比特幣在去中心化金融（DeFi）中不斷擴大的作用：流動性挖礦和質押

隨著去中心化金融（DeFi）持續顛覆傳統金融體系，比特幣日益成為該生態系統中的重要資產。

Decentralized finance (DeFi) is transforming traditional financial systems, and Bitcoin is playing an increasingly重要な role within this ecosystem. While primarily known as a decentralized currency and a store of value, Bitcoin’s capabilities are expanding in the realm of DeFi, especially in the world of yield farming and staking.

去中心化金融（DeFi）正在改變傳統金融體系，而比特幣在這個生態系統中扮演越來越重要的角色。雖然比特幣主要被稱為去中心化貨幣和價值儲存手段，但比特幣的功能正在 DeFi 領域不斷擴展，尤其是在流動性挖礦和質押領域。

Despite Bitcoin not having the native capabilities for staking or direct yield farming like other cryptocurrencies such as Ethereum or Polkadot, innovative solutions are enabling Bitcoin holders to participate in these DeFi activities, unlocking new avenues for earning passive income.

儘管比特幣不具備像以太坊或Polkadot 等其他加密貨幣那樣的質押或直接收益耕作的原生功能，但創新解決方案使比特幣持有者能夠參與這些DeFi 活動，從而開闢了賺取被動收入的新途徑。

In this article, we will explore how Bitcoin is being utilized in yield farming and staking within DeFi, and what these developments mean for Bitcoin holders looking to earn rewards from their assets.

在本文中，我們將探討比特幣如何在 DeFi 中用於流動性挖礦和質押，以及這些發展對於希望從其資產中賺取獎勵的比特幣持有者意味著什麼。

Before we delve into Bitcoin’s role, it’s essential to understand the concepts of yield farming and staking within the DeFi space.

在我們深入研究比特幣的作用之前，有必要了解 DeFi 領域中流動性挖礦和質押的概念。

Yield farming typically involves deploying crypto assets in a decentralized protocol or application to generate high yields or returns. In DeFi, liquidity is crucial for decentralized exchanges, lending protocols, and other financial services. To incentivize users to provide liquidity, these platforms offer rewards, usually in the form of native tokens or a portion of the trading fees. By providing liquidity and participating in decentralized token swaps, users can earn these rewards.

流動性挖礦通常涉及在去中心化協議或應用程式中部署加密資產，以產生高收益或回報。在 DeFi 中，流動性對於去中心化交易所、借貸協議和其他金融服務至關重要。為了激勵用戶提供流動性，這些平台通常以原生代幣或部分交易費用的形式提供獎勵。透過提供流動性並參與去中心化代幣互換，用戶可以獲得這些獎勵。

On the other hand, staking is the process of actively participating in the consensus mechanism of a Proof-of-Stake (PoS) blockchain network by locking up a certain amount of cryptocurrency holdings. In PoS blockchains, validators are chosen based on the amount of cryptocurrency they have staked, and they are responsible for validating new blocks and adding them to the chain. In return for staking their assets and helping to secure the network, validators are rewarded with newly minted cryptocurrency or a share of the transaction fees.

另一方面，質押是透過鎖定一定數量的加密貨幣持有量來積極參與權益證明（PoS）區塊鏈網路共識機制的過程。在 PoS 區塊鏈中，驗證者是根據他們所質押的加密貨幣數量來選擇的，他們負責驗證新區塊並將其添加到鏈中。作為抵押資產並幫助保護網路安全的回報，驗證者將獲得新鑄造的加密貨幣或部分交易費用的獎勵。

With Bitcoin being a Proof-of-Work cryptocurrency, its native blockchain doesn’t support staking or yield farming directly. However, developments in the DeFi ecosystem are allowing Bitcoin to participate in these activities, albeit through wrapped tokens or interoperability with other blockchain networks.

由於比特幣是一種工作量證明加密貨幣，其原生區塊鏈不直接支持質押或流動性挖礦。然而，DeFi 生態系統的發展允許比特幣參與這些活動，儘管是透過包裝代幣或與其他區塊鏈網路的互通性。

Bitcoin in Yield Farming

比特幣在流動性挖礦的應用

While Bitcoin does not have native support for yield farming, its participation in DeFi liquidity pools is facilitated through the use of Wrapped Bitcoin (WBTC). WBTC is an ERC-20 token that is fully backed 1:1 by Bitcoin and is widely used in the Ethereum ecosystem to provide liquidity in DeFi protocols.

雖然比特幣本身不支援流動性挖礦，但透過使用 Wrapped Bitcoin (WBTC) 可以促進其參與 DeFi 流動性池。 WBTC 是一種 ERC-20 代幣，由比特幣 1:1 完全支持，廣泛應用於以太坊生態系統中，為 DeFi 協議提供流動性。

WBTC enables Bitcoin holders to unlock yield farming opportunities that are otherwise unavailable on the Bitcoin network. Essentially, when a Bitcoin holder wraps their Bitcoin into WBTC, it can be used within Ethereum-based DeFi platforms, which support liquidity pools for decentralized exchanges, lending protocols, and other financial services. WBTC enables Bitcoin holders to engage in yield farming by providing liquidity to DeFi protocols and earning rewards in return.

WBTC 讓比特幣持有者能夠解鎖比特幣網路上無法獲得的流動性挖礦機會。本質上，當比特幣持有者將其比特幣包裝成 WBTC 時，它可以在基於以太坊的 DeFi 平台中使用，該平台支援去中心化交易所、借貸協議和其他金融服務的流動性池。 WBTC 使比特幣持有者能夠透過向 DeFi 協議提供流動性並賺取獎勵來參與流動性挖礦。

For instance, users can deposit WBTC into liquidity pools on platforms like Uniswap, SushiSwap, or Balancer. These pools facilitate decentralized token swaps, and in exchange for providing liquidity, users earn fees or rewards from the platform. Additionally, yield farming often involves providing liquidity to stablecoin pools, such as USDC/BTC or USDT/BTC pairs, to earn stable yields while maintaining exposure to Bitcoin.

例如，使用者可以將 WBTC 存入 Uniswap、SushiSwap 或 Balancer 等平台上的流動性池中。這些池促進了去中心化代幣交換，作為提供流動性的交換，用戶可以從平台賺取費用或獎勵。此外，流動性挖礦通常涉及向穩定幣池（例如 USDC/BTC 或 USDT/BTC 對）提供流動性，以在保持比特幣曝險的同時獲得穩定的收益。

Moreover, some lending platforms like Aave, Compound, and MakerDAO also support Bitcoin in wrapped forms like WBTC. Bitcoin can be used as collateral to borrow other assets or earn interest on deposited Bitcoin. By participating in these liquidity pools and lending protocols, Bitcoin holders can earn attractive yields without ever needing to sell their Bitcoin.

此外，Aave、Compound 和 MakerDAO 等一些借貸平台也支援 WBTC 等包裝形式的比特幣。比特幣可以用作抵押品來借入其他資產或透過存入的比特幣賺取利息。透過參與這些流動性池和借貸協議，比特幣持有者無需出售比特幣即可獲得有吸引力的收益。

Bitcoin in Staking: Wrapped Bitcoin and Liquid Staking

比特幣質押：打包比特幣和流動性押

While Bitcoin itself cannot be staked due to its PoW consensus mechanism, wrapped Bitcoin (WBTC) and liquid staking provide solutions for Bitcoin holders to participate in staking activities indirectly.

雖然比特幣本身因其 PoW 共識機製而無法進行質押，但包裝比特幣（WBTC）和流動性質押為比特幣持有者間接參與質押活動提供了解決方案。

A few emerging platforms have started offering liquid staking services for Bitcoin. These services allow Bitcoin holders to stake their assets on PoS blockchains or decentralized networks and earn staking rewards, while simultaneously receiving a tokenized version of their staked Bitcoin, which can be used across other DeFi platforms. For example, a user could stake Bitcoin through a liquid staking service and then use the tokenized version of their staked Bitcoin (such as stBTC) to participate in other DeFi activities like yield farming.

一些新興平台已經開始為比特幣提供流動性質押服務。這些服務允許比特幣持有者將其資產質押在 PoS 區塊鏈或去中心化網路上並獲得質押獎勵，同時接收其質押比特幣的代幣化版本，該版本可在其他 DeFi 平台上使用。例如，使用者可以透過流動質押服務質押比特幣，然後使用其質押比特幣的代幣化版本（例如 stBTC）參與其他 DeFi 活動，例如流動性挖礦。

Benefits of Bitcoin in DeFi Yield Farming and Staking

比特幣在 DeFi 收益挖礦和質押中的好處

Risks and Considerations

風險和注意事項

While yield farming and staking with Bitcoin in the DeFi space offer compelling rewards, there are risks involved. Here are a few key considerations:

雖然 DeFi 領域的流動性挖礦和比特幣質押提供了誘人的回報，但也存在風險。以下是一些關鍵考慮因素：

Conclusion: The Growing Role of Bitcoin in DeFi

結論：比特幣在 DeFi 中的作用日益增強

While Bitcoin itself does not natively support staking or yield farming, innovative solutions like wrapped Bitcoin and liquid staking have created avenues for Bitcoin holders to participate in the rapidly expanding DeFi ecosystem. These developments unlock the potential for Bitcoin to earn rewards, gain exposure to new DeFi services, and improve the overall liquidity and functionality of the DeFi space.

雖然比特幣本身並不支持質押或流動性挖礦，但包裝比特幣和流動性質押等創新解決方案為比特幣持有者參與快速擴張的 DeFi 生態系統創造了途徑。這些發展釋放了比特幣賺取獎勵、接觸新 DeFi 服務以及提高 DeFi 領域整體流動性和功能的潛力。

As the DeFi space continues to evolve, Bitcoin’s role is likely to grow, offering new opportunities for users to earn passive income and increase the utility of their holdings. However, participants must be aware of the risks

隨著 DeFi 領域的不斷發展，比特幣的角色可能會增強，為用戶提供賺取被動收入並提高其持有資產效用的新機會。然而，參與者必須意識到風險