比特币衍生资产市场是建立在纸牌屋之上的吗？

根据比特币研究的一篇博客文章，一些声称完全由加密货币支持的比特币（BTC）衍生品可能站不住脚

Some bitcoin (BTC) derivatives that claim to be fully backed by the cryptocurrency could be on shaky ground, a blog post by Bitcoin research and media firm LX Research suggests.

比特币研究和媒体公司 LX Research 的一篇博客文章表示，一些声称完全由加密货币支持的比特币 (BTC) 衍生品可能站不住脚。

Most of these assets are in the form of a BTC-pegged derivative token – representations of native BTC on other blockchains such as Ethereum – a $30 billion market (only for the thirty-eight assets LX Research currently tracks).

这些资产大多数都是与 BTC 挂钩的衍生代币的形式——代表了以太坊等其他区块链上的原生 BTC——这是一个价值 300 亿美元的市场（仅适用于 LX Research 目前跟踪的 38 种资产）。

The term “wrapped bitcoin” typically refers to a token issued to users after they deposit a corresponding amount of native BTC with a custodian. The token can then be used for various decentralized finance (defi) purposes such as lending. Users can later return the wrapped token to the issuer and retrieve their bitcoin, after which, the token is burned.

“包装比特币”一词通常是指用户向托管人存入相应数量的原生 BTC 后发行的代币。然后，该代币可用于各种去中心化金融（defi）目的，例如借贷。用户稍后可以将打包的代币返回给发行者并检索他们的比特币，之后代币将被烧毁。

For the model to work, the wrapped token should be fully backed by bitcoin on a 1:1 basis. But what happens when custodians and merchants start to rehypothecate collateral or begin issuing wrapped tokens backed by other derivative assets instead of bitcoin? The result could be a bank run, according to LX Research writer Janus.

为了使该模型发挥作用，包装的代币应该以 1:1 的比例完全由比特币支持。但是，当托管人和商人开始重新抵押抵押品或开始发行由其他衍生资产而不是比特币支持的打包代币时，会发生什么？ LX Research 撰稿人 Janus 表示，结果可能是银行挤兑。

“We’re not sure if all BTC-derivative assets are fully backed,” Janus wrote. He also posted a scenario on X where a custodian mints multiple tokens without sufficient collateral.

“我们不确定所有 BTC 衍生资产是否都得到充分支持，”Janus 写道。他还在 X 上发布了一个场景，其中托管人在没有足够抵押品的情况下铸造多个代币。

“If there is a large number of withdrawals on any two of these tokens at the same time, operators will not be able to redeem liquidity from the exchanges to process withdrawals in a timely manner, Janus explained. “This could trigger a bank run.”

Janus解释说：“如果其中任意两种代币同时出现大量提款，运营商将无法从交易所赎回流动性以及时处理提款。” “这可能引发银行挤兑。”

He also noted that the wrapped bitcoin market suffers from centralization risk where multiple projects share the same custodian.

他还指出，打包的比特币市场存在中心化风险，多个项目共享同一托管人。

“It’s clear that a number of these protocols are using centralized custodians to ensure that their assets are backed 1:1. And a number of these projects are sharing the same custodian(s),” Janus said.

“很明显，其中许多协议正在使用中心化托管人来确保其资产得到 1:1 的支持。其中许多项目共享相同的托管人，”Janus 说。

But there’s more – Janus explains that there’s been an explosion of wrapped tokens in the past year. Many of them are not backed by native BTC, but rather, collateralized by other wrapped tokens, creating a house of cards.

但还有更多——Janus 解释说，去年包装代币出现了爆炸式增长。其中许多并没有原生 BTC 的支持，而是由其他包装代币作为抵押，形成了一座纸牌屋。

“Projects are not simply using native BTC to fully back their assets. Other derivative assets, such as cbBTC [Coinbase wrapped BTC] and wBTC [BitGo wrapped BTC], are being used as reserve assets for newer derivatives,” Janus explained. “This compounds custodian risk. If a wrapped reserve asset became unbacked, then all of the assets that it backs would also become unbacked.”

“项目不仅仅是使用原生 BTC 来完全支持其资产。其他衍生品资产，例如 cbBTC [Coinbase 包装的 BTC] 和 wBTC [BitGo 包装的 BTC]，正被用作新衍生品的储备资产。”Janus 解释道。 “这加剧了托管风险。如果打包的储备资产变得没有支持，那么它支持的所有资产也将变得没有支持。”

Janus posed other questions that require clarity – is the total value locked (TVL) for these assets accurate or fake? Do projects control the native bitcoin backing their wrapped tokens?

Janus 提出了其他需要澄清的问题——这些资产的锁定总价值 (TVL) 是准确的还是虚假的？项目是否控制支持其包装代币的原生比特币？

To help answer this question, Janus said LX Research is developing a framework for wrapped derivative assets that will be available in matter of days.

为了帮助回答这个问题，Janus 表示 LX Research 正在开发一个包装衍生资产的框架，该框架将在几天内推出。

“Users of BTC-backed tokens and protocols should understand the risks when interacting with specific assets,” Janus said. “We will be releasing a full framework and corresponding reviews in the coming days.”

“比特币支持的代币和协议的用户在与特定资产交互时应该了解风险，”Janus 说。 “我们将在未来几天发布完整的框架和相应的评论。”