比特幣的Defi Boom：BTCFI是行業中的新敘述

一旦被視為數字黃金和最終通貨膨脹避風港，BTC在DEFI中的採用越來越多，現在是該行業中最熱門的敘述之一。

Bitcoin’s status as crypto’s number one store of value is easily discerned from a cursory glance at the price charts on CoinMarketCap. It’s also easy to appreciate if you’re familiar with its consensus mechanism, scarcity, and supply schedule.

比特幣作為加密貨幣第一存儲的價值商店的狀態很容易從粗略地看待CoinMarketCap上的價格圖表。如果您熟悉其共識機制，稀缺性和供應時間表，也很容易欣賞。

Of late, though, the world’s best-known digital asset is making waves in another area – DeFi.

但是，最近，世界上最著名的數字資產正在在另一個領域 - Defi引起轟動。

Once viewed as digital gold and the ultimate inflation safe haven, BTC’s increasing adoption in DeFi is now one of the hottest narratives in the industry. Indeed, the total value locked (TVL) in DeFi protocols has been on a steady march since last October.

一旦被視為數字黃金和最終通貨膨脹避風港，BTC在DEFI中的採用越來越多，現在是該行業中最熱門的敘述之一。確實，自去年10月以來，Defi協議中鎖定的總價值（TVL）一直在穩定。

So, which factors can we credit with the bounce? And why does it matter?

那麼，我們可以以彈跳來讚揚哪些因素？為什麼重要？

Bitcoin’s DeFi Boom

比特幣的defi繁榮

It’s fair to say Bitcoin had a momentous 2024. Not only did it smash through its previous ceiling and post a new all-time high (ATH) price, but it experienced a halving event, saw huge interest from institutional investors thanks to spot ETF launches, and it was even praised by a leading Presidential candidate – who went on to win the election.

說比特幣的2024年是公平的。它不僅在以前的天花板上粉碎並發布了新的歷史最高（ATH）價格，而且經歷了一項減半的活動，而且由於Spot ETF的發布，機構投資者的興趣極大，甚至受到一位領先的總統候選人的稱讚 - 繼續贏得選舉。

This momentum continued into the new year, with Bitcoin’s price hitting a new ATH of $109,350 on January 20th. Perhaps more consequential than the price, though, is the coin’s attractiveness to the movers and shakers in decentralized finance, be they traders, lenders, borrowers, or stakers. This phenomenon has even birthed its own term: BTCFi.

這種勢頭一直持續到新年，比特幣的價格在1月20日達到了109,350美元的新ATH。不過，可能比價格更重要的是，無論是交易者，貸方，借款人還是史塔克人，硬幣對搬家的吸引力。這種現象甚至誕生了自己的術語：BTCFI。

Incredibly, the total value of Bitcoin locked in DeFi rose more than 2,000% in 2024, from just $307 million in January to around $6.5 billion by December 31. As mentioned, the temperature of investor interest has risen sharply since October and at the time of writing, despite recent market choppiness, $6.8 billion is locked in BTFi.

令人難以置信的是，鎖定在DEFI的比特幣的總價值在2024年增長了2,000％以上，從1月的3.07億美元增加到12月31日的65億美元。寫作，儘管最近的市場切碎，但BTFI卻鎖定了68億美元。

Clearly, Bitcoin’s unrivalled security and deep liquidity make it an ideal foundation for DeFi protocols, many of whom have benefitted from the emergence of scaling solutions like Lightning Network and exSat which enable faster and more scalable transactions to occur.

顯然，比特幣的無與倫比的安全性和深厚的流動性使其成為Defi協議的理想基礎，其中許多人受益於擴展解決方案（如Lightning Network and Exsat）的出現，這使得可以更快，更可擴展的交易發生。

The arrival of these platforms is no surprise given the depth of dormant liquidity held by bitcoiners, a community that has, until recently, been unable to capitalize on the myriad DeFi opportunities available using their favorite cryptocurrency. In hindsight, it was always a matter of time before solutions came online enabling the use of BTC in decentralized finance.

考慮到比特幣持有的休眠流動性的深度，這些平台的到來並不奇怪，該社區直到最近才能利用他們最喜歡的加密貨幣來利用無數的Defi機會。事後看來，解決方案上網始終是時間問題，使BTC在分散的金融中使用。

exSat, described as the Docking Layer for Bitcoin scalability, is a particularly interesting example of a BTCFi project, in that it employs a hybrid consensus mechanism (Proof-of-Work and Proof-of-Stake) to import Bitcoin blocks in a decentralized fashion. In so doing, exSat supports the extension of Bitcoin’s utility and enables the development of intuitive Bitcoin-based dApps like DEXs and lending protocols.

EXSAT被描述為比特幣可伸縮性的對接層，是BTCFI項目的一個特別有趣的例子，因為它採用混合共識機制（工作證明和有驗證證明和有驗證證明）來以分散的方式導入比特幣塊。這樣一來，EXSAT支持比特幣實用程序的擴展，並可以開發基於直觀的比特幣（例如DEX和貸款協議）的DAPP。

Late last year, exSat rolled out Credit Staking to unlock new earning opportunities for bitcoiners while bolstering ecosystem security. With Credit Staking, users can validate BTC blocks within exSat’s network, sign the consensus, and earn rewards in the process. One of the leading Bitcoin restaking protocols, it now boasts $692m in TVL.

去年年底，Exsat推出了信用量，以在增強生態系統安全的同時為比特幣提供新的賺錢機會。通過信用積分，用戶可以在EXSAT網絡中驗證BTC塊，簽署共識並在此過程中獲得獎勵。現在，它是領先的比特幣重新製作協議之一，現在擁有6.92億美元的TVL。

By providing secure and transparent yield opportunities for hardcore bitcoiners, exSat’s Credit Staking replicates the success of Ethereum-based DeFi protocols that grew in popularity from 2019 onwards. Interestingly, Credit Staking relies on the use of a native exSat bridge, developed with the aid of Ceffu, ChainUp, Cobo, and Cactus Custody, which lets users retain ownership of their underlying BTC while participating in staking.

通過為鐵桿比特幣提供安全和透明的收益機會，EXSAT的信用staking複製了以太坊基於以太坊的Defi協議的成功，這些協議從2019年開始越來越受歡迎。有趣的是，信用存儲依賴於在Ceffu，Chainup，Cobo和Cactus監護權的幫助下開發的本地EXSAT橋樑，該橋樑使用戶可以在參與放入時保留其基礎BTC的所有權。

Early Days for BTCFi

BTCFI的初期

Although Bitcoin’s DeFi TVL still lags behind the likes of Ethereum and Tron, it is on an undeniable upward trajectory. The blue-riband cryptocurrency’s transition from a static safe haven asset to a dynamic DeFi player is just beginning, with innovations like those mentioned above paving the way for broader adoption and lucrative market opportunities.

儘管比特幣的Defi TVL仍然落後於以太坊和Tron等，但它處於不可否認的向上軌跡上。藍色 - 盤人的加密貨幣從靜態的避風港資產向動態的Defi播放器的過渡剛剛開始，例如上面提到的創新為更廣泛的採用和利潤豐厚的市場機會鋪平了道路。

Although the future of Bitcoin DeFi is bright, to borrow a popular phrase: we are still early. Particularly if Galaxy Digital’s prediction proves to be correct; last year, it said that 2.3% of Bitcoin’s circulating supply could be bridged into BTCFi by 2030 – around $47 billion.

儘管比特幣Defi的未來是光明的，但要藉用一個流行的短語：我們還很早。特別是如果Galaxy Digital的預測是正確的；去年，它說，到2030年，比特幣循環供應中有2.3％可以橋接到BTCFI中 - 約470億美元。

DeFi-curious bitcoiners, then, would do well to make sure they’re aware of the opportunities currently at their disposal.

因此，充滿偏見的比特幣機將做得很好，以確保他們知道目前可以使用的機會。