從比特幣可程式性角度探討BTCFI兔子洞

HTX全球投資部門HTX Ventures發布了最新研究報告，分析了比特幣在比特幣去中心化金融（BTCFI）領域的潛力和挑戰。

Global investment division of HTX, HTX Ventures, has released its latest research on Bitcoin’s potential and challenges in the field of Bitcoin decentralized finance (BTCFI). The report, titled Exploring the BTCFI Rabbit Hole from the Perspective of Bitcoin’s Programmability, aims to help readers understand the BTCFI sector better. The report explores the evolutionary path of Bitcoin programming, how Bitcoin programming can support various BTCFI applications, showcasing the current real-world BTCFI implementation scenarios, and explaining the underlying logic of BTCFI’s future growth and adoption.

HTX 全球投資部門 HTX Ventures 發布了關於比特幣在比特幣去中心化金融（BTCFI）領域的潛力和挑戰的最新研究。這份題為《從比特幣可程式性角度探索 BTCFI 兔子洞》的報告旨在幫助讀者更了解 BTCFI 領域。該報告探討了比特幣程式設計的演進路徑，比特幣程式設計如何支援各種BTCFI應用，展示了當前現實世界的BTCFI實作場景，並解釋了BTCFI未來成長和採用的底層邏輯。

HTX Ventures has been contributing to BTCFI for a long time. As stated in its 2024 Half-Year Investment Report, BTCFI is highlighted as one of HTX Ventures’ six key investment directions in 2024. Some of HTX Ventures’ portfolio companies in the BTCFI sector include Babylon, BounceBit, COREx, and more.

HTX Ventures 長期以來一直為 BTCFI 做出貢獻。如其2024年半年投資報告所述，BTCFI被列為HTX Ventures 2024年六大重點投資方向之一。

The new report once again shows HTX Ventures’ interest in BTCFI. It begins with the foundations of the Bitcoin contracts, which were laid fourteen years ago by Satoshi. Understanding the basics of Bitcoin programming involves several concepts, including Transaction Outputs (TXO), Unspent Transaction Output (UTXO), scriptSig, and Opcodes.

新報告再次顯示了 HTX Ventures 對 BTCFI 的興趣。它從十四年前由中本聰奠定的比特幣合約的基礎開始。了解比特幣程式設計的基礎知識涉及幾個概念，包括交易輸出（TXO）、未花費交易輸出（UTXO）、scriptSig 和操作碼。

“Bitcoin script programming is about programming money and enabling a specific amount of money to respond to particular input data. By designing the scriptPubKey, opcodes, and the interaction process between users, we can offer cryptographic guarantees for the key state transitions of Bitcoin contracts, ensuring the contracts’ proper execution,” the report points out.

「比特幣腳本編程是關於對貨幣進行編程並使特定數量的貨幣能夠響應特定的輸入資料。透過設計scriptPubKey、操作碼以及用戶之間的互動過程，我們可以為比特幣合約的關鍵狀態轉換提供密碼學保證，確保合約的正確執行。

There are some mechanisms to be used to enable the implementation of different types of transactions, including MultiSig, Timelocks, Hashlocks, Flow Control, and SIGHASH. The report explains, “the basic model of Bitcoin programming is where UTXO locking scripts specify verification conditions, unlocking scripts provide data, and opcodes in locking scripts indicate the verification program. The funds can be spent once the verification program is passed.”

有一些機制可用於實現不同類型的交易，包括 MultiSig、Timelocks、Hashlocks、Flow Control 和 SIGHASH。報告解釋道，「比特幣編程的基本模型是UTXO鎖定腳本指定驗證條件，解鎖腳本提供數據，鎖定腳本中的操作碼指示驗證程序。一旦驗證計劃通過，資金就可以使用。

There are some core limitations, however, such as only a few verification programs being available, Bitcoin scripts having no computational power, and UTXO unlocking conditions being completely independent.

然而，存在一些核心限制，例如可用的驗證程序很少、比特幣腳本沒有計算能力、UTXO 解鎖條件完全獨立等。

Unlike the computation-based Ethereum contracts, Bitcoin contracts are verification-based, which has brought many challenges in developing BTCFI products. Despite the difficulties, “over the ten years of developing Bitcoin contracts, the ingenious use of cryptographic algorithms and signatures has significantly enhanced privacy, efficiency, and decentralization, making BTCFI products possible,” the report states, and starts introducing Bitcoin programming milestones.

與基於計算的以太坊合約不同，比特幣合約是基於驗證的，這給開發BTCFI產品帶來了許多挑戰。儘管存在困難，“在開發比特幣合約的十年中，加密演算法和簽名的巧妙使用顯著增強了隱私性、效率和去中心化，使BTCFI 產品成為可能”，報告指出，並開始介紹比特幣程式設計的里程碑。

Innovative tools, such as the Discreet Log Contract (DLC), Partially Signed Bitcoin Transactions (PSBT), and MuSig2 bring new solutions to the problems in Bitcoin programming, driving the development of BTCFI.

離散日誌合約（DLC）、部分簽名比特幣交易（PSBT）、MuSig2等創新工具為比特幣程式設計問題帶來了新的解決方案，推動了BTCFI的發展。

The Taproot upgrade activated in November 2021 was revolutionary for the Bitcoin ecosystem, allowing Bitcoin to hold in custody large-scale smart contracts with tens of thousands of signatories while concealing all participants and maintaining the size of a single-signature transaction. This makes more complex on-chain BTCFI operations possible and significantly improves privacy and transaction efficiency.

2021 年 11 月啟動的 Taproot 升級對於比特幣生態系統來說是革命性的，它允許比特幣託管擁有數萬名簽名者的大規模智慧合約，同時隱藏所有參與者並保持單簽名交易的規模。這使得更複雜的鏈上 BTCFI 操作成為可能，並顯著提高隱私和交易效率。

Such technological innovations pave the way for BTCFI’s further development. Then in January 2023, Ordinals were proposed, which aimed to assign each sat a unique identifier and attribute, so as to transform it into a unique NFT. The creation and trading of Bitcoin NFTs were realized, not only expanding the uses of Bitcoin but also allowing users to directly create and trade digital assets on the Bitcoin blockchain.

這些技術創新為BTCFI的進一步發展鋪平了道路。隨後在 2023 年 1 月，Ordinals 被提出，旨在為每個 sat 分配唯一的識別碼和屬性，從而將其轉化為唯一的 NFT。比特幣NFT的創建和交易的實現，不僅擴大了比特幣的用途，而且允許用戶直接在比特幣區塊鏈上創建和交易數位資產。

This led to the introduction of BRC-20, a token system for on-chain recording and off-chain processing that uses JSON data’s ordinal inscriptions to deploy token contracts, mint tokens, and transfer them.

這導致了 BRC-20 的引入，這是一種用於鏈上記錄和鏈下處理的代幣系統，它使用 JSON 數據的序號銘文來部署代幣合約、鑄造代幣並進行轉移。

The naissance of Ordinals and BRC-20 created trading demand and blue-chip assets for BTCFI. More importantly, they offered many BTCFI projects new ideas based on indexer programming that enhanced Bitcoin’s contract capabilities.

Ordinals和BRC-20的誕生為BTCFI創造了交易需求和藍籌資產。更重要的是，他們為許多 BTCFI 專案提供了基於索引器編程的新想法，增強了比特幣的合約能力。

Bitcoin’s programmability has come a long way and made great progress, forming a thriving BTCFI ecosystem with more and more application scenarios of BTCFI arising. The report lastly lists some notable BTCFI implementations, including BTC staking provider Babylon, asset issuance platforms Unisat and Magic Eden, lending protocol Liquidium, BTCFI scaling solution Fractal Bitcoin, and more.

比特幣的可編程性已經取得了長足的進步，取得了長足的進步，形成了蓬勃發展的BTCFI生態系統，BTCFI的應用場景也越來越多。該報告最後列出了一些著名的 BTCFI 實施方案，包括 BTC 質押提供者 Babylon、資產發行平台 Unisat 和 Magic Eden、借貸協議 Liquidium、BTCFI 擴容解決方案 Fractal Bitcoin 等。

The emergence of BTCFI applications indicates that its market potential is becoming evident. With Bitcoin becoming more and more mainstream, the market demand for BTCFI use cases will also increase, fostering a new financial ecosystem centered around Bitcoin.

BTCFI應用的出現顯示其市場潛力正在顯現。隨著比特幣越來越主流，市場對BTCFI用例的需求也將增加，培育以比特幣為中心的新金融生態系統。

“The formation of this ecosystem will propel Bitcoin further beyond the ‘digital gold’ narrative, establishing it as an indispensable decentralized financial infrastructure in the global economic system,” the report concludes.

報告總結道：“這個生態系統的形成將推動比特幣進一步超越‘數位黃金’的敘述，將其確立為全球經濟體系中不可或缺的去中心化金融基礎設施。”

To read the full report, please visit: https://square.htx.com/htx-ventures-exploring-the-btcfi-rabbit-hole-from-the-perspective-of-bitcoins-programmability/

完整報告，請造訪：https://square.htx.com/htx-ventures-exploring-the-btcfi-rabbit-hole-from-the-perspective-of-bitcoins-programmability/