BTCFi：比特幣金融進化的新篇章

隨著美國對虛擬貨幣的監管日益明確，DeFi也成為本次多頭市場的主旋律之一。

As the U.S. tightens its grip on virtual currencies, a new buzzword has emerged in the crypto sphere: BTCFi. But what exactly is BTCFi and how does it fit into the broader DeFi narrative?

隨著美國加強對虛擬貨幣的控制，加密領域出現了一個新的流行詞：BTCFi。但 BTCFi 到底是什麼？

In essence, BTCFi refers to a financial service platform and protocol built around Bitcoin (BTC) and its ecosystem. By integrating decentralized financial technology, BTCFi expands the financial functions of Bitcoin.

本質上，BTCFi是指圍繞比特幣（BTC）及其生態系統所建構的金融服務平台和協議。 BTCFi透過整合去中心化金融技術，擴展了比特幣的金融功能。

Specifically, BTCFi enables Bitcoin itself to participate in financial activities on-chain, enhancing the inherently poor smart contract functions of Bitcoin. The Bitcoin ecosystem gains more complex DeFi protocols similar to other public chains, such as centralized exchanges, over-collateralized stablecoins, and re-staking. In addition to BTC itself, some BTC ecosystem-related assets, such as inscriptions, runes, RGB++, etc., also participate in DeFi-related activities.

具體來說，BTCFi使比特幣本身能夠參與鏈上的金融活動，並增強了比特幣本來就較差的智慧合約功能。比特幣生態系統獲得了與其他公鏈類似的更複雜的 DeFi 協議，例如中心化交易所、超額抵押穩定幣和重新質押等。除了BTC本身之外，一些BTC生態相關的資產，如銘文、符文、RGB++等，也參與了DeFi相關活動。

According to DeFiLlama data, BTC's total TVL currently stands at $6.545 billion, while Solana's total TVL is $8.297 billion and Ethereum's total TVL is $68.31 billion. As evident from these figures, BTCFi remains a vast blue ocean with high development potential.

根據 DeFiLlama 數據，BTC 的總 TVL 目前為 65.45 億美元，而 Solana 的總 TVL 為 82.97 億美元，以太坊的總 TVL 為 683.1 億美元。從這些數據可以看出，BTCFi仍然是一片廣闊的藍海，並且具有巨大的發展潛力。

Currently, there are star projects like Babylon on BTCFi, which mainly introduces the Bitcoin staking protocol, allowing users to stake Bitcoin on another PoS blockchain and earn income without using third-party custody, bridging solutions or packaging services.

目前BTCFi上有像Babylon這樣的明星項目，主要引入了比特幣質押協議，允許用戶將比特幣質押在另一個PoS區塊鏈上，無需使用第三方託管、橋接解決方案或打包服務即可獲得收入。

Beyond Babylon, what other projects are worth keeping an eye on in the BTCFi space? Let's delve into the overall development, top projects, and present problems of BTCFi.

除了 Babylon，BTCFi 領域還有哪些項目值得關注？讓我們深入探討BTCFi的整體發展、熱門項目以及目前存在的問題。

Overall Development of BTCFi

BTCFi整體發展

According to DeFiLlama data, the total TVL of representative projects in the BTCFi track, such as Babylon, has exceeded $5 billion. Among them, lending and re-pledge protocols are the two core components of the BTCFi ecosystem, occupying the largest market share.

根據 DeFiLlama 數據，Babylon 等 BTCFi 賽道代表性項目總 TVL 已超過 50 億美元。其中，借貸和再質押協議是BTCFi生態系統的兩個核心組成部分，佔據最大的市場份額。

DefiLlama forecasts that the BTCFi market size will grow to about $1.2 trillion by 2030. This year marks a period of rapid development for the BTC ecosystem. At the beginning of 2024, BTC's overall TVL was $300 million, and by the end of 2024, it had reached $6.5 billion, an increase of more than 20 times.

DefiLlama預測，到2030年，BTCFi市場規模將成長至約1.2兆美元。 2024 年初，BTC 的整體 TVL 為 3 億美元，到 2024 年底，已達到 65 億美元，成長了 20 倍以上。

In the BTCFi track, lending protocols are one of the most important applications. Traditionally, Bitcoin, as a digital asset, has not participated in the lending market. However, the BTCFi protocol enables Bitcoin to be used as collateral for decentralized lending. Typical projects include Liquidium, Shell Finance, etc.

在BTCFi賽道中，借貸協議是最重要的應用之一。傳統上，比特幣作為數位資產，並沒有參與借貸市場。然而，BTCFi 協議使比特幣可用作去中心化借貸的抵押品。典型項目有Liquidium、Shell Finance等。

Next is the stablecoin protocol. The stablecoin protocol in BTCFi uses Bitcoin and its derivative assets (such as Ordinals and Rune) as collateral to issue stablecoins pegged to the price of Bitcoin. In the practice of stablecoins, there are Shell Finance's Bitcoin-pegged stablecoins, Babylon's Bitcoin-collateralized stablecoins, and so on.

接下來是穩定幣協議。 BTCFi 中的穩定幣協議使用比特幣及其衍生資產（如 Ordinals 和 Rune）作為抵押品，發行與比特幣價格掛鉤的穩定幣。在穩定幣的實踐中，有殼牌金融的比特幣錨定穩定幣、巴比倫的比特幣抵押穩定幣等等。

The re-pledge mechanism is also an innovation in the current BTCFi ecosystem. This year, these projects have also made considerable achievements in terms of locked-up volume.

重新質押機制也是目前BTCFi生態的創新。今年，這些項目在鎖倉量上也取得了可觀的成績。

There are currently many re-pledge protocols in the BTCFi ecosystem. Users can re-pledge already pledged Bitcoin or other crypto assets to receive additional rewards. For example, BounceBit and Lombard Protocol in the Babylon ecosystem are protocols that support re-pledge.

目前BTCFi生態中有多種再質押協議。用戶可以重新質押已經質押的比特幣或其他加密資產，以獲得額外獎勵。例如Babylon生態系中的BounceBit和Lombard Protocol都是支持重新質押的協議。

Introduction to Top BTCFi Projects

BTCFi熱門項目介紹

BabylonWhen it comes to BTCFi, Babylon must be a project that cannot be ignored. It is the first project in the industry to introduce Bitcoin’s own standard Staking. It is essentially a pledge, security and liquidity protocol.

Babylon 說到BTCFi，Babylon一定是個不容忽視的專案。是業界第一個引入比特幣自有標準Stake的專案。它本質上是一個質押、安全和流動性協議。

The main innovation is the introduction of Bitcoin's own standard Staking. Through the technical upgrades achieved through the Bitcoin Improvement Proposal, such as Schnorr signatures, Taproot upgrades, and Tapscript updates, the efficiency and privacy of Staking transactions are improved, allowing Bitcoin holders to lock BTC assets in the form of instruction code contracts in the Bitcoin mainnet in a self-custodial manner without the need for third-party custody, and output "secure consensus services" on many BTC layer2s, thereby obtaining rich benefits from other extensions.

主要創新是引入了比特幣自己的標準Stake。透過比特幣改進提案實現的技術升級，如Schnorr簽名、Taproot升級、Tapscript更新等，提高了Stake交易的效率和隱私性，讓比特幣持有者能夠以指令代碼合約的形式鎖定比特幣資產在比特幣中以自我託管的方式上線主網，無需第三方託管，並在多個BTC Layer2上輸出“安全共識服務”，從而從其他擴展中獲得豐厚的收益。

Currently, the TVL exceeds 5 billion US dollars, and it has a rich ecology. According to public information, its ecological projects cover 7 categories including Layer2, DeFi, liquidity pledge, wallets and custodians, Cosmos, finality providers and Rollup infrastructure, with a total of 91 projects, including many well-known projects, such as BisonLabs, BSquared Network in the Layer2 field; Kina Finance, LayerBank in the DeFi field; Bedrock, Chakra, Lombard in the liquidity pledge field, etc. These projects have formed a huge ecosystem around Babylon, promoting the diversified development of the Bitcoin ecosystem.

目前TVL超過50億美元，生態豐富。公開資料顯示，其生態項目涵蓋Layer2、DeFi、流動性質押、錢包與託管、Cosmos、最終性提供者、Rollup基礎設施等7大類，項目總數達91個，其中不乏眾多知名項目，如BisonLabs、 BSquared等。 Kina Finance、DeFi 領域的 LayerBank；流動性質押領域的Bedrock、Chakra、Lombard等，這些計畫圍繞著Babylon形成了龐大的生態系統，推動了比特幣生態系統的多元化發展。

Shell FinanceIt is the first decentralized lending and stablecoin protocol

Shell Finance是第一個去中心化借貸和穩定幣協議