BTCFi生態觀察：CoredaoOrg、Buildonbob、Usecorn

今年，隨著BTCFi敘事的不斷發展，BTC資產的鏈上流動性逐漸成為各大生態系統和協議的焦點。

In the past six months, as the BTCFi narrative continues to evolve, the on-chain liquidity of BTC assets has gradually become the focus of major ecosystems and protocols. With the launch of BTC scaling solutions and the rise of BTC LSTs, BTC is transforming from a static store of value into an asset that can participate in more on-chain yield scenarios, enhancing its application potential within the entire DeFi ecosystem.

在過去的六個月裡，隨著BTCFi敘事的不斷發展，BTC資產的鏈上流動性逐漸成為各大生態系統和協議的焦點。隨著BTC擴容解決方案的推出以及BTC LST的興起，BTC正在從靜態的價值儲存手段轉變為可以參與更多鏈上收益場景的資產，增強其在整個DeFi生態中的應用潛力。

Among them, Core, BOB, and Corn are representative growth cases in the BTCFi space for the second half of the year: Core focuses on leveraging large BTC LST assets during the growth phase; Corn quickly captures the incremental market through its collaboration with Pendle to introduce points derivative play; BOB attracts liquidity through a rich ecosystem and liquid staking services; various ecosystems' series of actions around "yield" have greatly activated the liquidity of BTC assets. In the future, as BTC liquidity is gradually released, the on-chain accumulation scale of assets in the BTCFi ecosystem still has significant growth potential.

其中，Core、BOB、Corn是下半年BTCFi領域的代表性成長案例：Core在成長階段專注於撬動大額BTC LST資產； Corn透過與Pendle合作推出積分衍生玩法，迅速佔領增量市場； BOB透過豐富的生態系和流動性質押服務吸引流動性；各生態系圍繞著「收益」的一系列動作，大大啟動了BTC資產的流動性。未來，隨著BTC流動性的逐步釋放，BTCFi生態中資產的鏈上累積規模仍具有顯著的成長潛力。

1. Background

一、背景

1.1 On-chain Liquidity Pathways for BTC Assets

1.1 BTC資產的鏈上流動性路徑

The flow direction of BTC and its backed assets on-chain can be divided into the following three layers:

BTC及其鏈上支援資產的流向可分為以下三層：

BTC is transferred to various L1, L2, and sidechain networks through cross-chain bridges, generating a primary round of BTC-backed assets, including wrapped BTC, LSTs, and derivative assets.

BTC透過跨鏈橋轉移到各種L1、L2和側鏈網絡，產生第一輪BTC支援的資產，包括打包的BTC、LST和衍生資產。

BTC-backed assets are further used in various DeFi applications, such as lending, points trading, and DEXs, to obtain different yields and participate in more granular on-chain strategies.

BTC支援的資產進一步應用於各種DeFi應用，如借貸、積分交易、DEX等，以獲得不同的收益並參與更精細的鏈上策略。

Through the aggregation of DeFi applications, a secondary round of derivative assets is generated, such as wstETH, bETH, and mSOL, which can be further used in other DeFi applications to obtain yields.

透過 DeFi 應用的聚合，產生第二輪衍生資產，例如 wstETH、bETH、mSOL，這些衍生資產可以進一步用於其他 DeFi 應用以獲得收益。

1.2 Current Status of the BTC Asset Market

1.2 BTC資產市場現狀

Overview of BTC-backed Asset Issuance and Application

BTC支援資產發行及應用概況

From the issuance of BTC-backed assets on the three major networks: Ethereum, Arbitrum, and BNB, it can be seen that centralized custodial issued wrapped BTC still occupies the vast majority of market share, with $WBTC (156.1K supply) and $BTCB (65.3K supply) together accounting for over 75% of the total circulation of BTC-backed assets. Additionally, BTC LSTs such as $LBTC (10.5K supply) and $SolvBTC.BBN (8K supply) have rapidly grown in recent months driven by the BTC (re)staking narrative, becoming another emerging force in the BTC-backed asset market.

從以太坊、Arbitrum、BNB 三大網路上 BTC 資產的發行情況可以看出，中心化託管發行的打包 BTC 仍然佔據絕大多數市場份額，WBTC 美元（156.1K 供應量）和BTCB（65.3K 供應量）合計佔BTC 支持資產總流通量的75% 以上。此外，近幾個月來，在BTC（重新）質押敘事的推動下，$LBTC（10.5K 供應量）和$SolvBTC.BBN（8K 供應量）等BTC LST 迅速增長，成為BTC 支持資產市場的另一股新興力量。

As the most consensus-driven and largest market cap asset, the main application scenarios for BTC-backed assets are concentrated in lending protocols. For the largest $WBTC and $BTCB, their largest downstream applications are in Aave v3 and Venus protocols, respectively, with TVL accounting for over 20% of their total supply, reflecting the demand for relatively stable returns in the BTCFi space.

作為最有共識、市值最大的資產，BTC資產的主要應用情境集中在藉貸協議上。對於最大的$WBTC和$BTCB來說，其最大的下游應用分別是Aave v3和Venus協議，TVL佔其總供應量的20%以上，反映了BTCFi領域對相對穩定回報的需求。

https://dune.com/optimus/lombard

https://dune.com/optimus/lombard

Overview of BTC LST Issuance and Application

BTC LST發行及應用概覽

Currently, the total market size of BTC LST is approximately 25.1K BTC, with the two major protocols Lombard and Solv Protocol accounting for over 70% of the market share. The absorption and issuance of BTC LST directly impact the liquidity and accumulation of BTC assets across various chains. Notably, Solv has had a significant impact on the TVL of various chains, bringing in a net inflow of $309.7M and $177.8M to Core and Scroll, respectively, significantly enhancing the asset scale of these two chains.

目前，BTC LST 的市場總規模約為 25.1K BTC，兩大協議 Lombard 和 Solv Protocol 佔超過 70% 的市佔率。 BTC LST的吸收和發行直接影響BTC資產在各鏈上的流動性和累積。值得注意的是，Solv 對各鏈的 TVL 產生了重大影響，為 Core 和 Scroll 分別帶來了 3.097 億美元和 1.778 億美元的淨流入，顯著提升了這兩條鏈的資產規模。

Compared to wrapped BTC issued through centralized custodial models, BTC LSTs as yield-bearing assets have expanded into richer application scenarios. In addition to lending protocols, the points trading market has become another important downstream application for BTC LSTs. Avalon and Pendle are the protocols with the most capital accumulation in the "lending" and "points derivative market" segments, achieving win-win growth alongside the development of BTCFi and BTC staking narratives.

相較於中心化託管模式發行的打包式BTC，BTC LST作為收益資產，已經拓展到了更豐富的應用場景。除了借貸協議之外，積分交易市場已成為BTC LST的另一個重要下游應用。 Avalon和Pendle是在「借貸」和「積分衍生性商品市場」領域最有資本累積的協議，隨著BTCFi和BTC Stake敘事的發展實現了雙贏成長。

https://dune.com/optimus/lombard

https://dune.com/optimus/lombard

2. Asset Accumulation Strategies in the BTCFi Ecosystem

2. BTCFi生態系的資產累積策略

2.1 Core: Focusing on Incremental Assets and Token Incentives to Drive Ecosystem Growth

2.1 核心：聚焦增量資產與通證激勵，驅動生態發展

Basic Information

基本訊息

Core is an L1 scaling solution driven by BTC, allowing users to earn passive income through non-custodial Bitcoin staking without the need to transfer or wrap BTC. Since its launch in April 2024, over 7,500 BTC have been staked on Core, with the network's security protected by BTC's inherent security. In July 2024, Core introduced a dual staking mechanism for BTC and CORE. Users can stake BTC to earn risk-free basic returns and stake the native token CORE for additional rewards, with the distribution of rewards linked to the amount and duration of CORE staked. The introduction of the dual staking mechanism has further driven the growth of

Core 是由 BTC 驅動的 L1 擴容解決方案，可讓用戶透過非託管比特幣質押賺取被動收入，而無需轉移或打包 BTC。自 2024 年 4 月推出以來，已有超過 7,500 BTC 質押在 Core 上，網路安全受到 BTC 固有安全性的保護。 2024年7月，Core引進了BTC和CORE的雙重質押機制。用戶可以質押BTC以獲得無風險的基本收益，並質押原生代幣CORE以獲得額外獎勵，獎勵的分配與質押CORE的數量和期限掛鉤。雙質押機制的推出進一步帶動了成長