SBTC：比特幣Defi的缺失鍊接？

長期以來，比特幣的萬億美元市場被視為Defi開發人員未開發的金礦。儘管以太坊率先進行了分散的金融和隨後的智能合同連鎖店，但比特幣（世界上最安全，最液體的加密貨幣）與這場鏈革命的比特幣基本上隔離得很大。

Bitcoin’s trillion-dollar market has long been viewed as an untapped goldmine for DeFi developers. While Ethereum pioneered decentralized finance and subsequent smart contract chains picked up the baton, Bitcoin – the world’s most secure and liquid cryptocurrency – has remained largely isolated from this on-chain revolution.

長期以來，比特幣的萬億美元市場被視為Defi開發人員未開發的金礦。儘管以太坊率先進行了分散的金融和隨後的智能合同連鎖店，但比特幣（世界上最安全，最液體的加密貨幣）與這場鏈革命的比特幣基本上隔離得很大。

The reasons for this are self-evident: no native smart contract support, slow block times, and high fees. The Bitcoin network is great for storing and transmitting Bitcoin. But try to do anything else with it and its limitations are quickly exposed. But DeFi builders love a challenge and hate being told “no” and it was thus inevitable that somehow, sooner or later, they’d attempt to make Bitcoin DeFi a reality.

原因是不言而喻的：沒有本地智能合約支持，緩慢的塊時間和高費用。比特幣網絡非常適合存儲和傳輸比特幣。但是，嘗試使用其他任何事情，其局限性很快就會暴露出來。但是，Defi建築商喜歡挑戰和仇恨被告知“不”，因此不可避免地，以某種方式，他們遲早會試圖使比特幣Defi成為現實。

In the event, it’s taken longer than many people expected to create a fully working DeFi ecosystem on Bitcoin rails. It’s also taken the creation of dedicated layer 2s such as Stacks to provide the scalability Bitcoin’s main chain can’t supply – which is something that was very much expected. But it takes more than merely a purpose-built chain to make Bitcoin DeFi take off: there also needs to be a way to safely bridge BTC to Layer 2 without incurring custodial or smart contract risk.

在這種情況下，它花費的時間比許多人預期的要長，可以在比特幣導軌上創建一個完全有效的Defi生態系統。它還創建了專用第2層（例如堆棧），以提供可伸縮性比特幣的主鏈無法提供的，這是非常期望的。但是，使比特幣Defi起飛不僅僅需要專門建造的鏈條：還需要一種方法來安全地將BTC橋接到第2層而不會引起託管或智能合約風險。

In sBTC, Stacks believes it’s finally solved that challenge, slotting the last piece into the puzzle. But is sBTC really the missing link required to catalyze Bitcoin DeFi? And if it’s not, what will it take to move the needle for decentralized finance on Bitcoin infra?

在SBTC中，Stacks認為它終於解決了這一挑戰，將最後一件作品插入了難題。但是SBTC真的是催化比特幣Defi所需的缺失鍊接嗎？如果不是這樣，將針對比特幣的分散金融融資的針頭呢？

The entire value proposition of DeFi is rooted in composability: the ability of different protocols and assets to interact. It’s a concept that can be likened to building bridges between islands. Each island (blockchain) has unique resources: one might have fertile soil (robust developer tools), while another has valuable minerals (deep liquidity). If they can’t trade, they can’t prosper together.

DEFI的整個價值主張植根於合成性：不同協議和資產交互的能力。這個概念可以比作島之間的橋樑。每個島嶼（區塊鏈）都有獨特的資源：一個可能具有肥沃的土壤（強大的開發人員工具），而另一個具有寶貴的礦物質（深度流動性）。如果他們不能交易，他們將無法共同繁榮。

If each blockchain remains isolated, we lose out on the network effects of combining the best features of different systems. And Bitcoin is the largest and most desirable island of all. Yet its trillion-dollar market sits untouched by the innovative DeFi solutions springing up on newer networks. Similarly, those DeFi networks miss out on Bitcoin’s unparalleled liquidity and security.

如果每個區塊鏈保持隔離，我們將失去結合不同系統最佳功能的網絡效應。比特幣是最大，最理想的島嶼。然而，它的萬億美元市場卻沒有在新網絡上興起的創新defi解決方案所吸引。同樣，這些Fefi網絡錯過了比特幣無與倫比的流動性和安全性。

But it’s one thing to identify the problem – it’s quite another to solve it. Since Bitcoin’s protocol can’t be easily upgraded (and on the rare occasions when it occurs, such as with Taproot, the changes are subtle rather than radical), Layer 2s or sidechains are the obvious way to address this. And they’ve duly sprung up in recent years, with Stacks just one of many L2s competing to create Bitcoin DeFi on purpose-built networks.

但是要識別問題是一回事 - 解決問題是另一回事。由於比特幣的協議不能輕易升級（在極少數情況下發生時，例如使用Taproot，更改是微妙而不是激進的），因此第2層或側chains是解決此問題的明顯方法。近年來，他們已經適當地彈跳了，堆棧只是許多L2競爭之一，以在專用網絡上創建比特幣Defi。

Having launched in 2021, Stacks is also one of the oldest Bitcoin L2s on the market. It’s deliberately taken the slow and steady route to building out its ecosystem and it wasn’t until last year, with the Nakamoto upgrade, that the L2 really became ready for serious onchain action. While this update introduced a host of improvements, the main change was the introduction of sBTC, allowing Stacks to realize the vision it had been working towards all along: non-custodial bitcoin, fully unleashed on Layer 2.

堆棧於2021年推出，也是市場上最古老的比特幣L2之一。故意採取了緩慢而穩定的途徑來構建其生態系統，直到去年，隨著中Nakamoto的升級，L2才准備好採取嚴重的OnChain Action。雖然此更新引入了許多改進，但主要的更改是引入SBTC，允許堆棧意識到它一直在努力努力的願景：非custodial比特幣，在第2層完全釋放。

sBTC is a 1:1 backed Bitcoin asset on the Stacks layer, allowing BTC to be used across DeFi protocols without requiring centralized custody. Unlike traditional tokenized BTC solutions, sBTC is secured by Bitcoin’s proof-of-work consensus, ensuring that transactions remain trustless and verifiable. Its introduction means that Bitcoin holders can now provide liquidity in DeFi protocols, earn yield through lending and staking, and participate in onchain trading without leaving the Bitcoin ecosystem.

SBTC是堆棧層上的1：1支持的比特幣資產，允許在不需要集中式託管的情況下使用BTC。與傳統的令牌BTC解決方案不同，SBTC由比特幣的工作證明共識確保，以確保交易保持毫無信任和可驗證。它的引入意味著比特幣持有人現在可以在Defi協議中提供流動性，通過貸款和積累來賺取收益，並參與OnChain交易而不離開比特幣生態系統。

As for how sBTC is created, the user sends BTC to the Stacks network, minting an equivalent amount of sBTC. When the user wants to return to BTC, they can swap sBTC back at a 1:1 ratio. This process preserves decentralization while unlocking Bitcoin’s ability to engage with DeFi, making it a superior alternative to custodial solutions – which have constituted the majority of all tokenized BTC up until now.

至於如何創建SBTC，用戶將BTC發送到堆棧網絡，從而造成了相當數量的SBTC。當用戶想返回BTC時，他們可以以1：1的比例將SBTC交換。該過程可以保留權力下放，同時解鎖比特幣與DEFI互動的能力，使其成為託管解決方案的優勢替代品 - 到目前為止，這已經構成了所有標記的BTC中的大多數。

The coming years will determine whether Bitcoin’s vast liquidity will be unlocked in a decentralized manner – or whether it’s destined to remain an underutilized store of value. As the value of Bitcoin rises, and the number of ways in which it can be used to generate yield on L2s such as Stack increases, the temptation to participate in Bitcoin DeFi and reap the rewards may prove irresistible.

未來幾年將決定比特幣的大量流動性是否會以分散的方式解鎖，或者註定要保持不足的價值存儲。隨著比特幣的價值的上升，以及可用於在堆棧增加等L2上產生產量的方式的數量，參與比特幣Defi和獲得獎勵的誘惑可能是不可抗拒的。

As Satoshi Nakamoto acutely observed many years ago, “it might make sense just to get some [bitcoin] in case it catches on.” The same remark can now be applied to sBTC.

正如納卡本（Satoshi Nakamoto）多年前敏銳地觀察到的那樣，“只要獲得一些[比特幣）即可到達，這可能是有意義的。”現在可以將同樣的備註應用於SBTC。