比特币的Defi Boom：BTCFI是行业中的新叙述

一旦被视为数字黄金和最终通货膨胀避风港，BTC在DEFI中的采用越来越多，现在是该行业中最热门的叙述之一。

Bitcoin’s status as crypto’s number one store of value is easily discerned from a cursory glance at the price charts on CoinMarketCap. It’s also easy to appreciate if you’re familiar with its consensus mechanism, scarcity, and supply schedule.

比特币作为加密货币第一存储的价值商店的状态很容易从粗略地看待CoinMarketCap上的价格图表。如果您熟悉其共识机制，稀缺性和供应时间表，也很容易欣赏。

Of late, though, the world’s best-known digital asset is making waves in another area – DeFi.

但是，最近，世界上最著名的数字资产正在在另一个领域 - Defi引起轰动。

Once viewed as digital gold and the ultimate inflation safe haven, BTC’s increasing adoption in DeFi is now one of the hottest narratives in the industry. Indeed, the total value locked (TVL) in DeFi protocols has been on a steady march since last October.

一旦被视为数字黄金和最终通货膨胀避风港，BTC在DEFI中的采用越来越多，现在是该行业中最热门的叙述之一。确实，自去年10月以来，Defi协议中锁定的总价值（TVL）一直在稳定。

So, which factors can we credit with the bounce? And why does it matter?

那么，我们可以以弹跳来赞扬哪些因素？为什么重要？

Bitcoin’s DeFi Boom

比特币的defi繁荣

It’s fair to say Bitcoin had a momentous 2024. Not only did it smash through its previous ceiling and post a new all-time high (ATH) price, but it experienced a halving event, saw huge interest from institutional investors thanks to spot ETF launches, and it was even praised by a leading Presidential candidate – who went on to win the election.

说比特币的2024年是公平的。它不仅在以前的天花板上粉碎并发布了新的历史最高（ATH）价格，而且经历了一项减半的活动，而且由于Spot ETF的发布，机构投资者的兴趣极大，甚至受到一位领先的总统候选人的称赞 - 继续赢得选举。

This momentum continued into the new year, with Bitcoin’s price hitting a new ATH of $109,350 on January 20th. Perhaps more consequential than the price, though, is the coin’s attractiveness to the movers and shakers in decentralized finance, be they traders, lenders, borrowers, or stakers. This phenomenon has even birthed its own term: BTCFi.

这种势头一直持续到新年，比特币的价格在1月20日达到了109,350美元的新ATH。不过，可能比价格更重要的是，无论是交易者，贷方，借款人还是史塔克人，硬币对搬家的吸引力。这种现象甚至诞生了自己的术语：BTCFI。

Incredibly, the total value of Bitcoin locked in DeFi rose more than 2,000% in 2024, from just $307 million in January to around $6.5 billion by December 31. As mentioned, the temperature of investor interest has risen sharply since October and at the time of writing, despite recent market choppiness, $6.8 billion is locked in BTFi.

令人难以置信的是，锁定在DEFI的比特币的总价值在2024年增长了2,000％以上，从1月的3.07亿美元增加到12月31日的65亿美元。写作，尽管最近的市场切碎，但BTFI却锁定了68亿美元。

Clearly, Bitcoin’s unrivalled security and deep liquidity make it an ideal foundation for DeFi protocols, many of whom have benefitted from the emergence of scaling solutions like Lightning Network and exSat which enable faster and more scalable transactions to occur.

显然，比特币的无与伦比的安全性和深厚的流动性使其成为Defi协议的理想基础，其中许多人受益于扩展解决方案（如Lightning Network and Exsat）的出现，这使得可以更快，更可扩展的交易发生。

The arrival of these platforms is no surprise given the depth of dormant liquidity held by bitcoiners, a community that has, until recently, been unable to capitalize on the myriad DeFi opportunities available using their favorite cryptocurrency. In hindsight, it was always a matter of time before solutions came online enabling the use of BTC in decentralized finance.

考虑到比特币持有的休眠流动性的深度，这些平台的到来并不奇怪，该社区直到最近才能利用他们最喜欢的加密货币来利用无数的Defi机会。事后看来，解决方案上网始终是时间问题，使BTC在分散的金融中使用。

exSat, described as the Docking Layer for Bitcoin scalability, is a particularly interesting example of a BTCFi project, in that it employs a hybrid consensus mechanism (Proof-of-Work and Proof-of-Stake) to import Bitcoin blocks in a decentralized fashion. In so doing, exSat supports the extension of Bitcoin’s utility and enables the development of intuitive Bitcoin-based dApps like DEXs and lending protocols.

EXSAT被描述为比特币可伸缩性的对接层，是BTCFI项目的一个特别有趣的例子，因为它采用混合共识机制（工作证明和有验证证明和有验证证明）来以分散的方式导入比特币块。这样一来，EXSAT支持比特币实用程序的扩展，并可以开发基于直观的比特币（例如DEX和贷款协议）的DAPP。

Late last year, exSat rolled out Credit Staking to unlock new earning opportunities for bitcoiners while bolstering ecosystem security. With Credit Staking, users can validate BTC blocks within exSat’s network, sign the consensus, and earn rewards in the process. One of the leading Bitcoin restaking protocols, it now boasts $692m in TVL.

去年年底，Exsat推出了信用量，以在增强生态系统安全的同时为比特币提供新的赚钱机会。通过信用积分，用户可以在EXSAT网络中验证BTC块，签署共识并在此过程中获得奖励。现在，它是领先的比特币重新制作协议之一，现在拥有6.92亿美元的TVL。

By providing secure and transparent yield opportunities for hardcore bitcoiners, exSat’s Credit Staking replicates the success of Ethereum-based DeFi protocols that grew in popularity from 2019 onwards. Interestingly, Credit Staking relies on the use of a native exSat bridge, developed with the aid of Ceffu, ChainUp, Cobo, and Cactus Custody, which lets users retain ownership of their underlying BTC while participating in staking.

通过为铁杆比特币提供安全和透明的收益机会，EXSAT的信用staking复制了以太坊基于以太坊的Defi协议的成功，这些协议从2019年开始越来越受欢迎。有趣的是，信用存储依赖于在Ceffu，Chainup，Cobo和Cactus监护权的帮助下开发的本地EXSAT桥梁，该桥梁使用户可以在参与放入时保留其基础BTC的所有权。

Early Days for BTCFi

BTCFI的初期

Although Bitcoin’s DeFi TVL still lags behind the likes of Ethereum and Tron, it is on an undeniable upward trajectory. The blue-riband cryptocurrency’s transition from a static safe haven asset to a dynamic DeFi player is just beginning, with innovations like those mentioned above paving the way for broader adoption and lucrative market opportunities.

尽管比特币的Defi TVL仍然落后于以太坊和Tron等，但它处于不可否认的向上轨迹上。蓝色 - 盘人的加密货币从静态的避风港资产向动态的Defi播放器的过渡刚刚开始，例如上面提到的创新为更广泛的采用和利润丰厚的市场机会铺平了道路。

Although the future of Bitcoin DeFi is bright, to borrow a popular phrase: we are still early. Particularly if Galaxy Digital’s prediction proves to be correct; last year, it said that 2.3% of Bitcoin’s circulating supply could be bridged into BTCFi by 2030 – around $47 billion.

尽管比特币Defi的未来是光明的，但要借用一个流行的短语：我们还很早。特别是如果Galaxy Digital的预测是正确的；去年，它说，到2030年，比特币循环供应中有2.3％可以桥接到BTCFI中 - 约470亿美元。

DeFi-curious bitcoiners, then, would do well to make sure they’re aware of the opportunities currently at their disposal.

因此，充满偏见的比特币机将做得很好，以确保他们知道目前可以使用的机会。