从比特币可编程性角度探究BTCFI兔子洞

HTX全球投资部门HTX Ventures发布了最新研究报告，分析了比特币在比特币去中心化金融（BTCFI）领域的潜力和挑战。

Global investment division of HTX, HTX Ventures, has released its latest research on Bitcoin’s potential and challenges in the field of Bitcoin decentralized finance (BTCFI). The report, titled Exploring the BTCFI Rabbit Hole from the Perspective of Bitcoin’s Programmability, aims to help readers understand the BTCFI sector better. The report explores the evolutionary path of Bitcoin programming, how Bitcoin programming can support various BTCFI applications, showcasing the current real-world BTCFI implementation scenarios, and explaining the underlying logic of BTCFI’s future growth and adoption.

HTX 全球投资部门 HTX Ventures 发布了关于比特币在比特币去中心化金融（BTCFI）领域的潜力和挑战的最新研究。这份题为《从比特币可编程性角度探索 BTCFI 兔子洞》的报告旨在帮助读者更好地了解 BTCFI 领域。该报告探讨了比特币编程的演变路径，比特币编程如何支持各种BTCFI应用，展示了当前现实世界的BTCFI实施场景，并解释了BTCFI未来增长和采用的底层逻辑。

HTX Ventures has been contributing to BTCFI for a long time. As stated in its 2024 Half-Year Investment Report, BTCFI is highlighted as one of HTX Ventures’ six key investment directions in 2024. Some of HTX Ventures’ portfolio companies in the BTCFI sector include Babylon, BounceBit, COREx, and more.

HTX Ventures 长期以来一直为 BTCFI 做出贡献。正如其2024年半年投资报告所述，BTCFI被列为HTX Ventures 2024年六大重点投资方向之一。HTX Ventures在BTCFI领域的投资组合公司包括Babylon、BounceBit、COREx等。

The new report once again shows HTX Ventures’ interest in BTCFI. It begins with the foundations of the Bitcoin contracts, which were laid fourteen years ago by Satoshi. Understanding the basics of Bitcoin programming involves several concepts, including Transaction Outputs (TXO), Unspent Transaction Output (UTXO), scriptSig, and Opcodes.

新报告再次显示了 HTX Ventures 对 BTCFI 的兴趣。它从十四年前由中本聪奠定的比特币合约的基础开始。了解比特币编程的基础知识涉及几个概念，包括交易输出（TXO）、未花费交易输出（UTXO）、scriptSig 和操作码。

“Bitcoin script programming is about programming money and enabling a specific amount of money to respond to particular input data. By designing the scriptPubKey, opcodes, and the interaction process between users, we can offer cryptographic guarantees for the key state transitions of Bitcoin contracts, ensuring the contracts’ proper execution,” the report points out.

“比特币脚本编程是关于对货币进行编程并使特定数量的货币能够响应特定的输入数据。通过设计scriptPubKey、操作码以及用户之间的交互过程，我们可以为比特币合约的关键状态转换提供密码学保证，确保合约的正确执行。”报告指出。

There are some mechanisms to be used to enable the implementation of different types of transactions, including MultiSig, Timelocks, Hashlocks, Flow Control, and SIGHASH. The report explains, “the basic model of Bitcoin programming is where UTXO locking scripts specify verification conditions, unlocking scripts provide data, and opcodes in locking scripts indicate the verification program. The funds can be spent once the verification program is passed.”

有一些机制可用于实现不同类型的交易，包括 MultiSig、Timelocks、Hashlocks、Flow Control 和 SIGHASH。报告解释道，“比特币编程的基本模型是UTXO锁定脚本指定验证条件，解锁脚本提供数据，锁定脚本中的操作码指示验证程序。一旦验证计划通过，资金就可以使用。”

There are some core limitations, however, such as only a few verification programs being available, Bitcoin scripts having no computational power, and UTXO unlocking conditions being completely independent.

然而，存在一些核心限制，例如可用的验证程序很少、比特币脚本没有计算能力、UTXO 解锁条件完全独立等。

Unlike the computation-based Ethereum contracts, Bitcoin contracts are verification-based, which has brought many challenges in developing BTCFI products. Despite the difficulties, “over the ten years of developing Bitcoin contracts, the ingenious use of cryptographic algorithms and signatures has significantly enhanced privacy, efficiency, and decentralization, making BTCFI products possible,” the report states, and starts introducing Bitcoin programming milestones.

与基于计算的以太坊合约不同，比特币合约是基于验证的，这给开发BTCFI产品带来了许多挑战。尽管存在困难，“在开发比特币合约的十年中，加密算法和签名的巧妙使用显着增强了隐私性、效率和去中心化，使 BTCFI 产品成为可能”，报告指出，并开始介绍比特币编程的里程碑。

Innovative tools, such as the Discreet Log Contract (DLC), Partially Signed Bitcoin Transactions (PSBT), and MuSig2 bring new solutions to the problems in Bitcoin programming, driving the development of BTCFI.

离散日志合约（DLC）、部分签名比特币交易（PSBT）、MuSig2等创新工具为比特币编程问题带来了新的解决方案，推动了BTCFI的发展。

The Taproot upgrade activated in November 2021 was revolutionary for the Bitcoin ecosystem, allowing Bitcoin to hold in custody large-scale smart contracts with tens of thousands of signatories while concealing all participants and maintaining the size of a single-signature transaction. This makes more complex on-chain BTCFI operations possible and significantly improves privacy and transaction efficiency.

2021 年 11 月激活的 Taproot 升级对于比特币生态系统来说是革命性的，它允许比特币托管具有数万签名者的大规模智能合约，同时隐藏所有参与者并保持单签名交易的规模。这使得更复杂的链上 BTCFI 操作成为可能，并显着提高隐私和交易效率。

Such technological innovations pave the way for BTCFI’s further development. Then in January 2023, Ordinals were proposed, which aimed to assign each sat a unique identifier and attribute, so as to transform it into a unique NFT. The creation and trading of Bitcoin NFTs were realized, not only expanding the uses of Bitcoin but also allowing users to directly create and trade digital assets on the Bitcoin blockchain.

这些技术创新为BTCFI的进一步发展铺平了道路。随后在 2023 年 1 月，Ordinals 被提出，旨在为每个 sat 分配唯一的标识符和属性，从而将其转化为唯一的 NFT。比特币NFT的创建和交易的实现，不仅扩大了比特币的用途，而且允许用户直接在比特币区块链上创建和交易数字资产。

This led to the introduction of BRC-20, a token system for on-chain recording and off-chain processing that uses JSON data’s ordinal inscriptions to deploy token contracts, mint tokens, and transfer them.

这导致了 BRC-20 的引入，这是一种用于链上记录和链下处理的代币系统，它使用 JSON 数据的序号铭文来部署代币合约、铸造代币并进行转移。

The naissance of Ordinals and BRC-20 created trading demand and blue-chip assets for BTCFI. More importantly, they offered many BTCFI projects new ideas based on indexer programming that enhanced Bitcoin’s contract capabilities.

Ordinals和BRC-20的诞生为BTCFI创造了交易需求和蓝筹资产。更重要的是，他们为许多 BTCFI 项目提供了基于索引器编程的新想法，增强了比特币的合约能力。

Bitcoin’s programmability has come a long way and made great progress, forming a thriving BTCFI ecosystem with more and more application scenarios of BTCFI arising. The report lastly lists some notable BTCFI implementations, including BTC staking provider Babylon, asset issuance platforms Unisat and Magic Eden, lending protocol Liquidium, BTCFI scaling solution Fractal Bitcoin, and more.

比特币的可编程性已经取得了长足的进步，取得了长足的进步，形成了蓬勃发展的BTCFI生态系统，BTCFI的应用场景也越来越多。该报告最后列出了一些著名的 BTCFI 实施方案，包括 BTC 质押提供商 Babylon、资产发行平台 Unisat 和 Magic Eden、借贷协议 Liquidium、BTCFI 扩容解决方案 Fractal Bitcoin 等。

The emergence of BTCFI applications indicates that its market potential is becoming evident. With Bitcoin becoming more and more mainstream, the market demand for BTCFI use cases will also increase, fostering a new financial ecosystem centered around Bitcoin.

BTCFI应用的出现表明其市场潜力正在显现。随着比特币越来越主流，市场对BTCFI用例的需求也将增加，培育以比特币为中心的新金融生态系统。

“The formation of this ecosystem will propel Bitcoin further beyond the ‘digital gold’ narrative, establishing it as an indispensable decentralized financial infrastructure in the global economic system,” the report concludes.

报告总结道：“这个生态系统的形成将推动比特币进一步超越‘数字黄金’的叙述，将其确立为全球经济体系中不可或缺的去中心化金融基础设施。”

To read the full report, please visit: https://square.htx.com/htx-ventures-exploring-the-btcfi-rabbit-hole-from-the-perspective-of-bitcoins-programmability/

要阅读完整报告，请访问：https://square.htx.com/htx-ventures-exploring-the-btcfi-rabbit-hole-from-the-perspective-of-bitcoins-programmability/