Analysis of the Differences in Staking Business Models Between Ethereum and Solana

Recently, the restaking project Solayer on the Solana chain has become a market hotspot, with its TVL continuously rising, ranking twelfth on the Solana chain. This article will analyze the staking ecosystems of Ethereum and Solana, exploring the differences in their business models.

Ethereum Network's Staking Ecosystem

Lido's business logic and revenue composition

Lido, as a leading liquid staking project, mainly generates revenue from:

• Consensus Layer Earnings: Ethereum network PoS issuance earnings
• Execution Layer Revenue: Priority fees and MEV paid by users

Eigenlayer's Restaking model

Eigenlayer introduces the concept of restaking, allowing users to re-stake their already staked ETH for additional rewards. Its business logic is:

• Raise assets and pay fees to ETH stakers.
• Charge usage fees to protocols with AVS requirements
• Acting as a "protocol security market" to earn fees through matchmaking.

Liquid Restaking Protocol Etherfi

Etherfi provides Liquid Restaking Tokens ( LRTs ), allowing users to participate in both staking and restaking simultaneously. Its advantages include:

• Simple operation, with liquidity
• Multiple earnings can be obtained: ETH staking base earnings, possible AVS earnings from Eigenlayer, token incentives, etc.

Staking and Restaking of Solana

swQoS mechanism

Solana's stake-weighted Quality of Service mechanism allows stakers to gain transaction priority based on their stake amount.

Solayer's Restaking model

The restaking of Solayer is different from Eigenlayer:

• The target users are protocols that require trading reliability, such as DEX.
• Provide "endogenous AVS", essentially a "transaction-based leasing platform"
• Directly issue LST while providing restaking services.

Comparison of the Business Models of the Two

The staking-related protocols of Solana have the following advantages compared to Ethereum:

1. PoS underlying returns are higher and the gap is widening.

2. The trading sorting revenue shows an upward trend, recently surpassing Ethereum.

3. The swQoS mechanism brings additional demand for transaction throughput leasing.
4. The protocol can flexibly expand its business, such as the LST protocol conducting restaking.

Overall, Solana's staking and restaking currently have more potential than Ethereum's.