比特幣的敘述超過了“數字黃金”的敘述

這種轉變的主要驅動力是比特幣Defi（BTCFI）的興起，它的外觀超出了價值存儲的用例。

Bitcoin is outgrowing the “digital gold” narrative, according to Brendon Sedo, an initial contributor to Core DAO. The primary driver of this shift is the rise of Bitcoin DeFi (BTCfi), which looks beyond the mere store-of-value use cases.

根據核心DAO的最初貢獻者Brendon Sedo表示，比特幣的敘述超過了“數字黃金”的敘述。這種轉變的主要驅動力是比特幣Defi（BTCFI）的興起，它的外觀超出了價值存儲的用例。

In 2024, Bitcoin (BTC) became a natively yield-generating asset and the centerpiece of Ethereum-style decentralized finance ecosystems. 2025 is when that kindling can grow its flame on innovative Bitcoin sidechains.

在2024年，比特幣（BTC）成為一種本地產生的資產，並且是以太坊式的分散金融生態系統的核心。 2025年，這種點燃可以在創新的比特幣Sidechains上生長火焰。

Most past attempts to tap Bitcoin’s value as a productive asset required significant changes to its base layer, a big reason they failed. The Bitcoin layer 1 is not designed for much change, leaving most Bitcoiners to merely hodl and not do much else. The result is that Bitcoin remained underutilized as a network and an asset.

過去大多數將比特幣價值作為生產資產的嘗試都需要對其基層層進行重大更改，這是它們失敗的重要原因。比特幣第1層的設計並不是為了太大的變化而設計，使大多數比特幣的人只能hodl而做其他事情。結果是比特幣作為網絡和資產仍然不足。

Enter Bitcoin sidechains, which have emerged as the perfect solution to all these problems, scaling Bitcoin’s utility without altering or being limited by the base layer. Naturally, these protocols will be the most potent catalyst for BTCfi’s growth, especially with BTC surpassing $100,000, constituting over 60% of the total crypto market share, and entering a new regulatory landscape with the first “pro-crypto” US government regime.

輸入比特幣Sidechains，它已成為解決所有這些問題的完美解決方案，可以擴展比特幣的實用程序，而無需更改或受到基礎層的限制。自然，這些方案將是BTCFI增長的最有效的催化劑，尤其是BTC超過100,000美元，佔加密貨幣市場總份額的60％以上，並使用首個“ Pro-Crypto”美國政府政權進入新的監管環境。

Scaling Bitcoin, a productive asset

縮放比特幣，一種生產性資產

Per Hal Finney, “Bitcoin itself cannot scale to have every single financial transaction […] included in the blockchain.” That’s why there’s a need for a secondary level of payment’ in his view.

每位哈爾·芬尼（Hal Finney），“比特幣本身無法擴展區塊鏈中包含每筆金融交易[…]。”這就是為什麼他認為需要次要付款的原因。

For a long time, the blockchain space ignored Finney’s call to action and prioritized innovation that isolated Bitcoin. However, innovations previously limited to chains like Ethereum are now crossing over to the world of Bitcoin. Sidechains, rollups and other scaling solutions offer more options for holders who want Ethereum-style utility while remaining aligned with Bitcoin. This prepared the ground for BTCfi, where holders can access a range of income-generating solutions like staking, lending and derivatives.

長期以來，區塊鏈空間忽略了Finney的行動呼籲，並確定了隔離比特幣的創新。但是，以太坊等以太坊等連鎖店的創新現在正在跨越比特幣世界。 Sidechains，Crolups和其他規模解決方案為想要以太坊式實用程序的持有人提供了更多選擇，同時保持與比特幣保持一致。這為BTCFI做好了準備，在那裡，持有人可以訪問一系列創收解決方案，例如Staking，Lending和derivatives。

The industry is, however, still in the early innings of this revolution in Bitcoin. As of November 2024, merely 0.8% of its circulating supply is utilized for DeFi use cases, according to Galaxy Digital. Out of Bitcoin’s roughly $2 trillion market cap, less than $7 billion comprises BTCfi TVL.

但是，該行業仍處於比特幣革命的早期局中。根據Galaxy Digital的數據，截至2024年11月，其循環供應中只有0.8％用於Defi用例。在比特幣的市值約為2萬億美元的市值中，不到70億美元由BTCFI TVL組成。

While this may appear unencouraging, it highlights the massive remaining opportunity. Bitcoin L2 infrastructure scaled 7x from 2021 to November 2024.

雖然這似乎不統一，但它突出了剩下的巨大機會。比特幣L2基礎設施從2021年到2024年11月。

More importantly, it has accounted for a sizable share of new liquidity flowing into BTC, besides institutional products like exchange-traded funds (ETFs).

更重要的是，除了交易所交易資金（ETF）之外，它還佔了流入BTC的新流動性的相當大份額。

Even if the supply of Bitcoin in BTCfi platforms and sidechains grows by 0.25% annually, the sector will have a total addressable market of $44 billion to $47 billion by 2030, according to Galaxy Digital. However, as Bitcoiners know, this is a conservative estimate and would be accelerated by accelerating BTC price action or even more Bitcoin DeFi adoption.

根據Galaxy Digital的數據，即使BTCFI平台和Sidechains中比特幣的供應每年增長0.25％，到2030年，該行業的總可尋址市場將達到440億美元至470億美元。但是，正如比特幣員所知，這是一個保守的估計，可以通過加速BTC價格行動甚至採用更多比特幣的採用來加速。

VCs, for one, have started to recognize the potential of Bitcoin sidechains, investing over $447 million already, according to Galaxy Digital. Of this, about $174 million was invested in Q3 2024, setting the stage for more explosive growth in 2025. More funding for early-stage projects will ensure more successful launches, innovations, choices for users, and overall value.

根據Galaxy Digital的數據，VCS已開始認識到比特幣Sidechains的潛力，已經投資了超過4.47億美元。其中，大約1.74億美元投資於第三季度2024年第三季度，為2025年的爆炸性增長奠定了基礎。早期項目的更多資金將確保更成功的推出，創新，用戶選擇和整體價值。

As Bitcoin-native solutions provide access to productive use cases for Bitcoin, users will no longer need to rely on trusted intermediaries and Bitcoin-agnostic smart contract platforms. Sacrifices that were necessary to expand the utility of Bitcoin in the past will no longer be required. That can unlock substantial value for principled BTC holders and even the Bitcoin network itself.

由於比特幣本地解決方案為比特幣提供了生產用例的訪問，因此用戶將不再需要依靠受信任的中介機構和比特幣 - 敏捷的智能合約平台。不再需要擴大比特幣實用性所必需的犧牲。這可以為有原則的BTC持有人甚至比特幣網絡本身釋放實質性價值。

Yields on Bitcoin for Bitcoin

比特幣的比特幣產量

So far, bridging to Turing-complete Ethereum Virtual Machine (EVM) chains has been a go-to way to facilitate yields and other financial use cases on Bitcoin. For example, the wrapped Bitcoin (WBTC) market on Ethereum is more than $10 billion. While solutions like WBTC have been suitable for some, many Bitcoin holders prefer not to entrust custodians with their capital or rely on chains like Ethereum, which do not align with Bitcoin's consensus principles or support the network at all.

到目前為止，橋接到圖靈完整的以太坊虛擬機（EVM）鏈條已成為促進比特幣上促進產量和其他財務用例的首選方法。例如，以太坊上包裝的比特幣（WBTC）市場超過100億美元。儘管像WBTC這樣的解決方案適合某些解決方案，但許多比特幣持有人都不願意將保管人委託使用資本或依靠以太坊等連鎖店，而以太坊等連鎖店與比特幣的共識原則不符或完全支持網絡。

BTCfi, defined by Bitcoin-aligned and Bitcoin-powered infrastructure, is a solution from which both WBTC users and Bitcoin purists can benefit. Users who are already accustomed to Ethereum’s smart contract sophistication can continue to enjoy that EVM experience while also growing closer to Bitcoin’s roots. Principled Bitcoin users can get more options for their BTC’s utility if the sidechain aligns with the base network.

由比特幣對準和比特幣驅動的基礎結構定義的BTCFI是WBTC用戶和比特幣純粹主義者都可以從中受益的解決方案。已經習慣以太坊的智能合同成熟的用戶可以繼續享受EVM的體驗，同時也越來越接近比特幣的根源。如果Sidechain與基本網絡保持一致，則有原則的比特幣用戶可以為其BTC的實用程序獲得更多選項。

Bitcoin holders also gain access to BTC derivatives superior to Ethereum-native solutions like WBTC. Yield-bearing BTC derivatives

比特幣持有人還可以訪問BTC衍生物，而不是WBTC（例如WBTC）優於以太本地解決方案。承重的BTC衍生物