比特币 DeFi 革命爆发，符文引发交易费飙升

比特币最近的复苏反映了以太坊在 2020 年经历的爆炸性 DeFi 热潮。这种活动的激增与 Runes 的引入相一致，Runes 是一种代币协议，可以直接在比特币区块链上创建代币。在围绕符文的炒作的推动下，新的山寨币涌入，导致交易费用大幅增加，矿工收入创纪录。

Bitcoin's DeFi Revolution: Runes Unleashes a Surge in Transaction Fees

比特币的 DeFi 革命：符文引发交易费用激增

Once dismissed as a mere store of value, Bitcoin is undergoing a transformative evolution, characterized by a burgeoning DeFi ecosystem that rivals the Ethereum's DeFi summer of 2020. This surge in activity is largely attributed to the launch of Runes, a groundbreaking token protocol that enables the creation of fungible tokens directly on the Bitcoin blockchain.

比特币一度被认为只是一种价值储存手段，但现在正在经历一场变革性的演变，其特点是蓬勃发展的 DeFi 生态系统，可与以太坊 2020 年夏季的 DeFi 相媲美。这种活动的激增很大程度上归因于 Runes 的推出，这是一种突破性的代币协议，它使直接在比特币区块链上创建可替代代币。

Bitcoin's DeFi Summer Begins with the Halving

比特币的 DeFi 之夏从减半开始

The Bitcoin halving on April 20th sparked the current wave of enthusiasm. This event, which reduces miner rewards every four years, typically leads to a decline in miner revenue. However, this time around, an unexpected surge in transaction fees defied expectations, outpacing the decline in block rewards and propelling total daily miner revenue to a record-breaking $107.75 million. Notably, over 75% of this revenue stemmed from transaction fees alone, indicating a surge in network activity.

4月20日的比特币减半引发了当前的热潮。该事件每四年减少一次矿工奖励，通常会导致矿工收入下降。然而，这一次，交易费用的意外飙升超出了预期，超过了区块奖励的下降速度，推动矿工每日总收入达到创纪录的 1.0775 亿美元。值得注意的是，超过 75% 的收入仅来自交易费用，这表明网络活动激增。

Runes: A Catalyst for Altcoin Boom

符文：山寨币繁荣的催化剂

Analysts at Bernstein attribute this surge to the excitement surrounding Runes. This innovative protocol offers a more efficient alternative to existing solutions, enabling the creation of fungible tokens on the Bitcoin blockchain. The prospect of minting new tokens, including the popular "meme tokens," has ignited a wave of retail investor interest. As these users flock to join the movement, block space has become a hot commodity, pushing transaction fees to unprecedented levels.

伯恩斯坦的分析师将这种激增归因于围绕符文的兴奋。这种创新协议为现有解决方案提供了更有效的替代方案，可以在比特币区块链上创建可替代代币。铸造新代币（包括流行的“模因代币”）的前景引发了散户投资者的兴趣。随着这些用户纷纷加入这一运动，区块空间已成为热门商品，将交易费用推至前所未有的水平。

Runes' Impact on the Bitcoin Market

符文对比特币市场的影响

The emergence of Runes underscores the growing developer interest in the Bitcoin network. The ability to create fungible tokens opens up a vast array of possibilities, potentially mirroring the success of DeFi (Decentralized Finance) on Ethereum. While the initial focus has been on meme tokens, analysts anticipate the development of more utility-oriented altcoins that will further expand Bitcoin's functionality.

符文的出现凸显了开发者对比特币网络日益增长的兴趣。创建可替代代币的能力开启了广泛的可能性，可能会反映以太坊上 DeFi（去中心化金融）的成功。虽然最初的重点是模因代币，但分析师预计更多实用型山寨币的开发将进一步扩展比特币的功能。

Moderate Fee Environment and Miner Optimism

适度的费用环境和矿工的乐观情绪

Despite the initial fervor surrounding Runes, transaction fees have since cooled down. However, analysts remain optimistic about the future of Bitcoin transaction fees. Bernstein analysts predict that fees will consistently account for 15% of miner revenues, providing a more sustainable revenue stream. Additionally, the untapped potential of exchangeable tokens on Bitcoin could lead to a surge in network activity over time.

尽管最初对符文的热情很高，但交易费用此后已经降温。不过，分析师对比特币交易费用的未来仍持乐观态度。 Bernstein 分析师预测，费用将持续占矿工收入的 15%，从而提供更可持续的收入来源。此外，随着时间的推移，比特币上可交换代币的未开发潜力可能会导致网络活动激增。

Positive Outlook for Bitcoin Mining Stocks

比特币矿业股前景乐观

Recent developments have also buoyed publicly traded Bitcoin miner stocks. These stocks rallied on expectations of increased activity after facing headwinds in the lead-up to the halving. Before the halving, companies like Riot Platforms, Marathon Digital, and CleanSpark experienced significant gains. The future of Bitcoin mining looks promising. Bitcoin's robust price above $64,000, coupled with the windfall from transaction fees, has stabilized the total hash rate, a measure of network computing power. Analysts believe that a significant decline in the hash rate is unlikely unless the price of Bitcoin experiences a substantial drop.

最近的事态发展也提振了公开交易的比特币矿商股票。这些股票在减半前面临阻力后，因市场活动增加的预期而上涨。在减半之前，Riot Platforms、Marathon Digital 和 CleanSpark 等公司都取得了显着的收益。比特币挖矿的未来看起来充满希望。比特币价格突破 64,000 美元，加上交易费用带来的意外收益，稳定了总哈希率（衡量网络计算能力的指标）。分析师认为，除非比特币价格大幅下跌，否则算力不太可能大幅下降。

Conclusion

结论

Bitcoin's DeFi revolution is well underway, spearheaded by the launch of the Runes protocol. The surge in transaction fees and the growing developer interest highlight the expanding functionality and potential of the Bitcoin network. While the fee environment has moderated slightly, analysts remain optimistic about the long-term prospects for Bitcoin transaction fees and miner revenue. The positive outlook for Bitcoin miner stocks further underscores the bullish sentiment surrounding the future of Bitcoin mining. As the ecosystem continues to evolve and new innovations emerge, it is evident that Bitcoin's transformation from a simple store of value to a vibrant DeFi hub is well underway.

以 Runes 协议的推出为引领，比特币的 DeFi 革命正在顺利进行。交易费用的飙升和开发者兴趣的增长凸显了比特币网络不断扩展的功能和潜力。尽管费用环境略有缓和，但分析师仍对比特币交易费用和矿工收入的长期前景持乐观态度。比特币矿业股的积极前景进一步凸显了围绕比特币矿业未来的看涨情绪。随着生态系统的不断发展和新创新的出现，比特币从简单的价值存储向充满活力的 DeFi 中心的转变显然正在顺利进行。