隨著 Lido 激發新協議創建以比特幣為中心的 DeFi 生態系統，BTC 流動質押市場應運而生

Lido 於 2020 年推出，為創建有收益的 DeFi 原語設定了標準，並且是第一個獲得關注的流動性質押協議

Lido’s (CRYPTO: LDO) dominance in the Ethereum liquid staking market has inspired several emerging BTC liquid staking protocols to try to create their own Bitcoin (CRYPTO: BTC)-focused decentralized finance ecosystem.

Lido（CRYPTO：LDO）在以太坊流動性質押市場的主導地位激發了一些新興的 BTC 流動性質押協議嘗試創建自己的以比特幣（CRYPTO：BTC）為中心的去中心化金融生態系統。

Launched in 2020, Lido set the standard for creating a yield-bearing DeFi primitive and was the first liquid staking protocol to gain traction in terms of usage and integrations, said Jacob Phillips, the co-founder of Lombard, a new liquid staking provider focused on Bitcoin.

Lombard 是一家專注於流動性質押的新提供商，其聯合創始人Jacob Phillips 表示，Lido 於2020 年推出，為創建有收益的DeFi 原語設定了標準，並且是第一個在使用和集成方面獲得關注的流動性質押協議。

“DeFi protocols now routinely prefer [staked ETH] as collateral, viewing it as a better form of ETH that offers the same exposure plus staking yield,” Phillips told Unchained over Telegram. “Bitcoin LSTs like Lombard aim to replicate [Lido’s] playbook by creating a minimalist Bitcoin liquid staking token.”

Phillips 透過 Telegram 向 Unchained 表示：“現在 DeFi 協議通常更喜歡 [質押 ETH] 作為抵押品，將其視為一種更好的 ETH 形式，可以提供相同的風險敞口和質押收益。” “像 Lombard 這樣的比特幣 LST 旨在通過創建極簡主義的比特幣流動質押代幣來複製 [Lido 的] 劇本。”

The total liquid staking market on Ethereum stands at $37.9 billion and Lido accounts for $26.2 billion of that, or almost 70%, according to DefiLlama.

據 DefiLlama 稱，以太坊上的流動性質押市場總額為 379 億美元，其中 Lido 佔 262 億美元，幾乎佔 70%。

By comparison, the BTC liquid staking market started taking shape this year and while there are no figures for the total market size, the top six protocols — Lombard, Solv Finance, PumpBTC, Bedrock, Echo Protocol and Lorenzo — have only generated $3.5 billion in total value locked so far.

相比之下，BTC 流動性質押市場今年開始形成，雖然沒有總市場規模的數據，但排名前六的協議——Lombard、Solv Finance、PumpBTC、Bedrock、Echo Protocol 和Lorenzo——僅產生了35 億美元的收入。

Rostyslav Shvets, the co-founder of BTC liquid staking protocol Stroom Network, which is still in testnet, told Unchained that liquid staking has attracted many competitors because “the killer feature of all crypto is yield on top of your assets.”

BTC 流動性質押協議Stroom Network 的聯合創始人Rostyslav Shvets（該協議仍處於測試網絡中）告訴Unchained，流動性質押吸引了許多競爭對手，因為「所有加密貨幣的殺手級功能都是資產之上的收益。

Shvets, who was previously a product manager at Lido, explained that Stroom is trying to give users the chance to earn revenue from the Lightning Network, a Bitcoin L2, without locking up their BTC.

曾擔任 Lido 產品經理的 Shvets 解釋說，Stroom 試圖讓用戶有機會從閃電網路（比特幣 L2）中賺取收入，而無需鎖定他們的 BTC。

See More: Lido Moves To Decentralize With Vote To Adopt New Community Staking Module

看更多：Lido 透過投票採用新的社區質押模組來實現去中心化

Liquid staking traditionally entails users earning a yield in exchange for locking their native tokens. They receive a “receipt token,” also known as a liquid staking token (LST), that represents a user’s initial principal plus rewards. Stakers can then use the LST in various DeFi protocols by using the tokens as liquidity for trading pools or as collateral for borrowing.

傳統上，流動質押需要用戶透過鎖定其原生代幣來獲得收益。他們收到“收據代幣”，也稱為流動質押代幣（LST），代表用戶的初始本金加上獎勵。然後，質押者可以在各種 DeFi 協議中使用 LST，將代幣用作交易池的流動性或借款的抵押品。

BTC staking typically refers to holders using their bitcoins as collateral assets to provide security for various proof-of-stake blockchains.

BTC 質押通常是指持有者使用其比特幣作為抵押資產，為各種權益證明區塊鏈提供安全保障。

Lido’s yield comes from ETH emissions given to stakers who secure Ethereum. By comparison, the staking yield from emerging BTC staking protocols comes from points, since proof-of-stake networks using BTC as security collateral have yet to launch their mainnet.

Lido 的收益來自於向持有以太坊的權益持有者發放的 ETH 排放量。相較之下，新興 BTC 質押協議的質押殖利率來自積分，因為使用 BTC 作為安全抵押品的權益證明網路尚未啟動其主網。

LSTs are part of the wider “Bitcoin Renaissance” that’s going on now in which developers are attempting to introduce smart contract functionality to Bitcoin, in order to allow for more complex operations on the network.

LST 是目前正在進行的更廣泛的「比特幣復興」的一部分，開發人員正試圖將智慧合約功能引入比特幣，以便在網路上進行更複雜的操作。

“I think, [liquid staking and the Bitcoin Renaissance] will really be a catalyst for Bitcoin DeFi in becoming likely one of the biggest trends and movements in the market next cycle next year,” Alexei Zamyatin, the co-founder of hybrid layer 2 network Build on Bitcoin, also known as BOB, told Unchained. “People are hungry for using bitcoin—everybody has bitcoin. If you look at the ETH market, I would say 90%+ of ETH users that stake ETH also own bitcoin. So you have that market that is very used to staking… plus the millions of users in Bitcoin that do not stake anything yet.”

Hybrid Layer 2 聯合創始人 Alexei Zamyatin 表示：“我認為，[流動性質押和比特幣復興]將真正成為比特幣 DeFi 的催化劑，使其可能成為明年下一個週期市場最大的趨勢和走勢之一。”網路建構在比特幣上，也稱為BOB，告訴Unchained。 「人們渴望使用比特幣——每個人都擁有比特幣。如果你看看 ETH 市場，我會說 90% 以上的持有 ETH 的 ETH 用戶也擁有比特幣。所以你的市場非常習慣於質押……再加上數百萬比特幣用戶還沒有質押任何東西。

Crypto users have staked 34.9 million ETH tokens, worth about $93.4 billion and roughly 29% of the ETH supply.

加密貨幣用戶已質押 3,490 萬枚 ETH 代幣，價值約 934 億美元，約佔 ETH 供應量的 29%。

By contrast, staking on Bitcoin has just begun and is largely dependent on staking protocol Babylon, which has thus far accumulated just 23,889.1 bitcoins — less than one percent of BTC’s circulating supply.

相比之下，比特幣的質押才剛開始，並且在很大程度上依賴質押協議 Babylon，該協議迄今為止僅積累了 23,889.1 比特幣——不到 BTC 流通供應量的 1%。

Babylon’s staked BTC figure is also incredibly small compared to BTC’s market cap of $1.3 trillion, which Zamyatin said shows how Bitcoin liquid staking has plenty of room to grow.

與 1.3 兆美元的 BTC 市值相比，Babylon 的 BTC 質押數字也小得令人難以置信，Zamyatin 表示，這表明比特幣流動性質押還有很大的成長空間。

“If [Bitcoin LSTs] grow to the size of what you have on Ethereum… that’s a pretty exciting opportunity,” Zamyatin added.

「如果[比特幣 LST] 增長到以太坊上的規模……這將是一個非常令人興奮的機會，」Zamyatin 補充道。

Zamyatin told Unchained he wouldn’t be surprised if Lido was contemplating offering BTC staking itself, pointing to two signs.

Zamyatin 告訴 Unchained，如果 Lido 考慮提供 BTC 質押服務，他不會感到驚訝，並指出了兩個跡象。

First, through Babylon, BTC stakers have delegated nearly 566 bitcoins, worth about $38 million, to blockchain infrastructure provider P2P.org, a node operator for Lido.

首先，BTC 質押者透過 Babylon 將近 566 個比特幣（價值約 3,800 萬美元）委託給區塊鏈基礎設施供應商 P2P.org（Lido 的節點營運商）。

Moreover, P2P’s founder Konstantin Lomashuk is also a co-founder of venture capital firm Cyber.Fund, which contributes to Lido DAO.

此外，P2P 的創始人 Konstantin Lomashuk 也是風險投資公司 Cyber​​.Fund 的聯合創始人，該公司為 Lido DAO 做出了貢獻。

Lido did not respond to a request for comment for this article.

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