比特币在去中心化金融（DeFi）中不断扩大的作用：流动性挖矿和质押

随着去中心化金融（DeFi）持续颠覆传统金融体系，比特币日益成为该生态系统中的重要资产。

Decentralized finance (DeFi) is transforming traditional financial systems, and Bitcoin is playing an increasingly重要な role within this ecosystem. While primarily known as a decentralized currency and a store of value, Bitcoin’s capabilities are expanding in the realm of DeFi, especially in the world of yield farming and staking.

去中心化金融（DeFi）正在改变传统金融体系，而比特币在这个生态系统中发挥着越来越重要的作用。虽然比特币主要被称为去中心化货币和价值储存手段，但比特币的功能正在 DeFi 领域不断扩展，尤其是在流动性挖矿和质押领域。

Despite Bitcoin not having the native capabilities for staking or direct yield farming like other cryptocurrencies such as Ethereum or Polkadot, innovative solutions are enabling Bitcoin holders to participate in these DeFi activities, unlocking new avenues for earning passive income.

尽管比特币不具备像以太坊或 Polkadot 等其他加密货币那样的质押或直接收益耕作的原生功能，但创新解决方案使比特币持有者能够参与这些 DeFi 活动，从而开辟了赚取被动收入的新途径。

In this article, we will explore how Bitcoin is being utilized in yield farming and staking within DeFi, and what these developments mean for Bitcoin holders looking to earn rewards from their assets.

在本文中，我们将探讨比特币如何在 DeFi 中用于流动性挖矿和质押，以及这些发展对于希望从其资产中赚取奖励的比特币持有者意味着什么。

Before we delve into Bitcoin’s role, it’s essential to understand the concepts of yield farming and staking within the DeFi space.

在我们深入研究比特币的作用之前，有必要了解 DeFi 领域中流动性挖矿和质押的概念。

Yield farming typically involves deploying crypto assets in a decentralized protocol or application to generate high yields or returns. In DeFi, liquidity is crucial for decentralized exchanges, lending protocols, and other financial services. To incentivize users to provide liquidity, these platforms offer rewards, usually in the form of native tokens or a portion of the trading fees. By providing liquidity and participating in decentralized token swaps, users can earn these rewards.

流动性挖矿通常涉及在去中心化协议或应用程序中部署加密资产，以产生高收益或回报。在 DeFi 中，流动性对于去中心化交易所、借贷协议和其他金融服务至关重要。为了激励用户提供流动性，这些平台通常以原生代币或部分交易费用的形式提供奖励。通过提供流动性并参与去中心化代币互换，用户可以获得这些奖励。

On the other hand, staking is the process of actively participating in the consensus mechanism of a Proof-of-Stake (PoS) blockchain network by locking up a certain amount of cryptocurrency holdings. In PoS blockchains, validators are chosen based on the amount of cryptocurrency they have staked, and they are responsible for validating new blocks and adding them to the chain. In return for staking their assets and helping to secure the network, validators are rewarded with newly minted cryptocurrency or a share of the transaction fees.

另一方面，质押是通过锁定一定数量的加密货币持有量来积极参与权益证明（PoS）区块链网络共识机制的过程。在 PoS 区块链中，验证者是根据他们所质押的加密货币数量来选择的，他们负责验证新区块并将其添加到链中。作为抵押资产并帮助保护网络安全的回报，验证者将获得新铸造的加密货币或部分交易费用的奖励。

With Bitcoin being a Proof-of-Work cryptocurrency, its native blockchain doesn’t support staking or yield farming directly. However, developments in the DeFi ecosystem are allowing Bitcoin to participate in these activities, albeit through wrapped tokens or interoperability with other blockchain networks.

由于比特币是一种工作量证明加密货币，其原生区块链不直接支持质押或流动性挖矿。然而，DeFi 生态系统的发展允许比特币参与这些活动，尽管是通过包装代币或与其他区块链网络的互操作性。

Bitcoin in Yield Farming

比特币在流动性挖矿中的应用

While Bitcoin does not have native support for yield farming, its participation in DeFi liquidity pools is facilitated through the use of Wrapped Bitcoin (WBTC). WBTC is an ERC-20 token that is fully backed 1:1 by Bitcoin and is widely used in the Ethereum ecosystem to provide liquidity in DeFi protocols.

虽然比特币本身不支持流动性挖矿，但通过使用 Wrapped Bitcoin (WBTC) 可以促进其参与 DeFi 流动性池。 WBTC 是一种 ERC-20 代币，由比特币 1:1 完全支持，广泛应用于以太坊生态系统中，为 DeFi 协议提供流动性。

WBTC enables Bitcoin holders to unlock yield farming opportunities that are otherwise unavailable on the Bitcoin network. Essentially, when a Bitcoin holder wraps their Bitcoin into WBTC, it can be used within Ethereum-based DeFi platforms, which support liquidity pools for decentralized exchanges, lending protocols, and other financial services. WBTC enables Bitcoin holders to engage in yield farming by providing liquidity to DeFi protocols and earning rewards in return.

WBTC 使比特币持有者能够解锁比特币网络上无法获得的流动性挖矿机会。本质上，当比特币持有者将其比特币包装成 WBTC 时，它可以在基于以太坊的 DeFi 平台中使用，该平台支持去中心化交易所、借贷协议和其他金融服务的流动性池。 WBTC 使比特币持有者能够通过向 DeFi 协议提供流动性并赚取奖励来参与流动性挖矿。

For instance, users can deposit WBTC into liquidity pools on platforms like Uniswap, SushiSwap, or Balancer. These pools facilitate decentralized token swaps, and in exchange for providing liquidity, users earn fees or rewards from the platform. Additionally, yield farming often involves providing liquidity to stablecoin pools, such as USDC/BTC or USDT/BTC pairs, to earn stable yields while maintaining exposure to Bitcoin.

例如，用户可以将 WBTC 存入 Uniswap、SushiSwap 或 Balancer 等平台上的流动性池中。这些池促进了去中心化代币交换，作为提供流动性的交换，用户可以从平台赚取费用或奖励。此外，流动性挖矿通常涉及向稳定币池（例如 USDC/BTC 或 USDT/BTC 对）提供流动性，以在保持比特币敞口的同时获得稳定的收益。

Moreover, some lending platforms like Aave, Compound, and MakerDAO also support Bitcoin in wrapped forms like WBTC. Bitcoin can be used as collateral to borrow other assets or earn interest on deposited Bitcoin. By participating in these liquidity pools and lending protocols, Bitcoin holders can earn attractive yields without ever needing to sell their Bitcoin.

此外，Aave、Compound 和 MakerDAO 等一些借贷平台也支持 WBTC 等包装形式的比特币。比特币可以用作抵押品来借入其他资产或通过存入的比特币赚取利息。通过参与这些流动性池和借贷协议，比特币持有者无需出售比特币即可获得有吸引力的收益。

Bitcoin in Staking: Wrapped Bitcoin and Liquid Staking

比特币质押：打包比特币和流动性质押

While Bitcoin itself cannot be staked due to its PoW consensus mechanism, wrapped Bitcoin (WBTC) and liquid staking provide solutions for Bitcoin holders to participate in staking activities indirectly.

虽然比特币本身因其 PoW 共识机制而无法进行质押，但包装比特币（WBTC）和流动性质押为比特币持有者间接参与质押活动提供了解决方案。

A few emerging platforms have started offering liquid staking services for Bitcoin. These services allow Bitcoin holders to stake their assets on PoS blockchains or decentralized networks and earn staking rewards, while simultaneously receiving a tokenized version of their staked Bitcoin, which can be used across other DeFi platforms. For example, a user could stake Bitcoin through a liquid staking service and then use the tokenized version of their staked Bitcoin (such as stBTC) to participate in other DeFi activities like yield farming.

一些新兴平台已经开始为比特币提供流动性质押服务。这些服务允许比特币持有者将其资产质押在 PoS 区块链或去中心化网络上并获得质押奖励，同时接收其质押比特币的代币化版本，该版本可在其他 DeFi 平台上使用。例如，用户可以通过流动质押服务质押比特币，然后使用其质押比特币的代币化版本（例如 stBTC）参与其他 DeFi 活动，例如流动性挖矿。

Benefits of Bitcoin in DeFi Yield Farming and Staking

比特币在 DeFi 收益挖矿和质押中的好处

Risks and Considerations

风险和注意事项

While yield farming and staking with Bitcoin in the DeFi space offer compelling rewards, there are risks involved. Here are a few key considerations:

虽然 DeFi 领域的流动性挖矿和比特币质押提供了诱人的回报，但也存在风险。以下是一些关键考虑因素：

Conclusion: The Growing Role of Bitcoin in DeFi

结论：比特币在 DeFi 中的作用日益增强

While Bitcoin itself does not natively support staking or yield farming, innovative solutions like wrapped Bitcoin and liquid staking have created avenues for Bitcoin holders to participate in the rapidly expanding DeFi ecosystem. These developments unlock the potential for Bitcoin to earn rewards, gain exposure to new DeFi services, and improve the overall liquidity and functionality of the DeFi space.

虽然比特币本身并不支持质押或流动性挖矿，但包装比特币和流动性质押等创新解决方案为比特币持有者参与快速扩张的 DeFi 生态系统创造了途径。这些发展释放了比特币赚取奖励、接触新 DeFi 服务以及提高 DeFi 领域整体流动性和功能的潜力。

As the DeFi space continues to evolve, Bitcoin’s role is likely to grow, offering new opportunities for users to earn passive income and increase the utility of their holdings. However, participants must be aware of the risks

随着 DeFi 领域的不断发展，比特币的作用可能会增强，为用户提供赚取被动收入并提高其持有资产效用的新机会。然而，参与者必须意识到风险