比特币失去了闪闪发光：消失的2层和NFT的承诺

去年，有些人梦想着用浮华的NFT，Magical Layers 2和Replosed ReSting对比特币进行验证。纯粹主义者感到愤怒，认为BTC应该独自一人。

Last year, some dreamed of perverting Bitcoin with flashy NFTs, magical layers 2, and convoluted re-staking. Purists were outraged, arguing that BTC should be left alone. Should we have waited? Clearly yes: today, these crypto whims are almost extinguished. While the fires of innovation crackled, the hype has subsided. But what remains of these promises now vanished?

去年，有些人梦想着用浮华的NFT，Magical Layers 2和Replosed ReSting对比特币进行验证。纯粹主义者感到愤怒，认为BTC应该独自一人。我们应该等待吗？显然是：今天，这些加密货币的异想天开几乎已经熄灭了。当创新的火灾裂开时，炒作消退了。但是这些诺言现在消失了什么？

Bitcoin loses its sparkle: the vanished promises of layers 2 and NFT

比特币失去了闪闪发光：消失的2层和NFT的承诺

In the crypto universe, certain concepts have a habit of dancing and then taking their bow. Such is the case of Ordinals, these Bitcoin NFTs that made wallets vibrate. In 2024, their volume reached 1.4 billion dollars. In 2025? Barely 280 million. A free fall of 80%.

在加密宇宙中，某些概念有跳舞然后鞠躬的习惯。序数就是这种情况，这些比特币NFT使钱包振动。 2024年，它们的数量达到14亿美元。在2025年？仅2.8亿。自由下跌80％。

The same fate for Bitcoin’s layers 2: at the beginning of 2024, more than 80 projects tried to charm investors and the media. Six months later, the soufflé has collapsed. “It was overestimated from the start,” confides Charlie Hu, co-founder of Bitlayer.

比特币的层2：2024年初，有80多个项目试图吸引投资者和媒体。六个月后，蛋奶酥崩溃了。 Bitlayer的联合创始人查理·胡（Charlie Hu）说：“从一开始就被高估了。”

Also lagging behind: re-staking, this clumsy innovation now reduced to two or three survivors. Muneeb Ali, founder of Stacks, drives the nail home: “the honeymoon is over.”

同样落后于：重新制作，这种笨拙的创新现在沦为两个或三个幸存者。 Stacks的创始人Muneeb Ali开车开了指甲之家：“蜜月结束了。”

Crypto entrepreneurs are starting to speak the truth. Too late?

加密企业家开始讲真话。为时已晚？

Has the crypto market become allergic to its own excesses?

加密市场是否对自己的过度过敏？

DeFi on Bitcoin: an untapped potential

比特币上的defi：未开发的潜力

However, amidst the debris of hype, one idea seems to hold its ground: Bitcoin DeFi. Some envision it as a more solid alternative, less flashy. Dominik Harz (Build on Bitcoin) states it bluntly:

然而，在炒作的碎片中，一个想法似乎持有其立场：比特币Defi。有些人将其视为一种更坚固的替代方案，较少的浮华。多米尼克·哈兹（Dominik Harz）（建立在比特币上）坦率地说：

The Bitcoin DeFi has not yet taken off.

比特币Defi尚未起飞。

To date, 0.3% of Bitcoin’s market cap fuels DeFi uses, compared to 30% for Ethereum. A chasm of x100.

迄今为止，比特币燃料燃料Defi使用的0.3％，而以太坊为30％。 X100的鸿沟。

But the foundations are there. Thanks to technologies like zkBTC, transactions are becoming ultra-fast, low-cost, and programmable. The future? Perhaps in the fusion between the Bitcoin blockchain and the agility of DeFi.

但是基础在那里。多亏了诸如ZKBTC之类的技术，交易变得非常快速，低成本和可编程。未来？也许是在比特币区块链和Defi敏捷性之间的融合中。

Some, like @SamaAlbert90, already speak of a “new financial era“.

有些人，例如 @samaalbert90，已经谈到了“新金融时代”。

The prediction of the BitcoinOS CEO? A DeFi ecosystem on Bitcoin valued at $10 billion if Ethereum stumbles. And why not? If layers 2 become performance-serving architectural tools, investments could follow.

比特币首席执行官的预测？如果以太坊偶然发现了一个价值100亿美元的比特币生态系统。为什么不呢？如果第2层成为绩效服务的建筑工具，则可以随后进行投资。

Is the flagship crypto ready to become a base for sustainable financial innovations?

旗舰加密货币是否准备成为可持续金融创新的基础？

Bitcoin vs Ethereum: two visions of decentralized finance

比特币与以太坊：分散财务的两个愿景

The cold war continues between Bitcoin and Ethereum, each camp holding onto its ambitions. Ethereum is preparing its “Hoodi” update, crucial for its scalability. If it fails, Bitcoin could scoop the pot. It would be a turning point. With its new technical layers (zkRollups, EVM compatible), Bitcoin offers attractive solutions.

冷战继续在比特币和以太坊之间，每个营地都坚持其野心。以太坊正在准备其“ Hoodi”更新，这对于其可扩展性至关重要。如果失败，比特币可以sc起锅。这将是一个转折点。凭借其新的技术层（Zkrollups，EVM兼容），比特币提供了有吸引力的解决方案。

Maxwell Sanchez (Hemi Labs) reminds us that copying and pasting Ethereum’s tech is not enough: “It must adapt to the very core of Bitcoin.” Translation: there’s no need to force a square into a round hole. The Bitcoin network must grow in its own way.

麦克斯韦·桑切斯（Hemi Labs）提醒我们，复制和粘贴以太坊的技术还不够：“它必须适应比特币的核心。”翻译：无需强迫正方形进入圆孔。比特币网络必须以自己的方式增长。

On Ethereum’s side, the pressure is high. Every major update is a risky promise. The complexity of “Hoodi” could create more problems than solutions. Meanwhile, Bitcoin is refining its vision, developing its layer 2 protocols, and waiting for its rival’s misstep.

在以太坊的一侧，压力很高。每个重大更新都是一个冒险的承诺。 “ Hoodi”的复杂性可能比解决方案更多。同时，比特币正在完善其愿景，制定其第二层协议，并等待竞争对手的失误。

Who will win the duel of the titans in the crypto market? The one who convinces developers, users, and investors over the long term. And you, who are you betting on?

谁将在加密货币市场上赢得泰坦的决斗？长期说服开发人员，用户和投资者的人。而你，你在赌谁？

Despite their apparent discredit, Bitcoin’s layers 2 could very well explode. A recent report by the Spartan Group discusses their explosive potential in the medium term… to be continued.

尽管它们显然很抹黑，但比特币的层2可能会爆炸。斯巴达集团最近的一份报告讨论了他们在中期的爆炸潜力……将继续。

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La révolution blockchain et crypto est en marche ! Et le jour où les impacts se feront ressentir sur l'économie la plus vulnérable de ce Monde, contre toute espérance, je dirai que j'y étais pour quelque chose

区块链和加密革命正在进行中！而那一天，将对这个世界上最脆弱的经济感受到影响的那一天，我会说我在那里是为了某事