比特幣去中心化金融崛起，與以太坊的 DeFi 生態系統競爭

比特幣去中心化金融（DeFi），或稱 BTCFi，是一個新穎的概念，旨在將 DeFi 功能引入比特幣。 BTCFi 已經獲得了關注，比特幣原生 DEX MerlinSwap 在其首次 DEX 發行（IDO）中籌集了創紀錄的金額。隨著BRC-20 代幣、比特幣序數(NFT) 和比特幣第2 層網路的引入，BTCFi 生態系統正在不斷擴展，為世界上第一個加密貨幣提供了更廣泛的用例，並有可能與基於以太坊的DeFi 創新相匹配。

Bitcoin Decentralized Finance Emerges as a Potent Force, Set to Rival Ethereum's DeFi Ecosystem

比特幣去中心化金融成為一股強大力量，預計將與以太坊的 DeFi 生態系統競爭

In the ever-evolving landscape of blockchain technology, Bitcoin decentralized finance (DeFi), or BTCFi, has emerged as a formidable force, poised to match the groundbreaking innovations of Ethereum-based DeFi. This nascent paradigm seeks to harness the power of DeFi on the world's first blockchain network, Bitcoin.

在區塊鏈技術不斷發展的格局中，比特幣去中心化金融（DeFi）（BTCFi）已成為一股強大的力量，有望與基於以太坊的 DeFi 的突破性創新相媲美。這種新生範式旨在世界上第一個區塊鏈網路比特幣上利用 DeFi 的力量。

According to Nash Lee, co-founder of MerlinSwap, a prominent Bitcoin-native DeFi platform, the market's insatiable appetite for expansion and innovation has paved the way for BTCFi's unprecedented rise:

著名的比特幣原生 DeFi 平台 MerlinSwap 聯合創始人 Nash Lee 表示，市場對擴張和創新的永不滿足的胃口為 BTCFi 的前所未有的崛起鋪平了道路：

"The market craves platforms capable of absorbing the surging volumes and skyrocketing expectations. DeFi stands alone as the sector with the potential to drive this narrative, providing a robust ecosystem for Bitcoin's evolving use cases. This dynamic positions Bitcoin DeFi to potentially equal, if not surpass, the innovation and complexity that has characterized Ethereum's DeFi ecosystem."

「市場渴望能夠吸收激增的交易量和飆升的期望的平台。DeFi 是一個有潛力推動這一敘事的行業，為比特幣不斷發展的用例提供了一個強大的生態系統。這種動態使比特幣DeFi可能與比特幣DeFi 旗鼓相當，甚至可以說是平等的。超越以太坊 DeFi 生態系統的創新性和複雜性。”

The surge in investor demand for Bitcoin-native DeFi applications is undeniable. MerlinSwap's decentralized exchange (DEX) recently conducted a record-breaking IDO (initial decentralized offering), raising an astounding 6,599 Bitcoin.

投資者對比特幣原生 DeFi 應用程式的需求激增是不可否認的。 MerlinSwap 的去中心化交易所（DEX）最近進行了破紀錄的 IDO（首次去中心化發行），籌集了驚人的 6,599 個比特幣。

"This record-breaking IDO serves as a testament to the market's overwhelming demand for Bitcoin-native DeFi applications," Lee asserted. "It reflects the community's unwavering commitment to harnessing the transformative power of DeFi on Bitcoin's platform. This shift signifies a profound recognition of Bitcoin's untapped potential in the DeFi realm, underscoring the widespread demand for innovative, decentralized financial solutions built on the world's foremost cryptocurrency."

Lee 斷言：“這一破紀錄的 IDO 證明了市場對比特幣原生 DeFi 應用程式的巨大需求。” 「它反映了社群對在比特幣平台上利用DeFi 變革力量的堅定承諾。這一轉變標誌著對比特幣在DeFi 領域尚未開發的潛力的深刻認識，突顯了對基於世界上最重要的加密貨幣的創新、去中心化金融解決方案的廣泛需求。 ”

MerlinSwap, a pioneering force in BTCFi, operates on the Bitcoin Layer-2 network, Merlin Chain. On April 4th, it surpassed $100 million in total value locked (TVL), a testament to its rapid ascent.

MerlinSwap 是 BTCFi 的先鋒力量，在比特幣第 2 層網路 Merlin Chain 上運行。 4 月 4 日，其總鎖定價值 (TVL) 突破 1 億美元，證明了其快速上升。

The advent of Bitcoin Ordinals, which enabled the minting of non-fungible tokens (NFTs) directly on the Bitcoin blockchain, marked a pivotal moment in the genesis of BTCFi. Unlike traditional NFTs, which rely on centralized servers for image and metadata storage, introducing potential vulnerabilities, Bitcoin-native NFTs, known as Ordinals, are indelibly inscribed on satoshis (sats), granting them an immutable presence on the Bitcoin network.

比特幣序數的出現使得能夠直接在比特幣區塊鏈上鑄造不可取代代幣（NFT），標誌著 BTCFi 起源的關鍵時刻。與傳統的NFT 不同，傳統的NFT 依賴集中式伺服器進行影像和元資料存儲，從而引入了潛在的漏洞，比特幣原生的NFT（稱為序數）不可磨滅地刻在satoshis（sats）上，賦予它們在比特幣網路上不可改變的存在。

The burgeoning interest in Bitcoin-native NFTs is undeniable. In less than one and a half years since its inception in December 2022, over 64.1 million Ordinals have been inscribed on the network, as reported by Dune.

不可否認的是，人們對比特幣原生 NFT 的興趣與日俱增。根據 Dune 報道，自 2022 年 12 月成立以來不到一年半的時間裡，已有超過 6,410 萬個序號被登記在網路上。

Beyond Ordinals, the emergence of Bitcoin Layer-2s has played a pivotal role in BTCFi's ascent, unlocking a myriad of practical applications for Bitcoin. Lee elaborated:

除了 Ordinals 之外，比特幣 Layer-2 的出現在 BTCFi 的崛起中發揮了關鍵作用，解鎖了比特幣的無數實際應用。李詳細闡述：

"Prior to the advent of Layer-2 solutions, Bitcoin-native assets lacked tangible applications, confining BTC's utility primarily to that of digital gold. The arrival of Bitcoin Layer-2 technologies has revolutionized the landscape, unleashing a wealth of use cases for BTC assets."

「在Layer-2 解決方案出現之前，比特幣原生資產缺乏有形的應用，這使得BTC 的用途主要局限於數位黃金。比特幣Layer-2 技術的到來徹底改變了這一格局，為BTC 釋放了豐富的用例資產。”

This technological advancement has paved the way for a surge in Bitcoin-native DeFi projects, offering an array of financial services, including lending, borrowing, and decentralized swaps, all centered around the Bitcoin blockchain.

這項技術進步為比特幣原生 DeFi 專案的激增鋪平了道路，提供一系列金融服務，包括貸款、借款和去中心化互換，所有這些都以比特幣區塊鏈為中心。

The rise of BTCFi has profound implications for the DeFi ecosystem as a whole. It has the potential to attract a broader audience of investors and users who may favor Bitcoin's long-standing reputation and robust security.

BTCFi 的崛起對整個 DeFi 生態系統產生了深遠的影響。它有潛力吸引更廣泛的投資者和用戶，他們可能會青睞比特幣的長期聲譽和強大的安全性。

Moreover, BTCFi has the potential to accelerate the adoption of Bitcoin beyond its traditional role as a store of value. By unlocking a wider range of use cases through DeFi, BTCFi can bolster Bitcoin's position as a versatile and indispensable asset in the digital economy.

此外，BTCFi 有潛力加速比特幣的採用，超越其作為價值儲存的傳統角色。透過 DeFi 解鎖更廣泛的用例，BTCFi 可以鞏固比特幣作為數位經濟中多功能且不可或缺的資產的地位。

In conclusion, the emergence of BTCFi marks a transformative chapter in the history of Bitcoin and DeFi. With its ability to leverage Bitcoin's unparalleled security, decentralized nature, and vast user base, BTCFi is poised to drive significant innovation and adoption within the DeFi ecosystem. The future of Bitcoin and DeFi looks incredibly promising, and BTCFi stands at the forefront of this exciting and rapidly evolving landscape.

總而言之，BTCFi 的出現標誌著比特幣和 DeFi 歷史上的變革性篇章。 BTCFi 能夠利用比特幣無與倫比的安全性、去中心化特性和龐大的用戶群，並有望推動 DeFi 生態系統的重大創新和採用。比特幣和 DeFi 的未來看起來非常有希望，而 BTCFi 站在這個令人興奮且快速發展的領域的最前沿。