BTC流动资产继output: track之后，Lorenzo则采取了不同的做法，专注于构建一个自成体系的BTC DeFi生态系统。output: track

第一个实现跨链可组合性的 BTC DeFi 协议。它将“Pendle”的概念引入BTC生态系统，使BTC持有者能够参与期权策略并赚取期权溢价。输出：track

in terms of capital and resources, another BTC liquid staking protocol, Lorenzo, has adopted a self-contained development approach.

在资金和资源方面，另一个BTC流动性质押协议Lorenzo采取了独立的开发方式。

As a BTC liquid staking protocol, Lorenzo naturally encountered the problem of how to release the liquidity of BTC locked in the protocol. To address this issue, it introduced Pendle, a time-weighted average price (TWAP) protocol, into its protocol design. Through Pendle, traders can provide liquidity for BTC-pegged assets and obtain market-making returns, which are then distributed to BTC holders participating in liquid staking.

作为一个BTC流动性质押协议，Lorenzo自然遇到了如何释放协议中锁定的BTC流动性的问题。为了解决这个问题，它在协议设计中引入了时间加权平均价格（TWAP）协议Pendle。通过 Pendle，交易者可以为 BTC 锚定资产提供流动性并获得做市收益，然后分配给参与流动性质押的 BTC 持有者。

This design allows traders to obtain market-making returns through Pendle, which are then distributed to BTC holders participating in liquid staking. At the same time, it provides BTC holders with a fixed yield of about 10% APY, merging the advantages of both parties.

这种设计允许交易者通过 Pendle 获得做市收益，然后将收益分配给参与流动性质押的 BTC 持有者。同时为BTC持有者提供约10%APY的固定收益率，融合了双方的优势。

Moreover, Lorenzo also collaborated with Jupiter to launch a new product. This product enables users to obtain market-making returns from Perp DEX through Lorenzo LST products, further expanding the boundaries of BTC staking.

而且，Lorenzo还与Jupiter合作推出了新产品。该产品使用户能够通过Lorenzo LST产品获得Perp DEX的做市收益，进一步拓展了BTC质押的边界。

2.2 Space: Enhancing Bitcoin's Liquidity

2.2 空间：增强比特币的流动性

2.2.1 "Bitcoin Synthetic Assets Protocol" Zeta Protocol

2.2.1 “比特币合成资产协议”Zeta协议

When discussing BTCFi in terms of space, the first project that comes to mind is Zeta Protocol, which aims to introduce synthetic assets into the Bitcoin ecosystem.

当从空间上讨论 BTCFi 时，首先想到的项目是 Zeta Protocol，该项目旨在将合成资产引入比特币生态系统。

As we know, synthetic assets are one of the most important DeFi primitives on Ethereum. They enable users to trade various assets on DEXs without needing to hold the underlying assets, greatly enhancing capital utilization efficiency. However, due to technical limitations, synthetic assets have not yet been introduced into the Bitcoin ecosystem.

众所周知，合成资产是以太坊上最重要的 DeFi 原语之一。使用户无需持有底层资产即可在DEX上交易各种资产，大大提高了资金利用效率。然而，由于技术限制，合成资产尚未被引入比特币生态系统。

To fill this gap, Zeta Protocol is introducing synthetic assets into Bitcoin through an innovative approach, enabling users to trade BTC-pegged assets on the Bitcoin mainnet DEX. At the same time, they can obtain market-making returns and participate in the DeFi ecosystem on Bitcoin.

为了填补这一空白，Zeta Protocol 通过创新方式将合成资产引入比特币，使用户能够在比特币主网 DEX 上交易与 BTC 挂钩的资产。同时，他们可以获得做市回报并参与比特币上的 DeFi 生态系统。

Currently, Zeta Protocol has launched BTC-pegged synthetic assets on the Bitcoin mainnet DEX, enabling users to trade BTC-pegged assets on DEXs such as Bisq, OpenDEX, and Xena. At the same time, they can obtain market-making returns and participate in the DeFi ecosystem on Bitcoin.

目前，Zeta Protocol已在比特币主网DEX上推出锚定BTC的合成资产，用户可以在Bisq、OpenDEX、Xena等DEX上交易锚定BTC的资产。同时，他们可以获得做市回报并参与比特币上的 DeFi 生态系统。

In addition to BTC-pegged synthetic assets, Zeta Protocol is also planning to introduce other types of synthetic assets, such as stock-pegged synthetic assets and commodity-pegged synthetic assets, into the Bitcoin ecosystem. This will further expand the application scenarios of synthetic assets on Bitcoin and provide more options for capital utilization.

除了与BTC挂钩的合成资产外，Zeta Protocol还计划将其他类型的合成资产引入比特币生态系统，例如与股票挂钩的合成资产和与大宗商品挂钩的合成资产。这将进一步拓展比特币合成资产的应用场景，为资金运用提供更多选择。

Source: Zeta Protocol

来源：Zeta 协议

2.2.2 "Bitcoin Lending Protocol" Hodlnaut

2.2.2 “比特币借贷协议”Hodlnaut

When discussing BTCFi in terms of space, another project that deserves attention is Hodlnaut, which aims to introduce lending into the Bitcoin ecosystem.

从空间角度讨论BTCFi时，另一个值得关注的项目是Hodlnaut，该项目旨在将借贷引入比特币生态系统。

As we know, lending is another important DeFi primitive on Ethereum. It enables users to lend and borrow various assets on DEXs, greatly enhancing capital utilization efficiency. However, due to technical limitations, lending has not yet been fully introduced into Bitcoin.

众所周知，借贷是以太坊上另一个重要的 DeFi 原语。使用户能够在DEX上借贷各种资产，大大提高资金利用效率。然而，由于技术限制，借贷尚未完全引入比特币。

To address this issue, Hodlnaut is introducing lending into Bitcoin through an innovative approach, enabling users to lend and borrow BTC-pegged assets on the Bitcoin mainnet DEX. At the same time, they can obtain lending and borrowing returns and participate in the DeFi ecosystem on Bitcoin.

为了解决这个问题，Hodlnaut 正在通过一种创新方法将借贷引入比特币，使用户能够在比特币主网 DEX 上借出和借入与 BTC 挂钩的资产。同时，他们可以获得借贷回报并参与比特币上的 DeFi 生态系统。

Currently, Hodlnaut has launched a lending product for BTC-pegged assets on the Bitcoin mainnet DEX, enabling users to lend and borrow BTC-pegged assets on DEXs such as Bisq, OpenDEX, and Xena. At the same time, they can obtain lending and borrowing returns and participate in the DeFi ecosystem on Bitcoin.

目前，Hodlnaut已在比特币主网DEX上推出了BTC锚定资产的借贷产品，用户可以在Bisq、OpenDEX、Xena等DEX上借出和借入BTC锚定资产。同时，他们可以获得借贷回报并参与比特币上的 DeFi 生态系统。

In addition to lending for BTC-pegged assets, Hodlnaut is also planning to introduce lending for other types of assets, such as stock-pegged assets and commodity-pegged assets, into the Bitcoin ecosystem. This will further expand the application scenarios of lending on Bitcoin and provide more options for capital utilization.

除了与BTC挂钩的资产的借贷外，Hodlnaut还计划将其他类型资产的借贷引入比特币生态系统，例如与股票挂钩的资产和与大宗商品挂钩的资产。这将进一步拓展比特币借贷的应用场景，为资金运用提供更多选择。

Source: Hodlnaut

资料来源：Hodlnaut

III. BTCFi: A New Chapter in Bitcoin's Narrative

三． BTCFi：比特币叙事的新篇章

As 2024 marks the inaugural year of BTCFi, it also heralds a new chapter in Bitcoin's narrative.

2024 年标志着 BTCFi 的元年，也预示着比特币叙事的新篇章。

From the perspective of the Bitcoin ecosystem, the return of finance to Bitcoin's endeavors is not only natural but also carries entirely new possibilities. Whether making "digital gold" earn interest or enhancing its liquidity, these two core functions of BTCFi align perfectly with Bitcoin's current main narrative.

从比特币生态系统的角度来看，金融回归比特币不仅是理所当然的，而且还带来了全新的可能性。无论是让“数字黄金”赚取利息还是增强其流动性，BTCFi的这两个核心功能与比特币当前的主要叙事完美契合。

Moreover, BTCFi also provides a new direction for the development of the Bitcoin ecosystem. As Bitcoin gradually becomes a "stable digital asset" with less volatility, the narrative of "making Bitcoin useful again" has become increasingly prominent. BTCFi, as a new application scenario for Bitcoin, undoubtedly fits this narrative well.

而且，BTCFi也为比特币生态的发展提供了新的方向。随着比特币逐渐成为波动性较小的“稳定数字资产”，“让比特币再次有用”的叙事愈发凸显。 BTCFi作为比特币的一个新的应用场景，无疑非常契合这个叙事。

From the perspective of the broader crypto market, the return of finance to Bitcoin is also attracting attention. As Ethereum gradually shifts towards a narrative of capital efficiency, the narrative of "making Bitcoin useful again" has become increasingly prominent among crypto users. BTCFi

从更广阔的加密市场来看，金融回归比特币也备受关注。随着以太坊逐渐转向资本效率叙事，“让比特币再次有用”的叙事在加密货币用户中变得越来越突出。比特币Fi