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第一個實現跨鏈可組合性的 BTC DeFi 協定。它將「Pendle」的概念引入BTC生態系統，使BTC持有者能夠參與選擇權策略並賺取選擇權溢價。
in terms of capital and resources, another BTC liquid staking protocol, Lorenzo, has adopted a self-contained development approach.
在資金和資源方面，另一個BTC流動性質押協議Lorenzo採取了獨立的開發方式。
As a BTC liquid staking protocol, Lorenzo naturally encountered the problem of how to release the liquidity of BTC locked in the protocol. To address this issue, it introduced Pendle, a time-weighted average price (TWAP) protocol, into its protocol design. Through Pendle, traders can provide liquidity for BTC-pegged assets and obtain market-making returns, which are then distributed to BTC holders participating in liquid staking.
作為一個BTC流動性質押協議，Lorenzo自然遇到瞭如何釋放協議中鎖定的BTC流動性的問題。為了解決這個問題，它在協議設計中引入了時間加權平均價格（TWAP）協議Pendle。透過 Pendle，交易者可以為 BTC 錨定資產提供流動性並獲得做市收益，然後分配給參與流動性質押的 BTC 持有者。
This design allows traders to obtain market-making returns through Pendle, which are then distributed to BTC holders participating in liquid staking. At the same time, it provides BTC holders with a fixed yield of about 10% APY, merging the advantages of both parties.
這種設計允許交易者透過 Pendle 獲得做市收益，然後將收益分配給參與流動性質押的 BTC 持有者。同時為BTC持有者提供約10%APY的固定收益率，融合了雙方的優勢。
Moreover, Lorenzo also collaborated with Jupiter to launch a new product. This product enables users to obtain market-making returns from Perp DEX through Lorenzo LST products, further expanding the boundaries of BTC staking.
而且，Lorenzo也與Jupiter合作推出了新產品。該產品使用戶能夠透過Lorenzo LST產品獲得Perp DEX的做市收益，進一步拓展了BTC質押的邊界。
2.2 Space: Enhancing Bitcoin's Liquidity
2.2 空間：增強比特幣的流動性
2.2.1 "Bitcoin Synthetic Assets Protocol" Zeta Protocol
2.2.1 “比特幣合成資產協議”Zeta協議
When discussing BTCFi in terms of space, the first project that comes to mind is Zeta Protocol, which aims to introduce synthetic assets into the Bitcoin ecosystem.
當從空間上討論 BTCFi 時，首先想到的項目是 Zeta Protocol，該項目旨在將合成資產引入比特幣生態系統。
As we know, synthetic assets are one of the most important DeFi primitives on Ethereum. They enable users to trade various assets on DEXs without needing to hold the underlying assets, greatly enhancing capital utilization efficiency. However, due to technical limitations, synthetic assets have not yet been introduced into the Bitcoin ecosystem.
眾所周知，合成資產是以太坊上最重要的 DeFi 原語之一。使用戶無需持有底層資產即可在DEX上交易各種資產，大大提高了資金利用效率。然而，由於技術限制，合成資產尚未被引入比特幣生態系統。
To fill this gap, Zeta Protocol is introducing synthetic assets into Bitcoin through an innovative approach, enabling users to trade BTC-pegged assets on the Bitcoin mainnet DEX. At the same time, they can obtain market-making returns and participate in the DeFi ecosystem on Bitcoin.
為了填補這一空白，Zeta Protocol 透過創新方式將合成資產引入比特幣，使用戶能夠在比特幣主網 DEX 上交易與 BTC 掛鉤的資產。同時，他們可以獲得做市回報並參與比特幣上的 DeFi 生態系統。
Currently, Zeta Protocol has launched BTC-pegged synthetic assets on the Bitcoin mainnet DEX, enabling users to trade BTC-pegged assets on DEXs such as Bisq, OpenDEX, and Xena. At the same time, they can obtain market-making returns and participate in the DeFi ecosystem on Bitcoin.
目前，Zeta Protocol已在比特幣主網DEX上推出錨定BTC的合成資產，用戶可以在Bisq、OpenDEX、Xena等DEX上交易錨定BTC的資產。同時，他們可以獲得做市回報並參與比特幣上的 DeFi 生態系統。
In addition to BTC-pegged synthetic assets, Zeta Protocol is also planning to introduce other types of synthetic assets, such as stock-pegged synthetic assets and commodity-pegged synthetic assets, into the Bitcoin ecosystem. This will further expand the application scenarios of synthetic assets on Bitcoin and provide more options for capital utilization.
除了與BTC掛鉤的合成資產外，Zeta Protocol還計劃將其他類型的合成資產引入比特幣生態系統，例如與股票掛鉤的合成資產和與大宗商品掛鉤的合成資產。這將進一步擴展比特幣合成資產的應用場景，為資金運用提供更多選擇。
Source: Zeta Protocol
來源：Zeta 協議
2.2.2 "Bitcoin Lending Protocol" Hodlnaut
2.2.2 “比特幣借貸協議”Hodlnaut
When discussing BTCFi in terms of space, another project that deserves attention is Hodlnaut, which aims to introduce lending into the Bitcoin ecosystem.
從空間角度討論BTCFi時，另一個值得關注的項目是Hodlnaut，該項目旨在將借貸引入比特幣生態系統。
As we know, lending is another important DeFi primitive on Ethereum. It enables users to lend and borrow various assets on DEXs, greatly enhancing capital utilization efficiency. However, due to technical limitations, lending has not yet been fully introduced into Bitcoin.
眾所周知，借貸是以太坊上另一個重要的 DeFi 原語。使用戶能夠在DEX上借貸各種資產，大大提高資金利用效率。然而，由於技術限制，借貸尚未完全引入比特幣。
To address this issue, Hodlnaut is introducing lending into Bitcoin through an innovative approach, enabling users to lend and borrow BTC-pegged assets on the Bitcoin mainnet DEX. At the same time, they can obtain lending and borrowing returns and participate in the DeFi ecosystem on Bitcoin.
為了解決這個問題，Hodlnaut 正在透過一種創新方法將借貸引入比特幣，使用戶能夠在比特幣主網 DEX 上借出和借入與 BTC 掛鉤的資產。同時，他們可以獲得借貸回報並參與比特幣上的 DeFi 生態系統。
Currently, Hodlnaut has launched a lending product for BTC-pegged assets on the Bitcoin mainnet DEX, enabling users to lend and borrow BTC-pegged assets on DEXs such as Bisq, OpenDEX, and Xena. At the same time, they can obtain lending and borrowing returns and participate in the DeFi ecosystem on Bitcoin.
目前，Hodlnaut已在比特幣主網DEX上推出了BTC錨定資產的借貸產品，用戶可以在Bisq、OpenDEX、Xena等DEX上借出和借入BTC錨定資產。同時，他們可以獲得借貸回報並參與比特幣上的 DeFi 生態系統。
In addition to lending for BTC-pegged assets, Hodlnaut is also planning to introduce lending for other types of assets, such as stock-pegged assets and commodity-pegged assets, into the Bitcoin ecosystem. This will further expand the application scenarios of lending on Bitcoin and provide more options for capital utilization.
除了與BTC掛鉤的資產的借貸外，Hodlnaut還計劃將其他類型資產的借貸引入比特幣生態系統，例如與股票掛鉤的資產和與大宗商品掛鉤的資產。這將進一步拓展比特幣借貸的應用場景，為資金運用提供更多選擇。
Source: Hodlnaut
資料來源：Hodlnaut
III. BTCFi: A New Chapter in Bitcoin's Narrative
三． BTCFi：比特幣敘事的新篇章
As 2024 marks the inaugural year of BTCFi, it also heralds a new chapter in Bitcoin's narrative.
2024 年標誌著 BTCFi 的元年，也預示著比特幣敘事的新篇章。
From the perspective of the Bitcoin ecosystem, the return of finance to Bitcoin's endeavors is not only natural but also carries entirely new possibilities. Whether making "digital gold" earn interest or enhancing its liquidity, these two core functions of BTCFi align perfectly with Bitcoin's current main narrative.
從比特幣生態系統的角度來看，金融回歸比特幣不僅是理所當然的，也帶來了全新的可能性。無論是讓「數位黃金」賺取利息還是增強其流動性，BTCFi的這兩個核心功能與比特幣當前的主要敘事完美契合。
Moreover, BTCFi also provides a new direction for the development of the Bitcoin ecosystem. As Bitcoin gradually becomes a "stable digital asset" with less volatility, the narrative of "making Bitcoin useful again" has become increasingly prominent. BTCFi, as a new application scenario for Bitcoin, undoubtedly fits this narrative well.
而且，BTCFi也為比特幣生態的發展提供了新的方向。隨著比特幣逐漸成為波動性較小的“穩定數位資產”，“讓比特幣再次有用”的敘事愈發凸顯。 BTCFi作為比特幣的一個新的應用場景，無疑非常契合這個敘事。
From the perspective of the broader crypto market, the return of finance to Bitcoin is also attracting attention. As Ethereum gradually shifts towards a narrative of capital efficiency, the narrative of "making Bitcoin useful again" has become increasingly prominent among crypto users. BTCFi
從更廣大的加密市場來看，金融回歸比特幣也備受關注。隨著以太坊逐漸轉向資本效率敘事，「讓比特幣再次有用」的敘事在加密貨幣用戶中變得越來越突出。比特幣Fi
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