比特币可以壮成长吗？

尽管在加密货币市值中排名第一，但比特币参与分散融资（DEFI）仍然相对较低

Original Title: Can Bitcoin Thrive Onchain?

原始标题：比特币可以壮成长吗？

Original Author: Jean-Paul Faraj, Bankless

原始作者：Jean-Paul Faraj，无班

Original Translation: BitpushNews

原始翻译：Bitpushnews

Despite holding the top spot in cryptocurrency market capitalization, Bitcoin's participation in decentralized finance (DeFi) remains relatively low, prompting a profound discussion about its future role.

尽管在加密货币市值中排名第一，但比特币参与分散融资（DEFI）仍然相对较低，这引发了人们对其未来作用的深刻讨论。

For over a decade, Bitcoin has been the cornerstone of the crypto ecosystem—lauded for its decentralization, censorship resistance, and provable scarcity. However, despite Bitcoin's dominant market cap and recent resurgence in popularity, it largely remains disconnected from one of the most vibrant areas of the crypto space—DeFi.

十多年来，比特币一直是加密生态系统的基石，它因其权力下放，抵抗和可证明的稀缺性而受到宣告。然而，尽管比特币的占主导地位和最近流行的重新出现，但它在很大程度上与加密货币空间中最充满活力的地区之一Defi保持不变。

According to data from Bitcoin Layers, only about $30 billion worth of Bitcoin (just 1.875% of its total supply) is utilized in DeFi. In contrast, Ethereum has approximately $50 billion worth of ETH locked in DeFi, accounting for about 23% of its supply.

根据比特币层的数据，在DEFI中仅使用了约300亿美元的比特币（仅占其总供应量的1.875％）。相比之下，以太坊在DEFI中拥有约500亿美元的ETH锁定，约占其供应量的23％。

This gap highlights a core contradiction in today's Bitcoin narrative: while BTC holds immense value, relatively few BTC are actively utilized on-chain to provide yield opportunities. This disparity is driving a wave of innovation around wrapping, staking, and other methods to bring Bitcoin into the DeFi economy, unlocking ways to make BTC a productive capital asset.

这一差距突出了当今比特币叙事中的核心矛盾：尽管BTC具有巨大的价值，但相对较少的BTC被积极利用，以提供产量机会。这种差异促进了围绕包装，藏匿和其他方法将比特币带入Defi经济的创新浪潮，从而解除了使BTC成为生产性资本资产的方法。

Bitcoin Layers: BTC supply segmented by network, showing all wrapped BTC

比特币层：通过网络分割的BTC供应，显示了所有包装BTC

Ethereum's DeFi ecosystem has seen the emergence of tools for lending, staking, and trading. In contrast, native Bitcoin remains challenging to use effectively, especially for new users. Slow transaction times, variable and often high fees, and Bitcoin's architecture lack the programmability that supports Ethereum-based applications.

以太坊的Defi生态系统已经出现了用于贷款，积分和交易的工具。相比之下，本地比特币仍然具有效使用，尤其是对于新用户而言。慢速交易时间，可变且通常是高费用，并且比特币的体系结构缺乏支持基于以太坊应用程序的可编程性。

As the broader cryptocurrency space matures, an important question arises: Can Bitcoin meaningfully participate in the on-chain economy? If so, how can we bring ordinary BTC holders into the fold without forcing them to navigate a maze of bridges, wrapped tokens, and unfamiliar applications?

随着更广泛的加密货币空间的成熟，出现了一个重要的问题：比特币可以有意义地参与链上经济吗？如果是这样，我们如何才能将普通的BTC持有人带入折叠，而不会迫使他们在迷宫中浏览桥梁，包裹的令牌和不熟悉的应用？

The Issue: Bitcoin's Design vs. DeFi's Usability

问题：比特币的设计与Defi的可用性

Bitcoin's underlying architecture is not optimized for the high programmability of today's smart contracts. Its proof-of-work (PoW) mechanism prioritizes security and decentralization over complex logical expressions—this design choice makes it a reliable store of value but also limits its adaptability in smart contracts and complex DeFi applications. As a result, native Bitcoin struggles to integrate into the thriving composable finance ecosystems on public chains like Ethereum and Solana.

比特币的基础体系结构未针对当今智能合约的高程度性进行优化。它的工作证明（POW）机制优先考虑安全性和分散率在复杂的逻辑表达式上 - 此设计选择使其成为可靠的价值存储，但也限制了其在智能合约和复杂的DEFI应用程序中的适应性。结果，本地比特币努力将以太坊和索拉纳等公共连锁店融入蓬勃发展的综合金融生态系统中。

In the past, we have seen some workarounds:

过去，我们看到了一些解决方法：

· Wrapped Bitcoin: Users convert BTC into ERC-20 tokens to access Ethereum-based DeFi. This introduces custodial risks, as token liquidity may be opaque and not always backed 1:1 by third-party custodians.

·包装比特币：用户将BTC转换为ERC-20代币，以访问基于以太坊的defi。这引入了保管风险，因为令牌流动性可能是不透明的，并且并非总是由第三方保管人支持1：1。

· Bridging Protocols: Cross-chain platforms allow BTC to move into other ecosystems. However, manual bridging adds friction, complexity, and risk—especially for non-technical users.

·桥接协议：跨链平台允许BTC进入其他生态系统。但是，手动桥接增加了摩擦，复杂性和风险，尤其是对于非技术用户而言。

· Custodial Platforms: Centralized services like Coinbase offer BTC yield but require users to forfeit custody and often pay returns in points, stablecoins, or proprietary tokens instead of BTC.

·托管平台：诸如Coinbase之类的集中服务提供BTC收益率，但要求用户没收监护权，并经常以积分，稳定或专有代币而不是BTC支付回报。

Each option comes with challenges that weigh against Bitcoin's core principles: security, simplicity, and user sovereignty.

每个选项都有挑战与比特币的核心原则：安全性，简单性和用户主权。

Entry Barriers: Why User Experience Still Matters

入口障碍：为什么用户体验仍然很重要

Accumulation of BTC in 2024, river.com

BTC在2024年的积累，River.com

For Bitcoin holders curious about doing more with their assets (earning yield, participating in on-chain governance, or trying DeFi), the entry pathways remain fragmented, non-intuitive, and often daunting. While the infrastructure has matured, user experience lags behind, and competitors are not just other blockchains but also TradFi.

对于比特币持有人好奇的是对他们的资产做更多的事情（赚取收益，参与链政治或尝试Fefi），进入途径仍然是分散的，不直觉的，而且常常令人生畏。尽管基础设施已经成熟，但用户体验落后于落后，竞争对手不仅是其他区块链，而且是Tradfi。

This friction creates a significant entry barrier. Most users do not want to become advanced DeFi users—they want to simply and securely increase their net worth and BTC holdings without navigating a maze of applications, bridges, and protocols like recent Bitcoin buyers who have made substantial off-chain purchases through brokers, ETFs, and products like Michael Saylor's Strategy.

这种摩擦会产生重大的进入障碍。大多数用户不想成为高级DEFI用户 - 他们希望简单，安全地提高其净资产和BTC持有量，而不会导致迷宫，桥梁的迷宫和协议，例如最近通过经纪人，ETF以及Michael Saylor等产品进行大量脱链购买的比特币购买者。

To transition the next wave of users from simple off-chain holders to on-chain users, tools need to eliminate this complexity while not sacrificing control, self-custody, or transparency. This is where emerging protocols and modern wallet experiences begin to play a crucial role—providing user-friendly access to DeFi's foundational functionalities while keeping Bitcoin's core principles intact.

为了将下一波用户从简单的脱链持有人转变为链用户，工具需要消除这种复杂性，而不牺牲控制，自我遵守或透明度。在这里，新兴协议和现代钱包体验开始起着至关重要的作用，可以使用户友好地访问DEFI的基本功能，同时保持比特币的核心原则完好无损。

A better user experience is not just a nice-to-have; it is a key infrastructure for the next phase of Bitcoin adoption.

更好的用户体验不仅是一个不错的选择。它是下一阶段采用比特币的关键基础架构。

New Ways for On-chain BTC Yield and Productivity

链上BTC产量和生产力的新方法

Many emerging solutions aim to make Bitcoin more usable in DeFi—each with different trade-offs:

许多新兴的解决方案旨在使比特币在Defi中更有用 - 以不同的折衷：

1. Staking, Re-staking, and Points-based Yield Programs

1。积分，重新制定和基于积分的收益计划

Platforms like Babylon and Lombard now offer Bitcoin-related yield programs through points or reward tokens, often achieved via staking/re-staking, which can typically be redeemed for benefits or future airdrops. These systems appeal to early adopters and crypto-native users chasing airdrops and platform-specific token economics. These products often

现在，巴比伦和伦巴第等平台通过积分或奖励代币提供与比特币相关的收益计划，通常可以通过堆放/重新制定来实现，通常可以兑换这些收益或未来的空投。这些系统吸引了早期采用者和加密本地用户追逐空调和特定于平台的代币经济学。这些产品经常