SBTC：使比特幣Defi成為現實

分散的金融是一家巨大的，具有無許可的應用程序和全球訪問的承諾的數百年曆史的銀行模型。

output: Attempts at bringing decentralized finance to life on Bitcoin rails go back at least a decade – long before the term DeFi was even coined in fact. But until comparatively recently, they’d born little fruit, and for two good reasons.

輸出：嘗試將分散融資帶給比特幣鐵軌的壽命至少十年 - 在迪菲（Defi）一詞實際上甚至是在提出的一詞之前就可以追溯到十年之久。但是直到最近，他們還是有兩個充分的理由。

Firstly, Bitcoin doesn’t natively support smart contracts in the same way as so-called second-generation networks such as Ethereum and Solana. Secondly, while tokenizing BTC so it can be used in DeFi activities is relatively straightforward, it’s always incurred a custodial risk. Thankfully, both of those problems have now been solved and as a result, Bitcoin DeFi is belatedly flourishing.

首先，比特幣並沒有像以太坊和索拉納這樣的第二代網絡那樣以本地支持智能合約。其次，儘管將BTC引用以使其可用於DEFI活動相對簡單，但它總是會出現託管風險。值得慶幸的是，這兩個問題現在都得到了解決，因此，比特幣Defi卻非常蓬勃發展。

The smart contract problem has been circumvented by the birth of Bitcoin L2s such as Stacks that combine the best bits of EVM chains with native BTC support. And tokenized BTC – without custodial risk – is also now a thing, thanks once again to Stacks. Its implementation of sBTC following the L2’s Nakamoto upgrade sets BTC free to be the yield-generating asset Bitcoin DeFi proponents always envisioned. But how does it all work exactly? And is it safe? Let’s examine the evidence.

比特幣L2的誕生（例如將EVM鏈與本機BTC支持結合在一起的堆棧）已經避免了智能合同問題。現在，如果沒有託管風險的象徵化的BTC也是一件事情，再次感謝堆棧。 L2的Nakamoto升級集BTC始終是產生產生的資產比特幣Defi的支持者，它在L2的Nakamoto升級集後實施了SBTC。但是，一切如何確切工作呢？而且安全嗎？讓我們檢查證據。

Bitcoin DeFi Gets Going

比特幣Defi開始

Decentralized finance is a juggernaut, upending centuries-old banking models with permissionless applications and the promise of global access. Yet while Ethereum and other networks have fueled the industry’s rapid growth, Bitcoin – the largest and most liquid crypto of all – has been forced to watch from the sidelines.

分散的金融是一家巨大的，具有無許可的應用程序和全球訪問的承諾的數百年曆史的銀行模型。然而，儘管以太坊和其他網絡推動了該行業的快速增長，但比特幣（最大，最液體的加密貨幣）被迫從場外觀看。

At least that’s until the development of sBTC, a tokenized solution that combines Bitcoin’s unrivaled security with the dynamism of DeFi, effectively unlocking billions of dollars’ worth of dormant capital and thrusting Bitcoin into the heart of decentralized finance.

至少這是直到SBTC的開發，SBTC是一種將比特幣的無與倫比的安全性與Defi的動力相結合，有效地將價值數十億美元的休眠資本和將比特幣推向分散財務的心臟。

sBTC is a 1:1 backed, programmable Bitcoin asset built on the Stacks layer, which is itself secured by the Bitcoin blockchain. Unlike other tokenized BTC solutions that rely heavily on centralized custodians, sBTC preserves Bitcoin’s core principles of decentralization and security. Every unit of sBTC is verifiably collateralized on a 1:1 basis with BTC. It’s also secured by Bitcoin’s proof-of-work consensus, ensuring that transactions inherit Bitcoin’s robust security guarantees.

SBTC是在堆棧層上構建的1：1支持的可編程比特幣資產，該層本身是由比特幣區塊鏈確保的。與其他嚴重依賴集中託管人的代幣化BTC解決方案不同，SBTC保留了比特幣的權力下放和安全性核心原則。用BTC以1：1的基礎將每個單位的SBTC單位均可證實。它也由比特幣的工作證明共識確保了，以確保交易繼承了比特幣的強大安全保證。

What to Do With sBTC?

如何處理SBTC？

Clever as the creation of non-custodial, Bitcoin-secured sBTC is, what’s its use case? What are the incentives for locking up your BTC and minting a tokenized counterpart on Stacks? Well, because sBTC brings smart contract capabilities to Bitcoin, it allows holders to engage in DeFi activities without selling or leaving the Bitcoin ecosystem.

聰明，因為創建了非監測的，比特幣安全的SBTC，它的用例是什麼？在堆棧上鎖定BTC和鑄造令牌的激勵措施是什麼？好吧，由於SBTC為比特幣帶來了智能合同功能，因此允許持有人在不出售或離開比特幣生態系統的情況下從事Defi活動。

Unlike regular BTC, sBTC can serve as a yield-generating asset that can be used for lending, staking, or providing liquidity on decentralized exchanges. It can also be swapped on the same DEXs for other assets. When the market looks like it might be drawing down, for example, you can trade sBTC for stablecoins, before reversing the process when the market has bottomed.

與常規的BTC不同，SBTC可以用作產生產生的資產，可用於貸款，積分或在分散交流上提供流動性。它也可以在同一DEX上換成其他資產。例如，當市場看起來可能正在降低時，您可以在市場觸底之前逆轉流程之前，將SBTC交易為Stablecoins。

But these are merely the initial use cases that have been devised for sBTC. Should it become a cornerstone of Stacks’ Bitcoin DeFi ecosystem – and that’s the plan – it’ll eventually be capable of doing a whole lot more. Users will be able to explore opportunities offered by innovative DeFi protocols ranging from algorithmic stablecoins to asset tokenization using sBTC as a core asset.

但是，這些只是為SBTC設計的初始用例。如果它成為Stacks的比特幣Defi生態系統的基石 - 這就是計劃 - 它最終將有能力做更多的事情。用戶將能夠探索從算法穩定的stablecoins到使用SBTC作為核心資產的資產令牌化的創新型號協議提供的機會。

How Secure Is sBTC?

SBTC有多安全？

We’ve touched upon how sBTC is secured, but just how secure is its architecture? Or to put it more bluntly, what’s the likelihood of something going wrong and you losing your precious BTC? Naturally, the sBTC tokenization protocol has been rigorously audited, but users understandably desire greater reassurance than merely the knowledge that it’s been awarded pass marks by security researchers. So let’s talk briefly about the minting and redemption process.

我們已經介紹了SBTC的確保如何，但是其架構的安全程度如何？或更直截了當地說，出了問題的可能性是什麼，您失去了寶貴的BTC？自然，SBTC令牌化協議已經過嚴格的審核，但是可以理解的是，可以理解的是，比僅僅知道它已被安全研究人員授予通行證標記的知識更大。因此，讓我們簡要談談鑄造和贖回過程。

To create sBTC, users send their BTC to a specially designed mechanism on the Stacks layer, receiving sBTC in return, backed 1:1. On the Stacks layer, sBTC can interact with smart contracts, unlocking functionalities like automated lending, borrowing, and yield optimization strategies. Then when users want to return to native BTC, they can swap sBTC back at a 1:1 ratio, maintaining a direct link to the Bitcoin network. This process allows Bitcoin’s supply to remain verifiably accounted for, removing the central points of failure commonly associated with other tokenized BTC solutions.

為了創建SBTC，用戶將其BTC發送到堆棧層上專門設計的機制，以回報為SBTC，後者是1：1。在堆棧層上，SBTC可以與智能合約進行交互，解鎖功能，例如自動貸款，借貸和收益優化策略。然後，當用戶想返回本機BTC時，他們可以以1：1的比例將SBTC交換，從而保持到比特幣網絡的直接鏈接。該過程允許比特幣的供應可確定考慮，從而刪除了通常與其他令牌BTC解決方案相關的中心故障點。

Making Bitcoin DeFi a Reality

使比特幣Defi成為現實

As DeFi continues to push the boundaries of what’s possible in global finance, sBTC ensures that Bitcoin is not left behind. By bridging the two ecosystems, Bitcoin’s trillion-dollar market can flow into decentralized applications, while DeFi’s developers and users gain the stability and liquidity of the largest cryptocurrency.

隨著DEFI繼續推動全球金融中可能的邊界，SBTC確保了比特幣不會落後。通過橋接這兩個生態系統，比特幣的萬億美元市場可以流入分散的應用程序，而Defi的開發人員和用戶獲得了最大的加密貨幣的穩定性和流動性。

No longer confined to a static role as “digital gold,” Bitcoin via sBTC can serve as the foundation for an expansive array of decentralized financial activities. By enabling Bitcoin holders to participate in DeFi without compromising

通過SBTC的比特幣不再局限於“數字黃金”的靜態角色，可以作為大量分散金融活動的基礎。通過使比特幣持有人能夠參與DEFI而不妥協