沒有以太坊，這個行業就不會是今天將分散財務（DEFI）帶入生活的地方

比特幣的權力下放，流動性和韌性將其定位為下一個OnChain Finance時代的自然家園

The cryptocurrency industry wouldn’t be where it is today without Ethereum. The blockchain has been instrumental in bringing decentralized finance (DeFi) to life, making programmability a key feature of blockchains and proving the value of smart contracts at scale. The Ethereum Virtual Machine has become the go-to platform for developers, boasting the largest ecosystem and tooling.

沒有以太坊，加密貨幣行業將不是今天的位置。區塊鏈在將分散的金融（DEFI）帶入生活方面發揮了作用，使可編程性成為區塊鏈的關鍵特徵，並在大規模證明智能合約的價值。以太坊虛擬機已成為開發人員的首選平台，擁有最大的生態系統和工具。

However, as DeFi matures, it’s worth asking: Is Ethereum the best foundation for the future of financial innovation?

但是，隨著Defi的成熟，值得一提的是：以太坊是金融創新未來的最佳基礎嗎？

Well, the answer might just be Bitcoin.

好吧，答案可能只是比特幣。

With nearly $6 billion in total value locked as of March 2025, Bitcoin’s decentralization, liquidity and resilience position it as the natural home for the next era of onchain finance. While Ethereum’s flexibility has enabled an explosion of experimentation, that same flexibility has come with trade-offs.

截至2025年3月，比特幣的權力下放，流動性和彈性將其視為下一個OnChain Finance時代的自然住所，總價值將近60億美元。儘管以太坊的靈活性使實驗爆炸爆炸，但權衡也具有同樣的靈活性。

From vulnerabilities in smart contracts we’ve seen in big-name hacks to ongoing debates around scalability, Ethereum’s experimental ethos has left cracks in its foundation. By contrast, Bitcoin offers a solid, battle-tested infrastructure where DeFi can flourish sustainably and cross the chasm from degens into mainstream adoption.

從我們在智能合同中看到的智能合同中的脆弱性到有關可伸縮性的持續辯論，以太坊的實驗精神在其基礎上留下了裂痕。相比之下，比特幣提供了一個紮實的，戰鬥測試的基礎設施，Defi可以可持續地蓬勃發展，並從Degens跨越Degens到主流採用。

Ethereum’s contribution and limitations

以太坊的貢獻和限制

Ethereum was responsible for pioneering what we know to be DeFi today. This innovation and development served as a testing ground for what Bitcoin is capable of and can ultimately achieve.

以太坊負責開創我們所知道的今天。這項創新和開發是比特幣能夠並最終實現的測試基礎。

Its programmability has empowered developers to create everything from automated lending platforms to sophisticated derivatives. These products exist solely because of Ethereum’s smart contract capabilities.

它的可編程性使開發人員有能力創建從自動貸款平台到復雜衍生品的所有內容。這些產品僅是由於以太坊的智能合同功能而存在。

With that flexibility came serious trade-offs, and we’ve seen them play out in real-time. The DAO hack in 2016 drained $50 million and nearly killed Ethereum in its infancy. The 2022 Wormhole exploit cost $325 million in recent years, and the Ronin Bridge hack took $620 million.

隨著這種靈活性的實現，我們已經看到了他們實時發揮作用。 DAO在2016年耗盡了5000萬美元，幾乎殺死了以太坊的嬰儿期。近年來，2022年蟲洞的漏洞耗資3.25億美元，而羅寧橋的黑客攻擊了6.2億美元。

These weren’t just bad luck — they’re the predictable result of Ethereum’s open-ended programmability. Smart contracts are powerful, but they’re also complex. Complexity breeds vulnerability. Solidity simply wasn’t designed with security as the primary consideration.

這些不僅是運氣不好 - 它們是以太坊開放式可編程性的可預測結果。智能合約很強大，但它們也很複雜。複雜性滋生了脆弱性。堅固性根本沒有以安全性為主要考慮因素。

Recent: Ethereum researcher pitches solution to fix centralization woes, eliminate MEV

最近：以太坊研究人員推銷解決方案以固定集中率，消除了MEV

At the same time, Ethereum’s scaling challenges have made it increasingly inaccessible.

同時，以太坊的擴展挑戰使它變得越來越無法訪問。

Network congestion and gas fees soaring to hundreds of dollars during peak periods have effectively locked out average users. Seasoned users will be very well accustomed to the eye-watering gas fees required just to make basic swaps during times of high network demand. Layer-2 solutions like Optimism and Arbitrum have made great progress, but they fragment liquidity and introduce their own trust assumptions.

在高峰期，網絡擁堵和汽油費用飆升至數百美元，已有效地鎖定了普通用戶。經驗豐富的用戶將非常習慣於在網絡需求較高時進行基本交換所需的令人震驚的汽油費。諸如樂觀和仲裁之類的第2層解決方案取得了長足的進步，但是它們分散了流動性並引入了自己的信任假設。

This isn’t to say Ethereum is failing. It’s not. As DeFi matures beyond its experimental phase and becomes more mainstream in global finance, we need to ask whether it makes sense to keep building on this foundation or to consider a more resilient alternative.

這並不是說以太坊正在失敗。它不是。隨著Defi的成熟超出其實驗階段，並且在全球金融中變得更加主流，我們需要詢問是否要繼續建立這一基礎或考慮一種更具彈性的替代方案是有意義的。

Why Bitcoin?

為什麼要比特幣？

Bitcoin’s design philosophy is radically different. It isn’t a platform for unlimited experimentation; it’s a fortress of stability. Its conservative development ethos and proof-of-work consensus make Bitcoin the most secure blockchain in existence. This security translates into trust — a critical ingredient for DeFi applications handling billions of dollars in value.

比特幣的設計理念根本不同。它不是無限實驗的平台；這是一個穩定的要塞。其保守的發展精神和工作證明共識使比特幣成為現有最安全的區塊鏈。該安全性轉化為信任，這是對處理數十億美元價值的Defi應用程序的關鍵要素。

Liquidity is another advantage Bitcoin offers. With a market capitalization that dwarfs Ether’s (ETH), Bitcoin (BTC) is the most liquid cryptocurrency, making it an ideal base layer for DeFi. The rise of technologies like Bitcoin’s Lightning Network and sidechains like Spiderchain are already unlocking Bitcoin’s potential for smart contracts, offering the programmability developers need without sacrificing security or scalability.

流動性是比特幣提供的另一個優勢。憑藉矮小的（ETH）的市值，比特幣（BTC）是最液體的加密貨幣，使其成為Defi的理想基礎層。比特幣的閃電網絡和諸如蜘蛛網之類的Sidechain之類的技術的興起已經解開了比特幣的智能合約潛力，從而在不犧牲安全性或可擴展性的情況下提供了可編程性開發人員的需求。

Not all Bitcoin projects are created equal

並非所有比特幣項目都是平等的

Many so-called Bitcoin L2s and sidechains claim to be “Bitcoin native,” offering applications the promise of leveraging Bitcoin’s intrinsic security properties.

許多所謂的比特幣L2S和Sidechains聲稱是“比特幣本地”，為應用程序提供了利用比特幣的內在安全性屬性的承諾。

Let’s set the record straight: Many aren’t truly Bitcoin-native.

讓我們弄清記錄：許多不是真正的比特幣本地。

Without pointing fingers, these projects often rely on custodial multisig setups, bridge Bitcoin to Ethereum or another chain, and then build rollups on top. While there’s nothing inherently wrong with this approach, and there will be use cases that work with this set of trust assumptions, it’s not the same as being natively built on Bitcoin.

這些項目沒有指著手指，經常依靠保管多動物設置，將比特幣橋接到以太坊或另一個鏈條，然後在頂部建立匯總。儘管這種方法本質上沒有任何錯誤，並且會有用例與這套信任假設一起使用，但它與在比特幣上本地建立的情況並不相同。

True Bitcoin L2s are designed directly on Bitcoin, tapping into its liquidity, security and resilience — qualities that have withstood the test of time. If we want to expand DeFi capabilities, we must build them on Bitcoin. It’s a straightforward ask, but one worth reiterating as we see major players exploring paths that may not fully align with Bitcoin’s potential.

真正的比特幣L2直接設計在比特幣上，利用其流動性，安全性和彈性 - 經受了時間考驗的品質。如果我們想擴展Defi功能，則必須在比特幣上構建它們。這是一個簡單的問題，但值得一提的是，我們看到主要參與者探索可能與比特幣潛力完全保持一致的道路。

The path forward

前進的路

The debate shouldn’t be framed as Ethereum versus Bitcoin. That’s a false binary. Ethereum’s innovation-first approach has been crucial in proving what’s possible, and it remains an essential hub of DeFi experimentation. Bitcoin offers something Ethereum doesn’t: a foundation that has already earned the trust of the broader financial world

辯論不應被構成以太坊與比特幣。那是一個錯誤的二進制。以太坊的創新優先方法對於證明可能的可能性至關重要，並且它仍然是DEFI實驗的重要樞紐。比特幣提供以太坊沒有的東西：已經贏得了更廣泛金融世界的信任的基金會