熔岩已經開發了一個自我維持的比特幣借用平台

與傳統的加密貸款服務不同，這些貸款服務負責用戶的資產（有時從事諸如重新施用之類的風險實踐）不同，熔岩是自我監測的

Lava, a startup building a self-custodial Bitcoin borrowing platform, has raised over $30 million in funding. The company's technology allows users to borrow dollars against their Bitcoin holdings, providing liquidity without requiring them to sell their Bitcoin. This is particularly appealing to Bitcoin HODLers who want to maintain long-term exposure to BTC’s potential appreciation while accessing cash for immediate needs. Lava’s unique Discreet Log Contract (DLC)s enable it to provide these loans on a self-custody basis, reducing counterparty and rehypothecation risk.

Lava是一家建造自我監護的比特幣借貸平台的初創公司，已籌集了超過3000萬美元的資金。該公司的技術允許用戶借入其比特幣持有量的美元，提供流動性而無需他們出售比特幣。這對希望保持長期接觸BTC潛在欣賞的比特幣霍德爾（Bitcoin Hodlers）在獲得現金以滿足即時需求的同時，特別有吸引力。 Lava獨特的謹慎日誌合約（DLC）使其能夠以自我客戶為基礎提供這些貸款，從而降低了交易對手和重新支配風險。

Stablecoin Integration – LavaUSD

Stablecoin整合 - Lavausd

Lava has also launched its own stablecoin offering – LavaUSD – to combine Bitcoin with dollar-based spending. LavaUSD is redeemable 1:1 for the US dollar via reserves invested in cash and highly liquid instruments. The reserve portfolio contains a mix of short-dated US Treasuries, overnight US Treasury repurchase agreements, and money market funds all custodied with partners such as BlackRock and Fidelity. LavaUSD enables users to make payments anywhere in the world frictionlessly.

Lava還推出了自己的穩定產品-Lavausd，以將比特幣與基於美元的支出相結合。通過投資現金和高度液體儀器的儲備，Lavausd可以兌換1：1。儲備金組合包含了短暫的美國國債，一夜之間的美國國庫回購協議以及貨幣市場資金，所有這些資金都與貝萊德和富達等合作夥伴託管。 Lavausd使用戶可以無摩擦的任何地方付款。

Here’s why they launched it:

這就是他們啟動它的原因：

The team has attracted significant investment. Since inception Lava has raised over $30 million from investors including Khosla Ventures, Founders Fund, and Susquehanna International Group with angel participation from people and institutions including Bijan Tehrani, the Qatar Investment Authority, Google, and Franklin Templeton among others. FULL DISCLOSURE: UTXO participated in Lava’s seed round.

該團隊吸引了大量投資。自成立以來，熔岩已經從包括Khosla Ventures，Founders Fund和Susquehanna International Group在內的投資者籌集了超過3000萬美元，其中包括Bijan Tehrani，Katar Investment Authority，Google和Franklin Templeton等人的天使和機構。全面披露：UTXO參加了熔岩的種子輪。

The Case for Spending BTC vs. Spending Dollars

花費BTC與支出美元的案例

Last week, this tweet by Caitlin Long and amplified by our favorite Bitcoiner in Congress Cynthia Lummis received significant pushback from some bitcoiners, offended at the idea of perpetuating the fiat system instead of transaction directly with Bitcoin, as it was intended by Satoshi.

上週，凱特琳·朗（Caitlin Long）的這篇推文，並被我們在國會辛西婭·盧米斯（Cynthia Lummis）在國會中最喜歡的比特幣（Bit Coiner）放大，從某些比特幣機構獲得了重大的推動，因為它是因為Satoshi的意圖而不是直接與比特幣交易的想法，而不是直接與比特幣交易的想法。

(Special S/O to our Bitcoin Magazine OG Mike Germano and PubKey extraordinaire Thomas Pacchia for so graciously holding beers – wine is better!)

（我們比特幣雜誌的特殊S/O Mike Germano和Pubkey非凡的托馬斯·帕切亞（Thomas Pacchia）如此慷慨地拿著啤酒 - 葡萄酒更好！）

Spending BTC directly with merchants or individuals is often hailed as a step toward Hyperbitcoinization—the hypothetical scenario where BTC becomes the dominant global currency. This approach strengthens Bitcoin’s network effect, encourages adoption, and aligns with its peer-to-peer philosophy, bypassing intermediaries like banks. However, this strategy faces significant hurdles. Firstly, BTC’s price appreciation potential remains substantial. Historical data shows BTC’s value has surged from negligible levels in 2009 to over $100,000 by early 2025, driven by finite supply (capped at 21 million coins) and growing institutional interest (e.g., MicroStrategy’s treasury strategy). Spending BTC now risks forgoing future gains, especially as halvings and market dynamics continue to constrain supply against rising demand.

直接將BTC與商人或個人支出通常被譽為邁向超額競爭的一步，這是BTC成為主要的全球貨幣的假設情況。這種方法增強了比特幣的網絡效應，鼓勵採用並與其點對點哲學保持一致，繞過了像銀行這樣的中介。但是，該策略面臨著重大障礙。首先，BTC的價格升值潛力仍然很大。歷史數據表明，BTC的價值從2009年的水平飆升至2025年初的100,000美元以上，這是有限供應驅動的（限制為2100萬枚硬幣）和日益增長的機構利益（例如MicroStrategy的財政部策略）。現在，BTC的支出可能會帶來未來的收益，尤其是當過步和市場動態繼續限制供應與需求不斷上升時。

Secondly, tax conditions in many jurisdictions, including the United States, impose restrictive burdens on spending BTC. In the U.S., the IRS treats BTC as property, meaning each transaction triggers a taxable event. Selling or spending BTC at a profit incurs capital gains tax—up to 37% for short-term gains or 20% for long-term holdings—based on the difference between purchase price and sale value. This complexity discourages direct spending, as users must track cost basis, report gains, and navigate administrative overhead, often outweighing the convenience of BTC payments. For instance, a $1,000 BTC purchase spent at $10,000 would trigger a $2,800 tax liability (assuming a 28% effective rate), making dollar-based spending via stablecoins a more tax-efficient alternative.

其次，包括美國在內的許多司法管轄區的稅收條件對支出BTC施加了限制性負擔。在美國，美國國稅局將BTC視為財產，這意味著每項交易都會觸發應稅事件。以利潤出售或支出BTC會徵收資本利得稅（短期利得為37％，長期持有的20％）基於購買價格和銷售價值之間的差額。這種複雜性會阻止直接支出，因為用戶必須跟踪成本基礎，報告收益和導航管理開銷，通常超過了BTC付款的便利性。例如，花費1,000美元的BTC以10,000美元的價格購買將觸發$ 2,800的納稅責任（假設有效利率為28％），從而使通過Stablecoins的基於美元的支出成為更稅收效率的替代方案。

Why Holding BTC Outweighs Spending Now

為什麼現在持有BTC現在超過支出

Given BTC’s upward trajectory spending it now may undermine long-term wealth preservation. Analysts suggest BTC could reach $200,000 or more by 2030 if current trends persist, driven by inflation hedging and a weakening fiat system. Spending BTC at current prices locks in value at a fraction of its potential, especially when alternatives like Lava’s lending model provide liquidity without forfeiture. Moreover, the tax burden amplifies this disincentive, as frequent transactions erode net returns. This aligns with the “HODL” philosophy, where retaining BTC maximizes appreciation while using borrowed dollars or stablecoins meets immediate needs.

鑑於BTC的上升軌跡支出現在可能會破壞長期的財富保護。分析人士認為，如果當前趨勢持續存在，這是由通貨膨脹對沖和菲亞特系統削弱的驅動，到2030年，BTC可能會達到200,000美元或更多。以當前價格支出BTC的價值是其潛力的一小部分，尤其是當Lava's Lending Model等替代品提供流動性而無需沒收時。此外，隨著頻繁的交易侵蝕淨回報，稅收負擔會放大這種抑制。這與“ hodl”哲學相吻合，在使用借來的美元或穩定的同時，保留BTC最大程度地提高了欣賞，可以滿足即時需求。

Mitigation Strategy: Buy-Back Mechanism

緩解策略：回購機制

To balance the desire to spend with BTC retention, a buy-back strategy offers a pragmatic solution. After borrowing dollars against BTC via Lava’s platform, users can spend these funds while committing to repurchase BTC at a later date when market conditions or personal finances allow. This approach leverages Lava’s self-custodial lending (with its 5% interest cost) to access liquidity without selling, preserving the original BTC stash. The buy-back can be timed to capitalize on market dips or post-tax season liquidity, potentially at lower prices, enhancing overall holdings. For example, borrowing $10,00

為了平衡保留BTC的願望，回購策略提供了務實的解決方案。通過Lava的平台借入BTC借入美元之後，用戶可以在稍後在市場條件或個人理財允許的日期購買這些資金，同時承諾回購BTC。這種方法利用了熔岩的自我維持貸款（其5％的利息成本）來獲得流動性而無需出售，並保留原始的BTC儲藏室。回購可以定時利用市場下跌或稅後季節流動性，可能以較低的價格以較低的價格增加總體持股。例如，借$ 10,00