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Hashkey Cloud 2024年度报告（上）

2025-01-02 15:13

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原文标题：Hashkey Cloud 2024 Annual Report

原文来源：Hashkey Cloud

下篇：《Hashkey Cloud 2024 年度报告（下）》

1. Introduction

HashKey Cloud, a premier Web3 infrastructure service provider specializing in node validation services, offers institutional-grade security and stability to the evolving blockchain ecosystem. Boasting a strong market reputation and cutting-edge technical capabilities, we have managed $3.8B in assets under node validation services, establishing ourselves as a leading player in this space. Committed to innovation, security, and client satisfaction, HashKey Cloud is a trusted partner for both institutional and individual investors.

In 2024, HashKey Cloud achieved several notable milestones:

· Outstanding APR Performance: We achieved an annual percentage rate (APR) of 3.5%, surpassing the Ethereum network's average of 3.33%, reflecting our advanced validator management strategies and robust infrastructure.

· Market Leadership in Node Validation: Our assets under node validation reached $3.8B, solidifying our position among the top global node validation service providers.

· Security Excellence: Our asset security score of 98.21% demonstrated our unwavering commitment to a "safety first" approach, ensuring the highest standards of security for our clients.

This report covers the dynamic landscape of the node validation and restaking* markets in 2024, a year marked by significant growth, technological advancements, and macroeconomic influences. Since we cover not only the LRT protocols on Ethereum but also Solana and Bitcoin, it is necessary to standardize the units in USD for consistency. The total node validation market cap surged to approximately $2.78T, driven by the emergence of innovative protocols like EigenLayer and Babylon. The year was also marked by a number of significant macroeconomic events including, but not limited to, central bank interest rate decisions and political developments like the U.S. presidential election, which impacted market sentiment and investor behavior. This report is structured to provide a comprehensive overview of the node validation and restaking market in 2024, with a focus on HashKey Cloud's achievements and the broader industry trends. The report is organized into the following sections:

· Financial Performance: A detailed review of HashKey Cloud's financial metrics and market position.

· Market Dynamics: An analysis of the overall node validation market, including key players, growth drivers, and emerging trends.

· Technological Innovations: Insights into the latest advancements in node validation protocols, including restaking, EigenLayer, and Babylon.

· Risk and Challenges: An examination of the regulatory, security, and market risks facing the node validation industry.

Looking ahead, HashKey Cloud remains committed to driving innovation and maintaining our leadership in the node validation market. We will continue to expand our support for multiple blockchain networks, enhance our security protocols, and explore new opportunities in the rapidly evolving Web3 ecosystem. As we enter 2025, we are optimistic about the potential for continued growth and look forward to delivering even greater value to our clients and partners.

This report serves as a testament to our achievements in 2024 and a roadmap for our future endeavors. We invite you to explore the insights and data within, and we look forward to continuing our journey of innovation and excellence in the years to come.

2. 2024 Hashkey Cloud Business Summary

2.1 Achievements on APR

In this dynamic node validation landscape, our company has distinguished itself as a premier Web3 infrastructure service provider. In 2024, we achieved an impressive annual percentage rate (APR) of 3.5%, surpassing the Ethereum network's average node validation yield of 3.33%. This outstanding performance is a testament to our advanced validator management strategies and robust infrastructure, which together enable us to deliver superior returns to our clients. Our commitment to maximizing client rewards while maintaining an institutional grade of security and stability is at the core of our success, positioning us as a trusted partner in the rapidly evolving Web3 ecosystem.

2.2 Scale and Market Position in Node Validation

Through our reliable technical services and strong market reputation, the assets under node validation service provided by us achieved a value of $3.8B. This positions us among the leading node validation service providers worldwide.

2.3 Asset Security: A Commitment to Excellence

We prioritize asset security through reliable node operations. In 2024, our validator performance scored 98.21% (versus the network average of 97.93%), demonstrating our validators' consistent performance in maintaining network stability and transaction integrity - key factors in protecting user assets.

2.4 Expansion Across Multiple Networks

Positioned as a leading node validation service provider, our company proudly supports over 80 major public blockchains, including Ethereum, Solana, Sui, TON, Aptos, Cosmos, and BNB Chain. In 2024, we』ve added support for over 35 networks and protocols as follows.

Through our strategic expansion across multiple blockchain networks, we have built a robust node validation infrastructure that covers the majority of the Proof of Stake (PoS) blockchain ecosystem.

3. 2024 Node Validation Market

3.1 Overall Node Validation Market Dynamics

Given data from stakingrewards.com, as of 2024, the total proof of stake (PoS) market has exhibited remarkable expansion, with the overall market cap surging by 637% over the past year to approximately $2.78T, with the node validation market cap surging by 183% and reached $395.48B. Among the leading PoS networks, Ethereum continues to hold a dominant position. The overall node validation market cap of Ethereum has shown a 75.3% increase in a risk-free environment and optimistic market expectations for ETH's future price. Approximately 28.9% of ETH supply (34M ETH), is currently under node validation.

In addition to Ethereum, the rest of the PoS networks have shown exceptional growth and strong node validation participation, for example: Solana has emerged as one of the fastest-growing networks, with its soaring by 337.36% to reach $111B. The network maintains a ratio of 65.67% to participate in node validation, with $387.16M SOL currently under staked. Sui has shown remarkable market performance with an impressive 480.12% increase in token market cap, reaching $11.09B. The network boasts one of the highest node validation ratios at 78.39%, with $7.84B SUI tokens staked.

Source: stakingrewards.com

Node Validation is a mechanism that allows cryptocurrency holders to lock up their tokens to maintain network security. This process not only enhances the security and stability of the blockchain but also provides participants with an opportunity to generate passive income.

In the meantime, the emergence of restaking protocols and on-chain ecosystems also benefit the crypto market』s rapid growth. By reinvesting node validation rewards, these protocols offer a mechanism similar to compound interest, allowing investors to grow their holdings exponentially.

EigenLayer emerged as a dominant force in the restaking landscape, capturing a 72.23% market share by the end of 2024. Its TVL surged by 1386%, reaching a staggering $19.96B, while its overall market cap climbed to $869.28M. EigenLayer's success is rooted in its ability to provide enhanced security and rewards, making it a preferred choice for many stakeholders. To further enhance its ecosystem, EigenLayer introduced a one-year token incentive program in October 2024, distributing 66,945,866 EIGEN tokens, or 4% of the total supply. This strategic initiative boosted liquidity and collaboration, encouraging broader participation and capital inflows.

Babylon, a revolutionary protocol, enabled Bitcoin holders to engage in staking without surrendering control over their assets. By locking their BTC in a self-custody staking contract, users contributed to the security of PoS chains while earning rewards. Launched on October 8, 2024, Babylon rapidly gained popularity, attracting over 20,000 deposit addresses and securing more than 23,000 BTC. Babylon's entry into the staking arena catalyzed the growth of LST within the Bitcoin ecosystem, with protocols like Bedrock, PumpBTC, Lorenzo, Solv, and Lombard collectively controlling nearly 85% of Babylon's staking pool.

While EigenLayer and Babylon led the market, other protocols like Symbiotic and Karak made significant strides. Symbiotic achieved a TVL of $2.624B by the end of 2024, showcasing its growing influence. Its multi−asset support enhanced economic security and provided developers with the freedom to tailor their security strategies. Karak, with a TVL of $937.89M, distinguished itself through broad asset support and cross-chain node validation capabilities, fostering greater interoperability and integration.

Liquid Restaking Token (LRT) protocols experienced more than 70x growth, with their TVL surging from $285.85M on January 1 to $22.58B by the end of 2024. ETH LRTs accounted for the majority of the market share, while BTC LRTs also saw significant growth. LRT protocols offered multiple yield sources, including node validation yields, restaking yields, and airdrop yields, attracting a large number of stakers.

These restaking protocols' innovations and strategic initiatives not only drove market growth but also provided investors with diverse options, indicating significant potential for the restaking sector in the coming years.

3.2 Ethereum Dencun Upgrade

As the node validation market continues to mature, the Ethereum network is also advancing through significant upgrades. The Dencun upgrade represents a pivotal step in enhancing Ethereum's scalability and efficiency, with potential implications for node validation. Building on insights into the evolving node validation market, this section examines how the Dencun upgrade further shapes the network's performance and scalability, thereby influencing the broader ecosystem.

The Dencun upgrade, which is executed on 13. March, is a major update for Ethereum, with the main goals of enhancing the network's scalability, reducing transaction costs, and improving overall performance. The upgrade introduces several key proposals, the most talked about of which is EIP-4844, Proto-Danksharding.

Source: Dune Analytics (@ashkey)

3.2.1 To ETH Fundamentals

The Dencun upgrade marks a significant milestone in the evolution of Ethereum, presenting both advantages and challenges that have profound implications for the fundamentals of ETH.

One of the key benefits of the Dencun upgrade is to accelerate Ethereum's rollup-centric roadmap. Through the introduction of enhancements like EIP-4844, the upgrade optimizes data storage and reduces gas fees for Layer-2 transactions, especially those utilizing blob instead of calldata. This transformation enhances scalability and efficiency, making rollup solutions more appealing to developers and users. Consequently, Ethereum's strategy to scale through Layer-2 solutions is significantly strengthened, aligning with its broader vision of sustainable growth and usability.

Source: Dune Analysis (@obchakevich)

A notable consequence of the Dencun upgrade is the potential impact on ETH's ultra sound money narrative.' The reduction in gas fees has led to a decline in the burn rate of ETH, which alters its deflationary characteristics. This change could affect ETH's attractiveness as a store of value, particularly among investors who prioritize its scarcity and deflationary properties. The shift in supply dynamics brings new considerations for investors and the broader market.

On the other hand, in addition to the direct effects of the Dencun upgrade, other factors will also influence ETH's fundamentals. Market sentiment, including fear, uncertainty, and doubt (FUD), plays a significant role in asset valuation. Moreover, competition from L1s like Solana, especially during its memecoin super cycle, and protocols like TON with its tap-to-earn model, can pose challenges as well as opportunities for ETH. These projects don't necessarily exert only negative pressure on ETH's market position but rather introduce a competitive landscape that forces ETH to adapt and evolve. These external influences interact with the effects of the upgrade, adding to the complexity of assessing ETH's fundamentals and new considerations for investors and the broader market.

The two figures below demonstrate the impact of the Dencun upgrade (EIP-4844) on Ethereum's Layer 2 networks. After the upgrade, L2 gas fees initially dropped significantly and then stabilized, as shown in the first chart. The introduction of Proto-Danksharding reduced the cost of data availability for rollups, enabling lower fees. The second chart highlights this effect across major L2 networks (Arbitrum, Optimism, Base, zkSync), where gas fees consistently decreased, improving scalability and usability.

Source: Dune Analytics (@obchakevich)

3.2.2 To Ethereum Node Validation Rate

The Dencun upgrade also impacted the node validation rate by implementing EIP-7514, which introduced a maximum epoch churn limit. This measure shifted the validator set growth from an exponential to a linear model, effectively controlling the rate at which new validators could join the network. Post-upgrade observations revealed a noticeable slowdown in the node validation rate growth, aligning with the upgrade's objective to manage validator additions and prevent network congestion. This controlled growth not only ensures network stability but also provides developers with the necessary time to address potential security and scalability challenges, thereby enhancing the long-term vision of Ethereum as a secure and scalable proof-of-stake network.

Source: Dune Analytics (@ashkey)

The implications of high and low node validation rates are multifaceted. A high node validation rate enhances network security by increasing the cost for potential attackers, thereby making it more resilient against malicious activities. Additionally, a higher node validation rate contributes to the network's stability and decentralization, ensuring consistent operation. However, the concentration of staked ETH among a few validators poses a security risk, as it could potentially be exploited if these validators are compromised.

3.3 Macroeconomic & Political Events

While internal developments and technological upgrades, such as the Dencun upgrade, are driving significant advancements in the node validation market, the external environment also plays a pivotal role in shaping its trajectory. Macroeconomic events, such as the interest rate decisions by the Canadian and European central banks, initially provided support to ETH performance. However, as suggested by Bitfinex, subsequent economic data, particularly strong U.S. employment figures, dashed hopes of a near-term Fed rate cut, leading to a sharp downturn in ETH performance.

However, Towards the end of the year, the re-election of Donald Trump was perceived as a positive catalyst for the crypto market. His administration's potential for regulatory reforms and blockchain infrastructure investments was seen as favorable, contributing to a stabilization or further boost in cryptocurrency valuations post-downturn. Therefore, we remain optimistic about the market's prospects. We discuss this in more detail in Part 6,「Risks and Challenges」.