BTCFi生态观察：CoredaoOrg、Buildonbob、Usecorn

今年，随着BTCFi叙事的不断发展，BTC资产的链上流动性逐渐成为各大生态系统和协议关注的焦点。

In the past six months, as the BTCFi narrative continues to evolve, the on-chain liquidity of BTC assets has gradually become the focus of major ecosystems and protocols. With the launch of BTC scaling solutions and the rise of BTC LSTs, BTC is transforming from a static store of value into an asset that can participate in more on-chain yield scenarios, enhancing its application potential within the entire DeFi ecosystem.

在过去的六个月里，随着BTCFi叙事的不断发展，BTC资产的链上流动性逐渐成为各大生态系统和协议关注的焦点。随着BTC扩容解决方案的推出以及BTC LST的兴起，BTC正在从静态的价值储存手段转变为可以参与更多链上收益场景的资产，增强其在整个DeFi生态中的应用潜力。

Among them, Core, BOB, and Corn are representative growth cases in the BTCFi space for the second half of the year: Core focuses on leveraging large BTC LST assets during the growth phase; Corn quickly captures the incremental market through its collaboration with Pendle to introduce points derivative play; BOB attracts liquidity through a rich ecosystem and liquid staking services; various ecosystems' series of actions around "yield" have greatly activated the liquidity of BTC assets. In the future, as BTC liquidity is gradually released, the on-chain accumulation scale of assets in the BTCFi ecosystem still has significant growth potential.

其中，Core、BOB、Corn是下半年BTCFi领域的代表性增长案例：Core在增长阶段侧重撬动大额BTC LST资产； Corn通过与Pendle合作推出积分衍生玩法，迅速占领增量市场； BOB通过丰富的生态系统和流动性质押服务吸引流动性；各生态系统围绕“收益”的一系列动作，极大地激活了BTC资产的流动性。未来，随着BTC流动性的逐步释放，BTCFi生态中资产的链上积累规模仍具有显着的增长潜力。

1. Background

一、背景

1.1 On-chain Liquidity Pathways for BTC Assets

1.1 BTC资产的链上流动性路径

The flow direction of BTC and its backed assets on-chain can be divided into the following three layers:

BTC及其链上支持资产的流向可分为以下三层：

BTC is transferred to various L1, L2, and sidechain networks through cross-chain bridges, generating a primary round of BTC-backed assets, including wrapped BTC, LSTs, and derivative assets.

BTC通过跨链桥转移到各种L1、L2和侧链网络，产生第一轮BTC支持的资产，包括打包的BTC、LST和衍生资产。

BTC-backed assets are further used in various DeFi applications, such as lending, points trading, and DEXs, to obtain different yields and participate in more granular on-chain strategies.

BTC支持的资产进一步应用于各种DeFi应用，如借贷、积分交易、DEX等，以获得不同的收益并参与更精细的链上策略。

Through the aggregation of DeFi applications, a secondary round of derivative assets is generated, such as wstETH, bETH, and mSOL, which can be further used in other DeFi applications to obtain yields.

通过 DeFi 应用的聚合，产生第二轮衍生资产，例如 wstETH、bETH、mSOL，这些衍生资产可以进一步用于其他 DeFi 应用以获得收益。

1.2 Current Status of the BTC Asset Market

1.2 BTC资产市场现状

Overview of BTC-backed Asset Issuance and Application

BTC支持资产发行及应用概况

From the issuance of BTC-backed assets on the three major networks: Ethereum, Arbitrum, and BNB, it can be seen that centralized custodial issued wrapped BTC still occupies the vast majority of market share, with $WBTC (156.1K supply) and $BTCB (65.3K supply) together accounting for over 75% of the total circulation of BTC-backed assets. Additionally, BTC LSTs such as $LBTC (10.5K supply) and $SolvBTC.BBN (8K supply) have rapidly grown in recent months driven by the BTC (re)staking narrative, becoming another emerging force in the BTC-backed asset market.

从以太坊、Arbitrum、BNB 三大网络上 BTC 资产的发行情况可以看出，中心化托管发行的打包 BTC 仍然占据绝大多数市场份额，WBTC 美元（156.1K 供应量）和BTCB（65.3K 供应量）合计占 BTC 支持资产总流通量的 75% 以上。此外，近几个月来，在 BTC（重新）质押叙事的推动下，$LBTC（10.5K 供应量）和 $SolvBTC.BBN（8K 供应量）等 BTC LST 迅速增长，成为 BTC 支持资产市场的另一支新兴力量。

As the most consensus-driven and largest market cap asset, the main application scenarios for BTC-backed assets are concentrated in lending protocols. For the largest $WBTC and $BTCB, their largest downstream applications are in Aave v3 and Venus protocols, respectively, with TVL accounting for over 20% of their total supply, reflecting the demand for relatively stable returns in the BTCFi space.

作为最有共识、市值最大的资产，BTC资产的主要应用场景集中在借贷协议上。对于最大的$WBTC和$BTCB来说，其最大的下游应用分别是Aave v3和Venus协议，TVL占其总供应量的20%以上，反映了BTCFi领域对相对稳定回报的需求。

https://dune.com/optimus/lombard

https://dune.com/optimus/lombard

Overview of BTC LST Issuance and Application

BTC LST发行及应用概览

Currently, the total market size of BTC LST is approximately 25.1K BTC, with the two major protocols Lombard and Solv Protocol accounting for over 70% of the market share. The absorption and issuance of BTC LST directly impact the liquidity and accumulation of BTC assets across various chains. Notably, Solv has had a significant impact on the TVL of various chains, bringing in a net inflow of $309.7M and $177.8M to Core and Scroll, respectively, significantly enhancing the asset scale of these two chains.

目前，BTC LST 的市场总规模约为 25.1K BTC，两大协议 Lombard 和 Solv Protocol 占据超过 70% 的市场份额。 BTC LST的吸收和发行直接影响BTC资产在各链上的流动性和积累。值得注意的是，Solv 对各链的 TVL 产生了重大影响，为 Core 和 Scroll 分别带来了 3.097 亿美元和 1.778 亿美元的净流入，显着提升了这两条链的资产规模。

Compared to wrapped BTC issued through centralized custodial models, BTC LSTs as yield-bearing assets have expanded into richer application scenarios. In addition to lending protocols, the points trading market has become another important downstream application for BTC LSTs. Avalon and Pendle are the protocols with the most capital accumulation in the "lending" and "points derivative market" segments, achieving win-win growth alongside the development of BTCFi and BTC staking narratives.

相比于中心化托管模式发行的打包式BTC，BTC LST作为收益资产，已经拓展到了更丰富的应用场景。除了借贷协议之外，积分交易市场已成为BTC LST的另一个重要下游应用。 Avalon和Pendle是在“借贷”和“积分衍生品市场”领域最有资本积累的协议，随着BTCFi和BTC Stake叙事的发展实现了双赢增长。

https://dune.com/optimus/lombard

https://dune.com/optimus/lombard

2. Asset Accumulation Strategies in the BTCFi Ecosystem

2. BTCFi生态系统的资产积累策略

2.1 Core: Focusing on Incremental Assets and Token Incentives to Drive Ecosystem Growth

2.1 核心：聚焦增量资产和通证激励，驱动生态发展

Basic Information

基本信息

Core is an L1 scaling solution driven by BTC, allowing users to earn passive income through non-custodial Bitcoin staking without the need to transfer or wrap BTC. Since its launch in April 2024, over 7,500 BTC have been staked on Core, with the network's security protected by BTC's inherent security. In July 2024, Core introduced a dual staking mechanism for BTC and CORE. Users can stake BTC to earn risk-free basic returns and stake the native token CORE for additional rewards, with the distribution of rewards linked to the amount and duration of CORE staked. The introduction of the dual staking mechanism has further driven the growth of

Core 是由 BTC 驱动的 L1 扩容解决方案，允许用户通过非托管比特币质押赚取被动收入，而无需转移或打包 BTC。自 2024 年 4 月推出以来，已有超过 7,500 BTC 质押在 Core 上，网络安全受到 BTC 固有安全性的保护。 2024年7月，Core引入了BTC和CORE的双重质押机制。用户可以质押BTC以获得无风险的基本收益，并质押原生代币CORE以获得额外奖励，奖励的分配与质押CORE的数量和期限挂钩。双质押机制的推出进一步带动了增长