比特幣衍生資產市場是建立在紙牌屋之上的嗎？

根據比特幣研究的一篇部落格文章，一些聲稱完全由加密貨幣支持的比特幣（BTC）衍生品可能站不住腳

Some bitcoin (BTC) derivatives that claim to be fully backed by the cryptocurrency could be on shaky ground, a blog post by Bitcoin research and media firm LX Research suggests.

比特幣研究和媒體公司 LX Research 的一篇部落格文章表示，一些聲稱完全由加密貨幣支持的比特幣 (BTC) 衍生性商品可能站不住腳。

Most of these assets are in the form of a BTC-pegged derivative token – representations of native BTC on other blockchains such as Ethereum – a $30 billion market (only for the thirty-eight assets LX Research currently tracks).

這些資產大部分都是與BTC 掛鉤的衍生代幣的形式——代表了以太坊等其他區塊鏈上的原生BTC——這是一個價值300 億美元的市場（僅適用於LX Research 目前跟踪的38 種資產）。

The term “wrapped bitcoin” typically refers to a token issued to users after they deposit a corresponding amount of native BTC with a custodian. The token can then be used for various decentralized finance (defi) purposes such as lending. Users can later return the wrapped token to the issuer and retrieve their bitcoin, after which, the token is burned.

「包裝比特幣」一詞通常是指用戶向託管人存入相應數量的原生 BTC 後發行的代幣。然後，該代幣可用於各種去中心化金融（defi）目的，例如借貸。用戶稍後可以將打包的代幣返回給發行者並檢索他們的比特幣，之後代幣將被燒毀。

For the model to work, the wrapped token should be fully backed by bitcoin on a 1:1 basis. But what happens when custodians and merchants start to rehypothecate collateral or begin issuing wrapped tokens backed by other derivative assets instead of bitcoin? The result could be a bank run, according to LX Research writer Janus.

為了使該模型發揮作用，包裝的代幣應該以 1:1 的比例完全由比特幣支持。但是，當託管人和商人開始重新抵押抵押品或開始發行由其他衍生資產而不是比特幣支持的打包代幣時，會發生什麼？ LX Research 撰稿人 Janus 表示，結果可能是銀行擠兌。

“We’re not sure if all BTC-derivative assets are fully backed,” Janus wrote. He also posted a scenario on X where a custodian mints multiple tokens without sufficient collateral.

「我們不確定所有 BTC 衍生資產是否都得到充分支持，」Janus 寫道。他還在 X 上發布了一個場景，其中託管人在沒有足夠抵押品的情況下鑄造多個代幣。

“If there is a large number of withdrawals on any two of these tokens at the same time, operators will not be able to redeem liquidity from the exchanges to process withdrawals in a timely manner, Janus explained. “This could trigger a bank run.”

Janus解釋說：“如果其中任何兩種代幣同時出現大量提款，運營商將無法從交易所贖回流動性以及時處理提款。” “這可能引發銀行擠兌。”

He also noted that the wrapped bitcoin market suffers from centralization risk where multiple projects share the same custodian.

他也指出，打包的比特幣市場存在中心化風險，多個項目共享同一託管人。

“It’s clear that a number of these protocols are using centralized custodians to ensure that their assets are backed 1:1. And a number of these projects are sharing the same custodian(s),” Janus said.

「很明顯，其中許多協議正在使用中心化託管人來確保其資產得到 1:1 的支持。其中許多項目共享相同的託管人，」Janus 說。

But there’s more – Janus explains that there’s been an explosion of wrapped tokens in the past year. Many of them are not backed by native BTC, but rather, collateralized by other wrapped tokens, creating a house of cards.

但還有更多——Janus 解釋說，去年包裝代幣出現了爆炸性增長。其中許多並沒有原生 BTC 的支持，而是由其他包裝代幣作為抵押，形成了一座紙牌屋。

“Projects are not simply using native BTC to fully back their assets. Other derivative assets, such as cbBTC [Coinbase wrapped BTC] and wBTC [BitGo wrapped BTC], are being used as reserve assets for newer derivatives,” Janus explained. “This compounds custodian risk. If a wrapped reserve asset became unbacked, then all of the assets that it backs would also become unbacked.”

「專案不僅僅是使用原生 BTC 來完全支援其資產。其他衍生性資產，例如 cbBTC [Coinbase 包裝的 BTC] 和 wBTC [BitGo 包裝的 BTC]，正被用作新衍生品的儲備資產。 「這加劇了託管風險。如果打包的儲備資產變得沒有支持，那麼它支持的所有資產也將變得沒有支持。

Janus posed other questions that require clarity – is the total value locked (TVL) for these assets accurate or fake? Do projects control the native bitcoin backing their wrapped tokens?

Janus 提出了其他需要澄清的問題——這些資產的鎖定總價值 (TVL) 是準確的還是虛假的？專案是否控制支援其包裝代幣的原生比特幣？

To help answer this question, Janus said LX Research is developing a framework for wrapped derivative assets that will be available in matter of days.

為了幫助回答這個問題，Janus 表示 LX Research 正在開發一個包裝衍生資產的框架，該框架將在幾天內推出。

“Users of BTC-backed tokens and protocols should understand the risks when interacting with specific assets,” Janus said. “We will be releasing a full framework and corresponding reviews in the coming days.”

「比特幣支援的代幣和協議的用戶在與特定資產互動時應該了解風險，」Janus 說。 “我們將在未來幾天發布完整的框架和相應的評論。”