限制比特币 DeFi 增长的因素：最新分析

在本文中，我们分析了比特币上的 DeFi 当前必须面临的限制，以便实现显着增长并与以太坊和该领域其他成熟网络竞争。尽管最近实施了 Ordinals、Runes 和 BRC-20 代币，但比特币仍然是一个去中心化的环境，对于想要寻求原生收益的用户来说，流动性不是很强，效率也不是很高。

Despite the recent introduction of Ordinals, Runes, and BRC-20 tokens, Bitcoin's decentralized nature poses challenges for users seeking native yield. This limitation hinders the growth of DeFi on Bitcoin.

尽管最近推出了 Ordinals、Runes 和 BRC-20 代币，但比特币的去中心化性质给寻求原生收益的用户带来了挑战。这一限制阻碍了比特币 DeFi 的发展。

To address this issue, several protocols and initiatives are emerging, each offering a unique approach to enhancing yield efficiency and scalability within the Bitcoin ecosystem.

为了解决这个问题，出现了多种协议和举措，每种协议和举措都提供了一种独特的方法来提高比特币生态系统内的产量效率和可扩展性。

SolvBTC, a platform that enables users to obtain yield on their BTC positions by utilizing it in liquid staking protocols on the Ethereum blockchain, aims to resolve the problem of low yield and inactive Bitcoin supply.

SolvBTC 是一个平台，使用户能够通过在以太坊区块链上的流动质押协议中利用其 BTC 头寸来获得收益，旨在解决低收益和不活跃的比特币供应问题。

SolvBTC serves as a bridge between BTC and EVM chains, allowing users to earn a return on their BTC positions by participating in liquid staking protocols on the Ethereum blockchain.

SolvBTC 充当 BTC 和 EVM 链之间的桥梁，允许用户通过参与以太坊区块链上的流动质押协议来赚取 BTC 头寸的回报。

This approach combines the benefits of both worlds, enabling users to generate a yield on their BTC positions while also contributing to the security of the Ethereum network.

这种方法结合了两者的优点，使用户能够从他们的 BTC 头寸中获得收益，同时也为以太坊网络的安全做出贡献。

SolvBTC recently partnered with Ethena Vault to offer a net APY of 15%. Users can deposit native BTC into SolvBTC, which is then used as collateral to obtain stablecoins.

SolvBTC 最近与 Ethena Vault 合作，提供 15% 的净年化收益。用户可以将原生BTC存入SolvBTC，然后将其用作抵押品以获得稳定币。

These stablecoins are used to mint USDe from Ethena, capturing the yield from arbitrage in interest rates in the futures markets.

这些稳定币用于从 Ethena 铸造 USDe，获取期货市场利率套利的收益。

Another protocol that is facilitating the emergence of DeFi on Bitcoin is Master Yield Market, which enables users to directly purchase yield resources from native blockchain DeFi protocols for Bitcoin, Tether, Ethereum, and wrapped Bitcoin (WBTC) from a single platform.

另一个促进比特币 DeFi 出现的协议是 Master Yield Market，它使用户能够从单一平台直接从比特币、Tether、以太坊和 WBTC 的原生区块链 DeFi 协议购买收益资源。

This approach simplifies the experience of searching for yield within the chain, offering a solution that is both easy and low-effort.

这种方法简化了在链内寻找收益的体验，提供了一种既简单又省力的解决方案。

Meanwhile, other developers are focusing on improving the underlying capacity of the Bitcoin blockchain to enhance DeFi performance.

与此同时，其他开发者正在专注于提高比特币区块链的底层能力，以增强 DeFi 性能。

Sunny Fung, a developer at MetaID, believes that Bitcoin needs to improve in terms of scalability and network congestion in light of a potential future growth of the DeFi sector.

MetaID 开发人员 Sunny Fung 认为，鉴于 DeFi 领域未来的潜在增长，比特币需要在可扩展性和网络拥塞方面进行改善。

According to Fung's analysis, one possible solution is to group individual transactions into a single layer-2 application to save time and effort.

根据 Fung 的分析，一种可能的解决方案是将各个交易分组到单个第 2 层应用程序中，以节省时间和精力。

Fung argues that although Bitcoin was initially designed as a layer for the simple exchange of money, it could soon become the “best carrier for web3 applications” thanks to some key features of the chain such as high consensus, strong security, efficient on-chain data storage (inscription on satoshi), and decentralization.

Fung 认为，虽然比特币最初被设计为简单的货币交换层，但由于该链的一些关键特性，如高共识、强安全性、高效的链上，它可能很快就会成为“Web3 应用程序的最佳载体”。数据存储（中本聪铭文）和去中心化。

However, it is important to note that all these approaches mentioned in the article involve operational risks that should not be excluded in the evaluations, especially regarding exposure to the USDe Vaults of Ethena (use of algorithmic stablecoin) and the use of second-layer networks that are less secure than the main Bitcoin network.

然而，值得注意的是，文章中提到的所有这些方法都涉及操作风险，不应在评估中排除这些风险，特别是在暴露于 Ethena 的 USDe Vaults（使用算法稳定币）和使用第二层网络方面其安全性低于主要的比特币网络。