比特幣失去了閃閃發光：消失的2層和NFT的承諾

去年，有些人夢想著用浮華的NFT，Magical Layers 2和Replosed ReSting對比特幣進行驗證。純粹主義者感到憤怒，認為BTC應該獨自一人。

Last year, some dreamed of perverting Bitcoin with flashy NFTs, magical layers 2, and convoluted re-staking. Purists were outraged, arguing that BTC should be left alone. Should we have waited? Clearly yes: today, these crypto whims are almost extinguished. While the fires of innovation crackled, the hype has subsided. But what remains of these promises now vanished?

去年，有些人夢想著用浮華的NFT，Magical Layers 2和Replosed ReSting對比特幣進行驗證。純粹主義者感到憤怒，認為BTC應該獨自一人。我們應該等待嗎？顯然是：今天，這些加密貨幣的異想天開幾乎已經熄滅了。當創新的火災裂開時，炒作消退了。但是這些諾言現在消失了什麼？

Bitcoin loses its sparkle: the vanished promises of layers 2 and NFT

比特幣失去了閃閃發光：消失的2層和NFT的承諾

In the crypto universe, certain concepts have a habit of dancing and then taking their bow. Such is the case of Ordinals, these Bitcoin NFTs that made wallets vibrate. In 2024, their volume reached 1.4 billion dollars. In 2025? Barely 280 million. A free fall of 80%.

在加密宇宙中，某些概念有跳舞然後鞠躬的習慣。序數就是這種情況，這些比特幣NFT使錢包振動。 2024年，它們的數量達到14億美元。在2025年？僅2.8億。自由下跌80％。

The same fate for Bitcoin’s layers 2: at the beginning of 2024, more than 80 projects tried to charm investors and the media. Six months later, the soufflé has collapsed. “It was overestimated from the start,” confides Charlie Hu, co-founder of Bitlayer.

比特幣的層2：2024年初，有80多個項目試圖吸引投資者和媒體。六個月後，蛋奶酥崩潰了。 Bitlayer的聯合創始人查理·胡（Charlie Hu）說：“從一開始就被高估了。”

Also lagging behind: re-staking, this clumsy innovation now reduced to two or three survivors. Muneeb Ali, founder of Stacks, drives the nail home: “the honeymoon is over.”

同樣落後於：重新製作，這種笨拙的創新現在淪為兩個或三個倖存者。 Stacks的創始人Muneeb Ali開車開了指甲之家：“蜜月結束了。”

Crypto entrepreneurs are starting to speak the truth. Too late?

加密企業家開始講真話。為時已晚？

Has the crypto market become allergic to its own excesses?

加密市場是否對自己的過度過敏？

DeFi on Bitcoin: an untapped potential

比特幣上的defi：未開發的潛力

However, amidst the debris of hype, one idea seems to hold its ground: Bitcoin DeFi. Some envision it as a more solid alternative, less flashy. Dominik Harz (Build on Bitcoin) states it bluntly:

然而，在炒作的碎片中，一個想法似乎持有其立場：比特幣Defi。有些人將其視為一種更堅固的替代方案，較少的浮華。多米尼克·哈茲（Dominik Harz）（建立在比特幣上）坦率地說：

The Bitcoin DeFi has not yet taken off.

比特幣Defi尚未起飛。

To date, 0.3% of Bitcoin’s market cap fuels DeFi uses, compared to 30% for Ethereum. A chasm of x100.

迄今為止，比特幣燃料燃料Defi使用的0.3％，而以太坊為30％。 X100的鴻溝。

But the foundations are there. Thanks to technologies like zkBTC, transactions are becoming ultra-fast, low-cost, and programmable. The future? Perhaps in the fusion between the Bitcoin blockchain and the agility of DeFi.

但是基礎在那裡。多虧了諸如ZKBTC之類的技術，交易變得非常快速，低成本和可編程。未來？也許是在比特幣區塊鍊和Defi敏捷性之間的融合中。

Some, like @SamaAlbert90, already speak of a “new financial era“.

有些人，例如 @samaalbert90，已經談到了“新金融時代”。

The prediction of the BitcoinOS CEO? A DeFi ecosystem on Bitcoin valued at $10 billion if Ethereum stumbles. And why not? If layers 2 become performance-serving architectural tools, investments could follow.

比特幣首席執行官的預測？如果以太坊偶然發現了一個價值100億美元的比特幣生態系統。為什麼不呢？如果第2層成為績效服務的建築工具，則可以隨後進行投資。

Is the flagship crypto ready to become a base for sustainable financial innovations?

旗艦加密貨幣是否準備成為可持續金融創新的基礎？

Bitcoin vs Ethereum: two visions of decentralized finance

比特幣與以太坊：分散財務的兩個願景

The cold war continues between Bitcoin and Ethereum, each camp holding onto its ambitions. Ethereum is preparing its “Hoodi” update, crucial for its scalability. If it fails, Bitcoin could scoop the pot. It would be a turning point. With its new technical layers (zkRollups, EVM compatible), Bitcoin offers attractive solutions.

冷戰繼續在比特幣和以太坊之間，每個營地都堅持其野心。以太坊正在準備其“ Hoodi”更新，這對於其可擴展性至關重要。如果失敗，比特幣可以sc起鍋。這將是一個轉折點。憑藉其新的技術層（Zkrollups，EVM兼容），比特幣提供了有吸引力的解決方案。

Maxwell Sanchez (Hemi Labs) reminds us that copying and pasting Ethereum’s tech is not enough: “It must adapt to the very core of Bitcoin.” Translation: there’s no need to force a square into a round hole. The Bitcoin network must grow in its own way.

麥克斯韋·桑切斯（Hemi Labs）提醒我們，複製和粘貼以太坊的技術還不夠：“它必須適應比特幣的核心。”翻譯：無需強迫正方形進入圓孔。比特幣網絡必須以自己的方式增長。

On Ethereum’s side, the pressure is high. Every major update is a risky promise. The complexity of “Hoodi” could create more problems than solutions. Meanwhile, Bitcoin is refining its vision, developing its layer 2 protocols, and waiting for its rival’s misstep.

在以太坊的一側，壓力很高。每個重大更新都是一個冒險的承諾。 “ Hoodi”的複雜性可能比解決方案更多。同時，比特幣正在完善其願景，制定其第二層協議，並等待競爭對手的失誤。

Who will win the duel of the titans in the crypto market? The one who convinces developers, users, and investors over the long term. And you, who are you betting on?

誰將在加密貨幣市場上贏得泰坦的決鬥？長期說服開發人員，用戶和投資者的人。而你，你在賭誰？

Despite their apparent discredit, Bitcoin’s layers 2 could very well explode. A recent report by the Spartan Group discusses their explosive potential in the medium term… to be continued.

儘管它們顯然很抹黑，但比特幣的層2可能會爆炸。斯巴達集團最近的一份報告討論了他們在中期的爆炸潛力……將繼續。

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La révolution blockchain et crypto est en marche ! Et le jour où les impacts se feront ressentir sur l'économie la plus vulnérable de ce Monde, contre toute espérance, je dirai que j'y étais pour quelque chose

區塊鍊和加密革命正在進行中！而那一天，將對這個世界上最脆弱的經濟感受到影響的那一天，我會說我在那裡是為了某事