SBTC：使比特币Defi成为现实

分散的金融是一家巨大的，具有无许可的应用程序和全球访问的承诺的数百年历史的银行模型。

output: Attempts at bringing decentralized finance to life on Bitcoin rails go back at least a decade – long before the term DeFi was even coined in fact. But until comparatively recently, they’d born little fruit, and for two good reasons.

输出：尝试将分散融资带给比特币铁轨的寿命至少十年 - 在迪菲（Defi）一词实际上甚至是在提出的一词之前就可以追溯到十年之久。但是直到最近，他们还是有两个充分的理由。

Firstly, Bitcoin doesn’t natively support smart contracts in the same way as so-called second-generation networks such as Ethereum and Solana. Secondly, while tokenizing BTC so it can be used in DeFi activities is relatively straightforward, it’s always incurred a custodial risk. Thankfully, both of those problems have now been solved and as a result, Bitcoin DeFi is belatedly flourishing.

首先，比特币并没有像以太坊和索拉纳这样的第二代网络那样以本地支持智能合约。其次，尽管将BTC引用以使其可用于DEFI活动相对简单，但它总是会出现托管风险。值得庆幸的是，这两个问题现在都得到了解决，因此，比特币Defi却非常蓬勃发展。

The smart contract problem has been circumvented by the birth of Bitcoin L2s such as Stacks that combine the best bits of EVM chains with native BTC support. And tokenized BTC – without custodial risk – is also now a thing, thanks once again to Stacks. Its implementation of sBTC following the L2’s Nakamoto upgrade sets BTC free to be the yield-generating asset Bitcoin DeFi proponents always envisioned. But how does it all work exactly? And is it safe? Let’s examine the evidence.

比特币L2的诞生（例如将EVM链与本机BTC支持结合在一起的堆栈）已经避免了智能合同问题。现在，如果没有托管风险的象征化的BTC也是一件事情，再次感谢堆栈。 L2的Nakamoto升级集BTC始终是产生产生的资产比特币Defi的支持者，它在L2的Nakamoto升级集后实施了SBTC。但是，一切如何确切工作呢？而且安全吗？让我们检查证据。

Bitcoin DeFi Gets Going

比特币Defi开始

Decentralized finance is a juggernaut, upending centuries-old banking models with permissionless applications and the promise of global access. Yet while Ethereum and other networks have fueled the industry’s rapid growth, Bitcoin – the largest and most liquid crypto of all – has been forced to watch from the sidelines.

分散的金融是一家巨大的，具有无许可的应用程序和全球访问的承诺的数百年历史的银行模型。然而，尽管以太坊和其他网络推动了该行业的快速增长，但比特币（最大，最液体的加密货币）被迫从场外观看。

At least that’s until the development of sBTC, a tokenized solution that combines Bitcoin’s unrivaled security with the dynamism of DeFi, effectively unlocking billions of dollars’ worth of dormant capital and thrusting Bitcoin into the heart of decentralized finance.

至少这是直到SBTC的开发，SBTC是一种将比特币的无与伦比的安全性与Defi的动力相结合，有效地将价值数十亿美元的休眠资本和将比特币推向分散财务的心脏。

sBTC is a 1:1 backed, programmable Bitcoin asset built on the Stacks layer, which is itself secured by the Bitcoin blockchain. Unlike other tokenized BTC solutions that rely heavily on centralized custodians, sBTC preserves Bitcoin’s core principles of decentralization and security. Every unit of sBTC is verifiably collateralized on a 1:1 basis with BTC. It’s also secured by Bitcoin’s proof-of-work consensus, ensuring that transactions inherit Bitcoin’s robust security guarantees.

SBTC是在堆栈层上构建的1：1支持的可编程比特币资产，该层本身是由比特币区块链确保的。与其他严重依赖集中托管人的代币化BTC解决方案不同，SBTC保留了比特币的权力下放和安全性核心原则。用BTC以1：1的基础将每个单位的SBTC单位均可证实。它也由比特币的工作证明共识确保了，以确保交易继承了比特币的强大安全保证。

What to Do With sBTC?

如何处理SBTC？

Clever as the creation of non-custodial, Bitcoin-secured sBTC is, what’s its use case? What are the incentives for locking up your BTC and minting a tokenized counterpart on Stacks? Well, because sBTC brings smart contract capabilities to Bitcoin, it allows holders to engage in DeFi activities without selling or leaving the Bitcoin ecosystem.

聪明，因为创建了非监测的，比特币安全的SBTC，它的用例是什么？在堆栈上锁定BTC和铸造令牌的激励措施是什么？好吧，由于SBTC为比特币带来了智能合同功能，因此允许持有人在不出售或离开比特币生态系统的情况下从事Defi活动。

Unlike regular BTC, sBTC can serve as a yield-generating asset that can be used for lending, staking, or providing liquidity on decentralized exchanges. It can also be swapped on the same DEXs for other assets. When the market looks like it might be drawing down, for example, you can trade sBTC for stablecoins, before reversing the process when the market has bottomed.

与常规的BTC不同，SBTC可以用作产生产生的资产，可用于贷款，积分或在分散交流上提供流动性。它也可以在同一DEX上换成其他资产。例如，当市场看起来可能正在降低时，您可以在市场触底之前逆转流程之前，将SBTC交易为Stablecoins。

But these are merely the initial use cases that have been devised for sBTC. Should it become a cornerstone of Stacks’ Bitcoin DeFi ecosystem – and that’s the plan – it’ll eventually be capable of doing a whole lot more. Users will be able to explore opportunities offered by innovative DeFi protocols ranging from algorithmic stablecoins to asset tokenization using sBTC as a core asset.

但是，这些只是为SBTC设计的初始用例。如果它成为Stacks的比特币Defi生态系统的基石 - 这就是计划 - 它最终将有能力做更多的事情。用户将能够探索从算法稳定的stablecoins到使用SBTC作为核心资产的资产令牌化的创新型号协议提供的机会。

How Secure Is sBTC?

SBTC有多安全？

We’ve touched upon how sBTC is secured, but just how secure is its architecture? Or to put it more bluntly, what’s the likelihood of something going wrong and you losing your precious BTC? Naturally, the sBTC tokenization protocol has been rigorously audited, but users understandably desire greater reassurance than merely the knowledge that it’s been awarded pass marks by security researchers. So let’s talk briefly about the minting and redemption process.

我们已经介绍了SBTC的确保如何，但是其架构的安全程度如何？或更直截了当地说，出了问题的可能性是什么，您失去了宝贵的BTC？自然，SBTC令牌化协议已经过严格的审核，但是可以理解的是，可以理解的是，比仅仅知道它已被安全研究人员授予通行证标记的知识更大。因此，让我们简要谈谈铸造和赎回过程。

To create sBTC, users send their BTC to a specially designed mechanism on the Stacks layer, receiving sBTC in return, backed 1:1. On the Stacks layer, sBTC can interact with smart contracts, unlocking functionalities like automated lending, borrowing, and yield optimization strategies. Then when users want to return to native BTC, they can swap sBTC back at a 1:1 ratio, maintaining a direct link to the Bitcoin network. This process allows Bitcoin’s supply to remain verifiably accounted for, removing the central points of failure commonly associated with other tokenized BTC solutions.

为了创建SBTC，用户将其BTC发送到堆栈层上专门设计的机制，以回报为SBTC，后者是1：1。在堆栈层上，SBTC可以与智能合约进行交互，解锁功能，例如自动贷款，借贷和收益优化策略。然后，当用户想返回本机BTC时，他们可以以1：1的比例将SBTC交换，从而保持到比特币网络的直接链接。该过程允许比特币的供应可确定考虑，从而删除了通常与其他令牌BTC解决方案相关的中心故障点。

Making Bitcoin DeFi a Reality

使比特币Defi成为现实

As DeFi continues to push the boundaries of what’s possible in global finance, sBTC ensures that Bitcoin is not left behind. By bridging the two ecosystems, Bitcoin’s trillion-dollar market can flow into decentralized applications, while DeFi’s developers and users gain the stability and liquidity of the largest cryptocurrency.

随着DEFI继续推动全球金融中可能的边界，SBTC确保了比特币不会落后。通过桥接这两个生态系统，比特币的万亿美元市场可以流入分散的应用程序，而Defi的开发人员和用户获得了最大的加密货币的稳定性和流动性。

No longer confined to a static role as “digital gold,” Bitcoin via sBTC can serve as the foundation for an expansive array of decentralized financial activities. By enabling Bitcoin holders to participate in DeFi without compromising

通过SBTC的比特币不再局限于“数字黄金”的静态角色，可以作为大量分散金融活动的基础。通过使比特币持有人能够参与DEFI而不妥协