熔岩已经开发了一个自我维持的比特币借用平台

与传统的加密贷款服务不同，这些贷款服务负责用户的资产（有时从事诸如重新施用之类的风险实践）不同，熔岩是自我监测的

Lava, a startup building a self-custodial Bitcoin borrowing platform, has raised over $30 million in funding. The company's technology allows users to borrow dollars against their Bitcoin holdings, providing liquidity without requiring them to sell their Bitcoin. This is particularly appealing to Bitcoin HODLers who want to maintain long-term exposure to BTC’s potential appreciation while accessing cash for immediate needs. Lava’s unique Discreet Log Contract (DLC)s enable it to provide these loans on a self-custody basis, reducing counterparty and rehypothecation risk.

Lava是一家建造自我监护的比特币借贷平台的初创公司，已筹集了超过3000万美元的资金。该公司的技术允许用户借入其比特币持有量的美元，提供流动性而无需他们出售比特币。这对希望保持长期接触BTC潜在欣赏的比特币霍德尔（Bitcoin Hodlers）在获得现金以满足即时需求的同时，特别有吸引力。 Lava独特的谨慎日志合约（DLC）使其能够以自我客户为基础提供这些贷款，从而降低了交易对手和重新支配风险。

Stablecoin Integration – LavaUSD

Stablecoin整合 - Lavausd

Lava has also launched its own stablecoin offering – LavaUSD – to combine Bitcoin with dollar-based spending. LavaUSD is redeemable 1:1 for the US dollar via reserves invested in cash and highly liquid instruments. The reserve portfolio contains a mix of short-dated US Treasuries, overnight US Treasury repurchase agreements, and money market funds all custodied with partners such as BlackRock and Fidelity. LavaUSD enables users to make payments anywhere in the world frictionlessly.

Lava还推出了自己的稳定产品-Lavausd，以将比特币与基于美元的支出相结合。通过投资现金和高度液体仪器的储备，Lavausd可以兑换1：1。储备金组合包含了短暂的美国国债，一夜之间的美国国库回购协议以及货币市场资金，所有这些资金都与贝莱德和富达等合作伙伴托管。 Lavausd使用户可以无摩擦的任何地方付款。

Here’s why they launched it:

这就是他们启动它的原因：

The team has attracted significant investment. Since inception Lava has raised over $30 million from investors including Khosla Ventures, Founders Fund, and Susquehanna International Group with angel participation from people and institutions including Bijan Tehrani, the Qatar Investment Authority, Google, and Franklin Templeton among others. FULL DISCLOSURE: UTXO participated in Lava’s seed round.

该团队吸引了大量投资。自成立以来，熔岩已经从包括Khosla Ventures，Founders Fund和Susquehanna International Group在内的投资者筹集了超过3000万美元，其中包括Bijan Tehrani，Katar Investment Authority，Google和Franklin Templeton等人的天使和机构。全面披露：UTXO参加了熔岩的种子轮。

The Case for Spending BTC vs. Spending Dollars

花费BTC与支出美元的案例

Last week, this tweet by Caitlin Long and amplified by our favorite Bitcoiner in Congress Cynthia Lummis received significant pushback from some bitcoiners, offended at the idea of perpetuating the fiat system instead of transaction directly with Bitcoin, as it was intended by Satoshi.

上周，凯特琳·朗（Caitlin Long）的这篇推文，并被我们在国会辛西娅·卢米斯（Cynthia Lummis）在国会中最喜欢的比特币（Bit Coiner）放大，从某些比特币机构获得了重大的推动，因为它是因为Satoshi的意图而不是直接与比特币交易的想法，而不是直接与比特币交易的想法。

(Special S/O to our Bitcoin Magazine OG Mike Germano and PubKey extraordinaire Thomas Pacchia for so graciously holding beers – wine is better!)

（我们比特币杂志的特殊S/O Mike Germano和Pubkey非凡的托马斯·帕切亚（Thomas Pacchia）如此慷慨地拿着啤酒 - 葡萄酒更好！）

Spending BTC directly with merchants or individuals is often hailed as a step toward Hyperbitcoinization—the hypothetical scenario where BTC becomes the dominant global currency. This approach strengthens Bitcoin’s network effect, encourages adoption, and aligns with its peer-to-peer philosophy, bypassing intermediaries like banks. However, this strategy faces significant hurdles. Firstly, BTC’s price appreciation potential remains substantial. Historical data shows BTC’s value has surged from negligible levels in 2009 to over $100,000 by early 2025, driven by finite supply (capped at 21 million coins) and growing institutional interest (e.g., MicroStrategy’s treasury strategy). Spending BTC now risks forgoing future gains, especially as halvings and market dynamics continue to constrain supply against rising demand.

直接将BTC与商人或个人支出通常被誉为迈向超额竞争的一步，这是BTC成为主要的全球货币的假设情况。这种方法增强了比特币的网络效应，鼓励采用并与其点对点哲学保持一致，绕过了像银行这样的中介。但是，该策略面临着重大障碍。首先，BTC的价格升值潜力仍然很大。历史数据表明，BTC的价值从2009年的水平飙升至2025年初的100,000美元以上，这是有限供应驱动的（限制为2100万枚硬币）和日益增长的机构利益（例如MicroStrategy的财政部策略）。现在，BTC的支出可能会带来未来的收益，尤其是当过步和市场动态继续限制供应与需求不断上升时。

Secondly, tax conditions in many jurisdictions, including the United States, impose restrictive burdens on spending BTC. In the U.S., the IRS treats BTC as property, meaning each transaction triggers a taxable event. Selling or spending BTC at a profit incurs capital gains tax—up to 37% for short-term gains or 20% for long-term holdings—based on the difference between purchase price and sale value. This complexity discourages direct spending, as users must track cost basis, report gains, and navigate administrative overhead, often outweighing the convenience of BTC payments. For instance, a $1,000 BTC purchase spent at $10,000 would trigger a $2,800 tax liability (assuming a 28% effective rate), making dollar-based spending via stablecoins a more tax-efficient alternative.

其次，包括美国在内的许多司法管辖区的税收条件对支出BTC施加了限制性负担。在美国，美国国税局将BTC视为财产，这意味着每项交易都会触发应税事件。以利润出售或支出BTC会征收资本利得税（短期利得为37％，长期持有的20％）基于购买价格和销售价值之间的差额。这种复杂性会阻止直接支出，因为用户必须跟踪成本基础，报告收益和导航管理开销，通常超过了BTC付款的便利性。例如，花费1,000美元的BTC以10,000美元的价格购买将触发$ 2,800的纳税责任（假设有效利率为28％），从而使通过Stablecoins的基于美元的支出成为更税收效率的替代方案。

Why Holding BTC Outweighs Spending Now

为什么现在持有BTC现在超过支出

Given BTC’s upward trajectory spending it now may undermine long-term wealth preservation. Analysts suggest BTC could reach $200,000 or more by 2030 if current trends persist, driven by inflation hedging and a weakening fiat system. Spending BTC at current prices locks in value at a fraction of its potential, especially when alternatives like Lava’s lending model provide liquidity without forfeiture. Moreover, the tax burden amplifies this disincentive, as frequent transactions erode net returns. This aligns with the “HODL” philosophy, where retaining BTC maximizes appreciation while using borrowed dollars or stablecoins meets immediate needs.

鉴于BTC的上升轨迹支出现在可能会破坏长期的财富保护。分析人士认为，如果当前趋势持续存在，这是由通货膨胀对冲和菲亚特系统削弱的驱动，到2030年，BTC可能会达到200,000美元或更多。以当前价格支出BTC的价值是其潜力的一小部分，尤其是当Lava's Lending Model等替代品提供流动性而无需没收时。此外，随着频繁的交易侵蚀净回报，税收负担会放大这种抑制。这与“ hodl”哲学相吻合，在使用借来的美元或稳定的同时，保留BTC最大程度地提高了欣赏，可以满足即时需求。

Mitigation Strategy: Buy-Back Mechanism

缓解策略：回购机制

To balance the desire to spend with BTC retention, a buy-back strategy offers a pragmatic solution. After borrowing dollars against BTC via Lava’s platform, users can spend these funds while committing to repurchase BTC at a later date when market conditions or personal finances allow. This approach leverages Lava’s self-custodial lending (with its 5% interest cost) to access liquidity without selling, preserving the original BTC stash. The buy-back can be timed to capitalize on market dips or post-tax season liquidity, potentially at lower prices, enhancing overall holdings. For example, borrowing $10,00

为了平衡保留BTC的愿望，回购策略提供了务实的解决方案。通过Lava的平台借入BTC借入美元之后，用户可以在稍后在市场条件或个人理财允许的日期购买这些资金，同时承诺回购BTC。这种方法利用了熔岩的自我维持贷款（其5％的利息成本）来获得流动性而无需出售，并保留原始的BTC储藏室。回购可以定时利用市场下跌或税后季节流动性，可能以较低的价格以较低的价格增加总体持股。例如，借$ 10,00