrawals and delegation logic. 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.
該協議的技術架構以分散式安全服務（DSS，類似 EigenLayer 的 AVS）為核心，並配備先進保管庫系統，替每種代幣提供專屬儲存空間。VaultSupervisor 為保管庫操作的樞紐，DelegationSupervisor 則負責提款及委託邏輯。內建的 K2 Layer-2 提供專為風險管理和 DSS 測試打造的環境，讓開發者能在主網無風險的沙盒中靈活實驗。
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. 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.
Karak 多資產再質押能力是其最大競爭優勢，支援最廣泛的抵押品範疇，涵蓋原生 ETH 及液態質押代幣、經 WBTC 發行的 BTC、主要穩定幣（如 USDC、USDT）、各大 DeFi 協議的 LP 代幣，以及 Pendle PT 這類帶收益資產。這樣的多樣性允許獨特的收益最佳化策略，是單一 ETH 再質押協議無法實現的，也特別吸引追求多元組合最大化收益的進階 DeFi 用戶。
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. This distribution demonstrates genuine multi-chain adoption rather than simple bridging or wrapped tokens, creating real utility for users operating across diverse blockchain ecosystems.
Karak 的跨鏈架構原生支援 Ethereum、Arbitrum、Optimism、Mantle、BSC 等多條鏈，特定資料顯示，Ethereum 上鎖倉約 2.51 億美元、Arbitrum 約 1,222 萬、Fraxtal 約 1,154 萬、K2 約 880 萬美元。這種分布展現了真正的多鏈採用，而非單純的橋接或包裹代幣，因此為跨鏈用戶帶來實質效用。
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. This institutional backing provides both financial resources and strategic credibility for pursuing large-scale enterprise and nation-state applications that smaller protocols cannot access. The funding supports Karak's ambitious multi-chain expansion and asset diversification strategy while providing runway for significant technical development.
Karak 在 10 億美元估值下，完成 4,800 萬美元 A 輪融資，由 Coinbase Ventures、Pantera Capital、Lightspeed Ventures 主導，並吸引總資產 2,800 億美元規模的主權基金 Mubadala Capital 投資。此種機構支持不僅帶來資金、戰略聲譽，也使 Karak 有能力追求大型企業和國家級應用，是其他小型協議難以觸及的領域。此輪融資為 Karak 多鏈拓展和資產多樣化戰略提供強大資本，並保證顯著的技術開發動能。
The protocol's enterprise and nation-state focus distinguishes it from competitors primarily targeting DeFi applications or institutional investment managers. 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. This positioning could provide sustainable competitive advantages as traditional institutions increasingly explore blockchain adoption.
Karak 著重於企業與國家級應用，不同於主攻 DeFi 或機構投資經理人的同業。Karak 曾因提供主權等級的數位基礎建設獲白宮表揚，並為企業、政府提供白標產品，協助其部署區塊鏈技術，無需自行構建複雜基礎設施。隨著傳統機構漸漸探索區塊鏈，此策略有望轉化為長期競爭優勢。
Karak's developer experience emphasizes simplicity and accessibility through turnkey SDK tools, comprehensive smart contract audit capabilities, and the K2 sandbox environment for testing. 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.
Karak 的開發者體驗強調簡易且易取得，提供一站式 SDK、完整合約審計能力及 K2 沙盒測試環境。協議意識到許多 DSS 潛力開發者缺乏技術專長，難以處理複雜的再質押建置，因此導入抽象化介面，讓不犧牲安全性和功能性的前提下，也能快速部署。
The anticipated launch of the KAR token represents a significant upcoming catalyst for Karak's ecosystem development. 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. The protocol's active XP rewards campaign has attracted substantial community participation ahead of the token launch, building engagement and early adopter momentum.
KAR 代幣即將推出，成為 Karak 生態發展的重要推力。雖然具體代幣經濟學尚未公開，預期將涵蓋治理、質押與再質押獎勵、DSS 安全機制及跨鏈運作。協議積極推動 XP 獎勵活動，吸引大批社群參與，為代幣發行提前凝聚參與與早期用戶動能。
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. 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.
然而 Karak 亦面臨重大技術挑戰，Code4rena 審計揭露四起高嚴重性、五起中嚴重性漏洞，包含 ETH 永久鎖死及砍頭機制遭阻斷服務（DoS）攻擊等風險。目前雖已積極修復，但這些發現凸顯多資產、多鏈再質押基礎設施的建構難度，以及充分安全測試的重要性。
Competitive Dynamics and Market Evolution
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. Each protocol has developed distinct competitive moats and strategic positioning that suggest sustainable differentiation rather than winner-takes-all dynamics.
競爭動態與市場演進
2025 年的再質押大戰，已由單純鎖倉規模競賽，進化為分割多元去中心化基礎建設市場的精細戰局。各協議皆發展出獨特的護城河與戰略定位，顯示未來將是差異化永續共存，而非贏者全拿。
EigenLayer's institutional strategy leverages its first-mover advantage and established partnerships to dominate the enterprise and institutional segment. 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. 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. This positioning particularly appeals to large organizations seeking blockchain benefits without the complexity of managing multiple protocols and security models.
EigenLayer 採機構路線，結合先行優勢與穩健夥伴關係，主導企業級與機構市場。與 Google Cloud 合作為其企業級應用背書，Coinbase 則供應機構所需的託管與質押服務。協議正轉型為「可驗證雲」平台，目標不僅侷限於加密應用，而是搶占高達十兆美元的雲端市場，特別受重視安全、避免多協議複雜性的企業青睞。
Symbiotic's DeFi-native approach targets sophisticated protocols and developers seeking maximum flexibility and customization. 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. The protocol's immutable core contracts appeal to projects concerned about governance capture or protocol changes that could affect their security assumptions. This approach resonates particularly well with established DeFi protocols looking to enhance their security models without sacrificing control.
Symbiotic 走 DeFi 原生路線，鎖定追求最大彈性與客製化的進階協議與開發者。與 Lido 共同創辦人協作，串聯 Mellow、Ethena、Pendle 等前沿 DeFi 協議，顯示其定位在於滿足偏好自訂化、多元收益優化的用戶。不可變的核心合約也吸引對治理奪權、協議變動高敏感度、注重安全假設的專案。此策略與成熟 DeFi 協議提升安全卻不願犧牲主控權的需求高度契合。
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. The protocol's support for stablecoins, governance tokens, and LP tokens enables innovative security models that aren't possible with ETH-only approaches. 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.
Karak 則以全域平台策略切入 EigenLayer 與 Symbiotic 難以觸及的應用場景，尤其是多資產收益優化與跨鏈應用。其支援穩定幣、治理代幣、LP 代幣等多元資產，使其安全模型創新超越 ETH 僅有協議。同時聚焦企業與國家級市場，形成差異化的市場推進路線，避開與既有玩家直接競爭、搶佔其他協議忽略的龐大商機。
The market share （原文未完，此段落結束。）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.
市場分布反映出這些不同的策略路線，即使競爭日益激烈，EigenLayer 仍維持約 75% 的市占率。Symbiotic 上線短短八個月就取得 7-8% 的市佔，顯示對於彈性且無需許可的再質押基礎設施有明顯需求。Karak 儘管僅占 2-3% 市佔，但其策略重要性不可低估，該協議針對特殊用途與資產型別，創造出遠超過單純 TVL 數據的價值。
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，各大協議功能快速趨同，所有主流平台都已提供或規劃完整的再質押機制，包括懲罰機制、多鏈支援，以及進階的風險管理工具。這種趨同有助提升整體生態系安全標準、改善用戶體驗，並拓展再質押服務的總可服務市場規模。
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.
各協議的競爭對策都展現精密的策略思維，而不僅僅是單純模仿。EigenLayer 積極拓展多鏈部署，直接對應 Symbiotic 與 Karak 在彈性上的優勢，同時「可驗證雲」的新定位帶來競爭者難以複製的差異化。Symbiotic 強調無需許可部署和模組化架構，為需要極大主控權的開發者帶來可持續的優勢。Karak 則以多資產與國家級定位切入，不與其他協議的長處正面競爭，創造出獨特的價值主張。
Security Considerations and Risk Management
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.
再質押協議的安全格局帶來許多全新且複雜的風險面向，需所有持份者審慎評估。儘管再質押提升了資本效率並開拓了更多收益機會，同時也引入了傳統質押模型不存在的互聯風險。
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.
懲罰（Slashing）風險是再質押用戶的頭號顧慮，因為單一服務的違規或技術失誤，可能在多個協議產生連鎖處罰。各平台有不同的應對方式，例如 EigenLayer 以獨特的 Stake Allocation 系統來進行風險隔離，Symbiotic 提供特定資金庫的風管機制與彈性的爭議解決模組，Karak 則以漸進式懲罰模型，盡量保護小型驗證者免受過大懲處。
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率也是風險評估的重要依據。歷史資料顯示，懲處極為罕見：以太坊僅有 0.04% 的驗證者（472/120 萬）曾被懲處，而 Cosmos Hub 自 2019 年僅記錄 5 起事件。這代表懲罰風險雖需謹慎控管，但遠非外界批評者所述的重大威脅。
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.
智能合約漏洞則是另一層風險，尤以新協議的程式碼尚未經過戰場檢驗為甚。例如 Karak 被 Code4rena 稽核發現包括 ETH 永久鎖定與拒絕服務攻擊等多個高危漏洞，突顯徹底安全審查和持續監控的必要。相較之下，EigenLayer 有較長的上線歷史及多次安全稽核，使其技術可信度更高。
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.
經營者（Operator）風險也是所有再質押協議無可避免的一環，因為質押者通常將資產委託給負責基礎設施與驗證工作的營運者。若對方運作不良，無論技術失誤或惡意行為，都可能導致被懲處甚至降低收益。這就需要精密的營運者甄選與持續監控系統，而大多數個人質押者並無相關專業知識，因此難以自行做到有效管理。
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.
法規面更加深了再質押市場的複雜性。美國 SEC 於 2025 年 5 月雖釐清了基本協議質押的合法性，但明確排除了流動性質押、再質押及流動再質押，不納入安全港範圍。這種不確定性會為機構參與者帶來合規挑戰，並在指引進一步明晰之前，限制大規模採用。
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.
為解決部分風險隱憂，市面已出現創新型保險方案，例如 Re² 和 Symbiotic 推出的「Slashing Insurance Vaults (SIVs)」，運用分層風險模型和無須許可的賠付邏輯，帶來機構級保險保障。傳統保險公司與 Nexus Mutual 等去中心化保險，也陸續提供針對智能合約漏洞與其他技術風險的保障。
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.
不同持份者與再質押協議之間，其風險與報酬概況差異很大。保守投資人可能傾向選擇歷史悠久、與機構深度合作的 EigenLayer；而追求高收益者則可能偏愛 Symbiotic 靈活的風險模組或 Karak 多元資產機會。機構投資人則需要更全面的合規架構與專業託管，雖添管理困難度，但卻是妥善風控所必需。
Market Outlook and Strategic Implications
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 年的再質押市場已從早期實驗性概念，躍升為能保護數十億美元資產的生產級基礎設施。這個轉變對整體區塊鏈生態意義深遠，並浮現出多項將影響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.
總可服務市場（TAM）遠超過目前再質押 TVL 約 200 億美元的規模，有潛力涵蓋全球經濟更龐大版圖。EigenLayer 以「可驗證雲」定位，瞄準 10 兆美元雲端運算市場；Karak 則專注於國家及企業級需求，服務政府與大型機構基礎建設；Symbiotic 則深耕 DeFi、服務飛速成長的去中心化金融生態，儘管市場偶有波動，但總體規模仍持續壯大。
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.
機構用戶採用是關鍵增長動能，且潛力尚未完全釋放。目前再質押主力還是散戶，雖然機構興趣上升，但礙於合規不確定性與欠缺完整歷史數據（不利於機構風險建模），以及懲罰機制複雜，所以機構參與仍低。不過，若能與 Fireblocks、Balance 等大型託管方合作，並搭配監管釐清，就有機會觸發大量機構資本流入。
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.
跨鏈發展幾乎已成必然趨勢，所有主流協議都在建構多鏈能力，以搶佔更大市場。Karak 原生多鏈方案大獲成功，EigenLayer 也積極推展到 Layer-2 驗證，顯示乙太坊主層以外的安全服務需求極高。這趨勢不只可以暴增 TAM，也將引發多協議跨生態之新格局競爭。
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.
隨著市場發展，「專精細分」逐漸取代「贏者全拿」格局，每個協議都有獨特的競爭優勢與明確目標市場。這有助於推動生態創新、抬高安全標準並擴大應用覆蓋面。市場演變似乎傾向於各協議互補、各自服務不同再質押需求，而非直接零和競爭。
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.
開發者工具與用戶體驗在各平台持續升級，讓再質押變得更親民，也促進新服務迅速推出。Karak 的即用型 SDK、Symbiotic 的無須許可部署，以及 EigenLayer 的全方位基礎架構，都降低了新進者門檻並提升現有用戶體驗。
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.
法規演變對市場發展至關重要。若有更明確的監管指引，將有助促進機構採用；反之，強硬規管則會限制特定地區的增長。目前再質押仍存在合規灰色地帶，既帶來風險，也為能有效處理監管不確定性的協議創造了成長機會。
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.
流動再質押代幣（LRT）及高階收益優化策略的興起，也是可能重塑市場的重要趨勢。像 Mellow 這類同時支援多協議的平台，讓用戶保持流動性的同時，也能根據風險調整後的收益，在多個平台間自由配置資本，有助於減少「贏者全拿」局面。
Future of Decentralized Security Infrastructure
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 年的再質押大戰已不僅是協議間的市場之爭，更是在為下一波區塊鏈應用奠定關鍵的安全基礎設施。這些競爭中的創新不僅影響參與者，還深刻改變了去中心化網路、應用及服務對安全、治理與經濟永續性的整體思考。
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.
再質押協議首創的「可組合式安全模型」有力解決了區塊鏈普及的一大障礙——也就是過去每個新協議都必須自建安全機制、導致安全資源分散。共享安全基礎建設使得上線新服務的時間與成本大幅下降，且能讓用戶從第一天起就享有既有驗證的安全保證。
Economic incentive alignment across multiple protocols creates more sustainable and efficient capital allocation compared to isolated staking models.
跨多協議的經濟激勵整合，比傳統單一協議質押模式更能帶來永續且高效的資本配置。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.
驗證者與運營者可以在為多個網路提供安全服務的同時，最大化自己的收益，創造出對所有參與者有利的正和動態。這種經濟模式對於那些難以吸引專屬驗證者集，但在既有安全基礎設施支持下又能提供有價值服務的小眾或實驗性協議，可能尤其重要。
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.
創新的加速，或許是再質押生態系統最具長遠意義的影響。當新協議可以立即接觸到已驗證的安全基礎設施，而不必花費數月甚至數年時間來建立自己的驗證者網路時，區塊鏈創新的速度將大幅提升。這將使新型的共識機制、治理模式以及應用架構的快速試驗成為可能，而這在傳統安全啓動要求下往往難以實現。
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 以及 Karak 之間的競爭動態，已經帶動整個生態系統的重大改進。功能的趨同提升了安全標準，而各家專注領域的差異亦擴展了再質押可支援的用例與應用範疇。這種競爭讓用戶能享受到更優質的產品、開發者可以獲得更完善的開發工具，以及整個生態的安全性提升並促進創新門檻的降低。
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.
2025年再質押基礎設施的成熟，標誌著一個重要的轉捩點——實驗性概念已經演進為可實際運行、保障數十億美元價值的平台。這一演變不僅為機構採用再質押帶來信心，也讓那些需要穩健安全與高可靠性的複雜應用和用例成為可能。
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.
隨著再質押大戰持續演變，最終的勝利者很可能不會僅以鎖倉總價值來決定，而是在於其能否有效服務特定市場區隔，同時推動去中心化安全基礎設施變得更易用、高效且可持續。EigenLayer 的機構導向、Symbiotic 的模組化彈性，以及 Karak 通用平台的策略之間的競爭，預示著未來各協議有望共存互補，而非「贏者通吃」。
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.
其影響範圍已超越再質押市場本身，並開始影響整個區塊鏈生態在安全、治理與經濟可持續性方面的發展模式。此競爭所帶來的創新，預計不僅會改變單一協議的運作方式，更會重塑整個去中心化網路如何演進以服務主流用戶與應用。
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.
對於評估再質押機會的用戶、開發者及機構而言，關鍵啓示在於每個協議都在更大的生態系中針對不同需求與風險屬性發揮作用。與其尋找單一的「最佳」選擇，不如根據自己的特定需求、風險容忍度與策略目標，選擇最能滿足這些條件的協議。2025年的再質押大戰，已經孕育出多樣化、豐富的生態系，可以滿足不同需求，同時朝向讓區塊鏈技術更易用、安全且可持續實現主流採用的共同目標前進。