BTCFi：比特币金融进化的新篇章

随着美国对虚拟货币的监管日益明确，DeFi也成为本次牛市的主旋律之一。

As the U.S. tightens its grip on virtual currencies, a new buzzword has emerged in the crypto sphere: BTCFi. But what exactly is BTCFi and how does it fit into the broader DeFi narrative?

随着美国加强对虚拟货币的控制，加密领域出现了一个新的流行词：BTCFi。但 BTCFi 到底是什么？它如何适应更广泛的 DeFi 叙述？

In essence, BTCFi refers to a financial service platform and protocol built around Bitcoin (BTC) and its ecosystem. By integrating decentralized financial technology, BTCFi expands the financial functions of Bitcoin.

本质上，BTCFi是指围绕比特币（BTC）及其生态系统构建的金融服务平台和协议。 BTCFi通过整合去中心化金融技术，扩展了比特币的金融功能。

Specifically, BTCFi enables Bitcoin itself to participate in financial activities on-chain, enhancing the inherently poor smart contract functions of Bitcoin. The Bitcoin ecosystem gains more complex DeFi protocols similar to other public chains, such as centralized exchanges, over-collateralized stablecoins, and re-staking. In addition to BTC itself, some BTC ecosystem-related assets, such as inscriptions, runes, RGB++, etc., also participate in DeFi-related activities.

具体来说，BTCFi使比特币本身能够参与链上的金融活动，增强了比特币本来就较差的智能合约功能。比特币生态系统获得了与其他公链类似的更复杂的 DeFi 协议，例如中心化交易所、超额抵押稳定币和重新质押等。除了BTC本身之外，一些BTC生态相关的资产，如铭文、符文、RGB++等，也参与了DeFi相关活动。

According to DeFiLlama data, BTC's total TVL currently stands at $6.545 billion, while Solana's total TVL is $8.297 billion and Ethereum's total TVL is $68.31 billion. As evident from these figures, BTCFi remains a vast blue ocean with high development potential.

根据 DeFiLlama 数据，BTC 的总 TVL 目前为 65.45 亿美元，而 Solana 的总 TVL 为 82.97 亿美元，以太坊的总 TVL 为 683.1 亿美元。从这些数据可以看出，BTCFi仍然是一片广阔的蓝海，具有巨大的发展潜力。

Currently, there are star projects like Babylon on BTCFi, which mainly introduces the Bitcoin staking protocol, allowing users to stake Bitcoin on another PoS blockchain and earn income without using third-party custody, bridging solutions or packaging services.

目前BTCFi上有像Babylon这样的明星项目，主要引入了比特币质押协议，允许用户将比特币质押在另一个PoS区块链上，无需使用第三方托管、桥接解决方案或打包服务即可获得收入。

Beyond Babylon, what other projects are worth keeping an eye on in the BTCFi space? Let's delve into the overall development, top projects, and present problems of BTCFi.

除了 Babylon，BTCFi 领域还有哪些项目值得关注？让我们深入探讨一下BTCFi的整体发展、热门项目以及目前存在的问题。

Overall Development of BTCFi

BTCFi整体发展

According to DeFiLlama data, the total TVL of representative projects in the BTCFi track, such as Babylon, has exceeded $5 billion. Among them, lending and re-pledge protocols are the two core components of the BTCFi ecosystem, occupying the largest market share.

根据 DeFiLlama 数据，Babylon 等 BTCFi 赛道代表性项目总 TVL 已超过 50 亿美元。其中，借贷和再质押协议是BTCFi生态系统的两个核心组成部分，占据着最大的市场份额。

DefiLlama forecasts that the BTCFi market size will grow to about $1.2 trillion by 2030. This year marks a period of rapid development for the BTC ecosystem. At the beginning of 2024, BTC's overall TVL was $300 million, and by the end of 2024, it had reached $6.5 billion, an increase of more than 20 times.

DefiLlama预测，到2030年，BTCFi市场规模将增长至约1.2万亿美元。今年是BTC生态系统的快速发展期。 2024 年初，BTC 的总体 TVL 为 3 亿美元，到 2024 年底，已达到 65 亿美元，增长了 20 多倍。

In the BTCFi track, lending protocols are one of the most important applications. Traditionally, Bitcoin, as a digital asset, has not participated in the lending market. However, the BTCFi protocol enables Bitcoin to be used as collateral for decentralized lending. Typical projects include Liquidium, Shell Finance, etc.

在BTCFi赛道中，借贷协议是最重要的应用之一。传统上，比特币作为一种数字资产，并没有参与借贷市场。然而，BTCFi 协议使比特币可以用作去中心化借贷的抵押品。典型项目有Liquidium、Shell Finance等。

Next is the stablecoin protocol. The stablecoin protocol in BTCFi uses Bitcoin and its derivative assets (such as Ordinals and Rune) as collateral to issue stablecoins pegged to the price of Bitcoin. In the practice of stablecoins, there are Shell Finance's Bitcoin-pegged stablecoins, Babylon's Bitcoin-collateralized stablecoins, and so on.

接下来是稳定币协议。 BTCFi 中的稳定币协议使用比特币及其衍生资产（如 Ordinals 和 Rune）作为抵押品，发行与比特币价格挂钩的稳定币。在稳定币的实践中，有壳牌金融的比特币锚定稳定币、巴比伦的比特币抵押稳定币等等。

The re-pledge mechanism is also an innovation in the current BTCFi ecosystem. This year, these projects have also made considerable achievements in terms of locked-up volume.

重新质押机制也是当前BTCFi生态中的一个创新。今年，这些项目在锁仓量上也取得了可观的成绩。

There are currently many re-pledge protocols in the BTCFi ecosystem. Users can re-pledge already pledged Bitcoin or other crypto assets to receive additional rewards. For example, BounceBit and Lombard Protocol in the Babylon ecosystem are protocols that support re-pledge.

目前BTCFi生态中有多种再质押协议。用户可以重新质押已经质押的比特币或其他加密资产，以获得额外奖励。例如Babylon生态系统中的BounceBit和Lombard Protocol都是支持重新质押的协议。

Introduction to Top BTCFi Projects

BTCFi热门项目介绍

BabylonWhen it comes to BTCFi, Babylon must be a project that cannot be ignored. It is the first project in the industry to introduce Bitcoin’s own standard Staking. It is essentially a pledge, security and liquidity protocol.

Babylon 说到BTCFi，Babylon一定是一个不容忽视的项目。是业内第一个引入比特币自有标准Stake的项目。它本质上是一个质押、安全和流动性协议。

The main innovation is the introduction of Bitcoin's own standard Staking. Through the technical upgrades achieved through the Bitcoin Improvement Proposal, such as Schnorr signatures, Taproot upgrades, and Tapscript updates, the efficiency and privacy of Staking transactions are improved, allowing Bitcoin holders to lock BTC assets in the form of instruction code contracts in the Bitcoin mainnet in a self-custodial manner without the need for third-party custody, and output "secure consensus services" on many BTC layer2s, thereby obtaining rich benefits from other extensions.

主要创新是引入了比特币自己的标准Stake。通过比特币改进提案实现的技术升级，如Schnorr签名、Taproot升级、Tapscript更新等，提高了Stake交易的效率和隐私性，让比特币持有者能够以指令代码合约的形式锁定比特币资产在比特币中以自我托管的方式上线主网，无需第三方托管，并在多个BTC Layer2上输出“安全共识服务”，从而从其他扩展中获得丰厚的收益。

Currently, the TVL exceeds 5 billion US dollars, and it has a rich ecology. According to public information, its ecological projects cover 7 categories including Layer2, DeFi, liquidity pledge, wallets and custodians, Cosmos, finality providers and Rollup infrastructure, with a total of 91 projects, including many well-known projects, such as BisonLabs, BSquared Network in the Layer2 field; Kina Finance, LayerBank in the DeFi field; Bedrock, Chakra, Lombard in the liquidity pledge field, etc. These projects have formed a huge ecosystem around Babylon, promoting the diversified development of the Bitcoin ecosystem.

目前TVL超过50亿美元，生态丰富。公开资料显示，其生态项目涵盖Layer2、DeFi、流动性质押、钱包与托管、Cosmos、最终性提供商、Rollup基础设施等7大类，项目总数达91个，其中不乏众多知名项目，如BisonLabs、BSquared等。 Layer2领域的网络； Kina Finance、DeFi 领域的 LayerBank；流动性质押领域的Bedrock、Chakra、Lombard等，这些项目围绕Babylon形成了庞大的生态系统，推动了比特币生态系统的多元化发展。

Shell FinanceIt is the first decentralized lending and stablecoin protocol

Shell Finance是第一个去中心化借贷和稳定币协议