随着 Lido 激发新协议创建以比特币为中心的 DeFi 生态系统，BTC 流动质押市场应运而生

Lido 于 2020 年推出，为创建有收益的 DeFi 原语设定了标准，并且是第一个获得关注的流动性质押协议

Lido’s (CRYPTO: LDO) dominance in the Ethereum liquid staking market has inspired several emerging BTC liquid staking protocols to try to create their own Bitcoin (CRYPTO: BTC)-focused decentralized finance ecosystem.

Lido（CRYPTO：LDO）在以太坊流动性质押市场的主导地位激发了一些新兴的 BTC 流动性质押协议尝试创建自己的以比特币（CRYPTO：BTC）为中心的去中心化金融生态系统。

Launched in 2020, Lido set the standard for creating a yield-bearing DeFi primitive and was the first liquid staking protocol to gain traction in terms of usage and integrations, said Jacob Phillips, the co-founder of Lombard, a new liquid staking provider focused on Bitcoin.

Lombard 是一家专注于流动性质押的新提供商，其联合创始人 Jacob Phillips 表示，Lido 于 2020 年推出，为创建有收益的 DeFi 原语设定了标准，并且是第一个在使用和集成方面获得关注的流动性质押协议。关于比特币。

“DeFi protocols now routinely prefer [staked ETH] as collateral, viewing it as a better form of ETH that offers the same exposure plus staking yield,” Phillips told Unchained over Telegram. “Bitcoin LSTs like Lombard aim to replicate [Lido’s] playbook by creating a minimalist Bitcoin liquid staking token.”

Phillips 通过 Telegram 向 Unchained 表示：“现在 DeFi 协议通常更喜欢 [质押 ETH] 作为抵押品，将其视为一种更好的 ETH 形式，可以提供相同的风险敞口和质押收益。” “像 Lombard 这样的比特币 LST 旨在通过创建极简主义的比特币流动质押代币来复制 [Lido 的] 剧本。”

The total liquid staking market on Ethereum stands at $37.9 billion and Lido accounts for $26.2 billion of that, or almost 70%, according to DefiLlama.

据 DefiLlama 称，以太坊上的流动性质押市场总额为 379 亿美元，其中 Lido 占 262 亿美元，几乎占 70%。

By comparison, the BTC liquid staking market started taking shape this year and while there are no figures for the total market size, the top six protocols — Lombard, Solv Finance, PumpBTC, Bedrock, Echo Protocol and Lorenzo — have only generated $3.5 billion in total value locked so far.

相比之下，BTC 流动性质押市场今年开始形成，虽然没有总市场规模的数据，但排名前六的协议——Lombard、Solv Finance、PumpBTC、Bedrock、Echo Protocol 和 Lorenzo——仅产生了 35 亿美元的收入。迄今为止锁定的总价值。

Rostyslav Shvets, the co-founder of BTC liquid staking protocol Stroom Network, which is still in testnet, told Unchained that liquid staking has attracted many competitors because “the killer feature of all crypto is yield on top of your assets.”

BTC 流动性质押协议 Stroom Network 的联合创始人 Rostyslav Shvets（该协议仍处于测试网络中）告诉 Unchained，流动性质押吸引了许多竞争对手，因为“所有加密货币的杀手级功能都是资产之上的收益。”

Shvets, who was previously a product manager at Lido, explained that Stroom is trying to give users the chance to earn revenue from the Lightning Network, a Bitcoin L2, without locking up their BTC.

曾担任 Lido 产品经理的 Shvets 解释说，Stroom 试图让用户有机会从闪电网络（比特币 L2）中赚取收入，而无需锁定他们的 BTC。

See More: Lido Moves To Decentralize With Vote To Adopt New Community Staking Module

查看更多：Lido 通过投票采用新的社区质押模块来实现去中心化

Liquid staking traditionally entails users earning a yield in exchange for locking their native tokens. They receive a “receipt token,” also known as a liquid staking token (LST), that represents a user’s initial principal plus rewards. Stakers can then use the LST in various DeFi protocols by using the tokens as liquidity for trading pools or as collateral for borrowing.

传统上，流动质押需要用户通过锁定其原生代币来获得收益。他们收到“收据代币”，也称为流动质押代币（LST），代表用户的初始本金加上奖励。然后，质押者可以在各种 DeFi 协议中使用 LST，将代币用作交易池的流动性或借款的抵押品。

BTC staking typically refers to holders using their bitcoins as collateral assets to provide security for various proof-of-stake blockchains.

BTC 质押通常是指持有者使用其比特币作为抵押资产，为各种权益证明区块链提供安全保障。

Lido’s yield comes from ETH emissions given to stakers who secure Ethereum. By comparison, the staking yield from emerging BTC staking protocols comes from points, since proof-of-stake networks using BTC as security collateral have yet to launch their mainnet.

Lido 的收益来自于向持有以太坊的权益持有者发放的 ETH 排放量。相比之下，新兴 BTC 质押协议的质押收益率来自积分，因为使用 BTC 作为安全抵押品的权益证明网络尚未启动其主网。

LSTs are part of the wider “Bitcoin Renaissance” that’s going on now in which developers are attempting to introduce smart contract functionality to Bitcoin, in order to allow for more complex operations on the network.

LST 是目前正在进行的更广泛的“比特币复兴”的一部分，开发人员正试图将智能合约功能引入比特币，以便在网络上进行更复杂的操作。

“I think, [liquid staking and the Bitcoin Renaissance] will really be a catalyst for Bitcoin DeFi in becoming likely one of the biggest trends and movements in the market next cycle next year,” Alexei Zamyatin, the co-founder of hybrid layer 2 network Build on Bitcoin, also known as BOB, told Unchained. “People are hungry for using bitcoin—everybody has bitcoin. If you look at the ETH market, I would say 90%+ of ETH users that stake ETH also own bitcoin. So you have that market that is very used to staking… plus the millions of users in Bitcoin that do not stake anything yet.”

Hybrid Layer 2 联合创始人 Alexei Zamyatin 表示：“我认为，[流动性质押和比特币复兴]将真正成为比特币 DeFi 的催化剂，使其很可能成为明年下一个周期市场最大的趋势和走势之一。”网络构建在比特币上，也称为 BOB，告诉 Unchained。 “人们渴望使用比特币——每个人都拥有比特币。如果你看看 ETH 市场，我会说 90% 以上的持有 ETH 的 ETH 用户也拥有比特币。所以你的市场非常习惯于质押……再加上数以百万计的比特币用户还没有质押任何东西。”

Crypto users have staked 34.9 million ETH tokens, worth about $93.4 billion and roughly 29% of the ETH supply.

加密货币用户已质押 3490 万枚 ETH 代币，价值约 934 亿美元，约占 ETH 供应量的 29%。

By contrast, staking on Bitcoin has just begun and is largely dependent on staking protocol Babylon, which has thus far accumulated just 23,889.1 bitcoins — less than one percent of BTC’s circulating supply.

相比之下，比特币的质押才刚刚开始，并且在很大程度上依赖于质押协议 Babylon，该协议迄今为止仅积累了 23,889.1 比特币——不到 BTC 流通供应量的 1%。

Babylon’s staked BTC figure is also incredibly small compared to BTC’s market cap of $1.3 trillion, which Zamyatin said shows how Bitcoin liquid staking has plenty of room to grow.

与 1.3 万亿美元的 BTC 市值相比，Babylon 的 BTC 质押数字也小得令人难以置信，Zamyatin 表示，这表明比特币流动性质押还有很大的增长空间。

“If [Bitcoin LSTs] grow to the size of what you have on Ethereum… that’s a pretty exciting opportunity,” Zamyatin added.

“如果[比特币 LST] 增长到以太坊上的规模……这将是一个非常令人兴奋的机会，”Zamyatin 补充道。

Zamyatin told Unchained he wouldn’t be surprised if Lido was contemplating offering BTC staking itself, pointing to two signs.

Zamyatin 告诉 Unchained，如果 Lido 考虑提供 BTC 质押服务，他不会感到惊讶，并指出了两个迹象。

First, through Babylon, BTC stakers have delegated nearly 566 bitcoins, worth about $38 million, to blockchain infrastructure provider P2P.org, a node operator for Lido.

首先，BTC 质押者通过 Babylon 将近 566 个比特币（价值约 3800 万美元）委托给区块链基础设施提供商 P2P.org（Lido 的节点运营商）。

Moreover, P2P’s founder Konstantin Lomashuk is also a co-founder of venture capital firm Cyber.Fund, which contributes to Lido DAO.

此外，P2P 的创始人 Konstantin Lomashuk 也是风险投资公司 Cyber​​.Fund 的联合创始人，该公司为 Lido DAO 做出了贡献。

Lido did not respond to a request for comment for this article.

丽都没有回应对本文发表评论的请求。