没有以太坊，这个行业就不会是今天将分散财务（DEFI）带入生活的地方

比特币的权力下放，流动性和韧性将其定位为下一个OnChain Finance时代的自然家园

The cryptocurrency industry wouldn’t be where it is today without Ethereum. The blockchain has been instrumental in bringing decentralized finance (DeFi) to life, making programmability a key feature of blockchains and proving the value of smart contracts at scale. The Ethereum Virtual Machine has become the go-to platform for developers, boasting the largest ecosystem and tooling.

没有以太坊，加密货币行业将不是今天的位置。区块链在将分散的金融（DEFI）带入生活方面发挥了作用，使可编程性成为区块链的关键特征，并在大规模证明智能合约的价值。以太坊虚拟机已成为开发人员的首选平台，拥有最大的生态系统和工具。

However, as DeFi matures, it’s worth asking: Is Ethereum the best foundation for the future of financial innovation?

但是，随着Defi的成熟，值得一提的是：以太坊是金融创新未来的最佳基础吗？

Well, the answer might just be Bitcoin.

好吧，答案可能只是比特币。

With nearly $6 billion in total value locked as of March 2025, Bitcoin’s decentralization, liquidity and resilience position it as the natural home for the next era of onchain finance. While Ethereum’s flexibility has enabled an explosion of experimentation, that same flexibility has come with trade-offs.

截至2025年3月，比特币的权力下放，流动性和弹性将其视为下一个OnChain Finance时代的自然住所，总价值将近60亿美元。尽管以太坊的灵活性使实验爆炸爆炸，但权衡也具有同样的灵活性。

From vulnerabilities in smart contracts we’ve seen in big-name hacks to ongoing debates around scalability, Ethereum’s experimental ethos has left cracks in its foundation. By contrast, Bitcoin offers a solid, battle-tested infrastructure where DeFi can flourish sustainably and cross the chasm from degens into mainstream adoption.

从我们在智能合同中看到的智能合同中的脆弱性到有关可伸缩性的持续辩论，以太坊的实验精神在其基础上留下了裂痕。相比之下，比特币提供了一个扎实的，战斗测试的基础设施，Defi可以可持续地蓬勃发展，并从Degens跨越Degens到主流采用。

Ethereum’s contribution and limitations

以太坊的贡献和限制

Ethereum was responsible for pioneering what we know to be DeFi today. This innovation and development served as a testing ground for what Bitcoin is capable of and can ultimately achieve.

以太坊负责开创我们所知道的今天。这项创新和开发是比特币能够并最终实现的测试基础。

Its programmability has empowered developers to create everything from automated lending platforms to sophisticated derivatives. These products exist solely because of Ethereum’s smart contract capabilities.

它的可编程性使开发人员有能力创建从自动贷款平台到复杂衍生品的所有内容。这些产品仅是由于以太坊的智能合同功能而存在。

With that flexibility came serious trade-offs, and we’ve seen them play out in real-time. The DAO hack in 2016 drained $50 million and nearly killed Ethereum in its infancy. The 2022 Wormhole exploit cost $325 million in recent years, and the Ronin Bridge hack took $620 million.

随着这种灵活性的实现，我们已经看到了他们实时发挥作用。 DAO在2016年耗尽了5000万美元，几乎杀死了以太坊的婴儿期。近年来，2022年虫洞的漏洞耗资3.25亿美元，而罗宁桥的黑客攻击了6.2亿美元。

These weren’t just bad luck — they’re the predictable result of Ethereum’s open-ended programmability. Smart contracts are powerful, but they’re also complex. Complexity breeds vulnerability. Solidity simply wasn’t designed with security as the primary consideration.

这些不仅是运气不好 - 它们是以太坊开放式可编程性的可预测结果。智能合约很强大，但它们也很复杂。复杂性滋生了脆弱性。坚固性根本没有以安全性为主要考虑因素。

Recent: Ethereum researcher pitches solution to fix centralization woes, eliminate MEV

最近：以太坊研究人员推销解决方案以固定集中率，消除了MEV

At the same time, Ethereum’s scaling challenges have made it increasingly inaccessible.

同时，以太坊的扩展挑战使它变得越来越无法访问。

Network congestion and gas fees soaring to hundreds of dollars during peak periods have effectively locked out average users. Seasoned users will be very well accustomed to the eye-watering gas fees required just to make basic swaps during times of high network demand. Layer-2 solutions like Optimism and Arbitrum have made great progress, but they fragment liquidity and introduce their own trust assumptions.

在高峰期，网络拥堵和汽油费用飙升至数百美元，已有效地锁定了普通用户。经验丰富的用户将非常习惯于在网络需求较高时进行基本交换所需的令人震惊的汽油费。诸如乐观和仲裁之类的第2层解决方案取得了长足的进步，但是它们分散了流动性并引入了自己的信任假设。

This isn’t to say Ethereum is failing. It’s not. As DeFi matures beyond its experimental phase and becomes more mainstream in global finance, we need to ask whether it makes sense to keep building on this foundation or to consider a more resilient alternative.

这并不是说以太坊正在失败。它不是。随着Defi的成熟超出其实验阶段，并且在全球金融中变得更加主流，我们需要询问是否要继续建立这一基础或考虑一种更具弹性的替代方案是有意义的。

Why Bitcoin?

为什么要比特币？

Bitcoin’s design philosophy is radically different. It isn’t a platform for unlimited experimentation; it’s a fortress of stability. Its conservative development ethos and proof-of-work consensus make Bitcoin the most secure blockchain in existence. This security translates into trust — a critical ingredient for DeFi applications handling billions of dollars in value.

比特币的设计理念根本不同。它不是无限实验的平台；这是一个稳定的要塞。其保守的发展精神和工作证明共识使比特币成为现有最安全的区块链。该安全性转化为信任，这是对处理数十亿美元价值的Defi应用程序的关键要素。

Liquidity is another advantage Bitcoin offers. With a market capitalization that dwarfs Ether’s (ETH), Bitcoin (BTC) is the most liquid cryptocurrency, making it an ideal base layer for DeFi. The rise of technologies like Bitcoin’s Lightning Network and sidechains like Spiderchain are already unlocking Bitcoin’s potential for smart contracts, offering the programmability developers need without sacrificing security or scalability.

流动性是比特币提供的另一个优势。凭借矮小的（ETH）的市值，比特币（BTC）是最液体的加密货币，使其成为Defi的理想基础层。比特币的闪电网络和诸如蜘蛛网之类的Sidechain之类的技术的兴起已经解开了比特币的智能合约潜力，从而在不牺牲安全性或可扩展性的情况下提供了可编程性开发人员的需求。

Not all Bitcoin projects are created equal

并非所有比特币项目都是平等的

Many so-called Bitcoin L2s and sidechains claim to be “Bitcoin native,” offering applications the promise of leveraging Bitcoin’s intrinsic security properties.

许多所谓的比特币L2S和Sidechains声称是“比特币本地”，为应用程序提供了利用比特币的内在安全性属性的承诺。

Let’s set the record straight: Many aren’t truly Bitcoin-native.

让我们弄清记录：许多不是真正的比特币本地。

Without pointing fingers, these projects often rely on custodial multisig setups, bridge Bitcoin to Ethereum or another chain, and then build rollups on top. While there’s nothing inherently wrong with this approach, and there will be use cases that work with this set of trust assumptions, it’s not the same as being natively built on Bitcoin.

这些项目没有指着手指，经常依靠保管多动物设置，将比特币桥接到以太坊或另一个链条，然后在顶部建立汇总。尽管这种方法本质上没有任何错误，并且会有用例与这套信任假设一起使用，但它与在比特币上本地建立的情况并不相同。

True Bitcoin L2s are designed directly on Bitcoin, tapping into its liquidity, security and resilience — qualities that have withstood the test of time. If we want to expand DeFi capabilities, we must build them on Bitcoin. It’s a straightforward ask, but one worth reiterating as we see major players exploring paths that may not fully align with Bitcoin’s potential.

真正的比特币L2直接设计在比特币上，利用其流动性，安全性和弹性 - 经受了时间考验的品质。如果我们想扩展Defi功能，则必须在比特币上构建它们。这是一个简单的问题，但值得一提的是，我们看到主要参与者探索可能与比特币潜力完全保持一致的道路。

The path forward

前进的路

The debate shouldn’t be framed as Ethereum versus Bitcoin. That’s a false binary. Ethereum’s innovation-first approach has been crucial in proving what’s possible, and it remains an essential hub of DeFi experimentation. Bitcoin offers something Ethereum doesn’t: a foundation that has already earned the trust of the broader financial world

辩论不应被构成以太坊与比特币。那是一个错误的二进制。以太坊的创新优先方法对于证明可能的可能性至关重要，并且它仍然是DEFI实验的重要枢纽。比特币提供以太坊没有的东西：已经赢得了更广泛金融世界的信任的基金会