SBTC：比特币Defi的缺失链接？

长期以来，比特币的万亿美元市场被视为Defi开发人员未开发的金矿。尽管以太坊率先进行了分散的金融和随后的智能合同连锁店，但比特币（世界上最安全，最液体的加密货币）与这场链革命的比特币基本上隔离得很大。

Bitcoin’s trillion-dollar market has long been viewed as an untapped goldmine for DeFi developers. While Ethereum pioneered decentralized finance and subsequent smart contract chains picked up the baton, Bitcoin – the world’s most secure and liquid cryptocurrency – has remained largely isolated from this on-chain revolution.

长期以来，比特币的万亿美元市场被视为Defi开发人员未开发的金矿。尽管以太坊率先进行了分散的金融和随后的智能合同连锁店，但比特币（世界上最安全，最液体的加密货币）与这场链革命的比特币基本上隔离得很大。

The reasons for this are self-evident: no native smart contract support, slow block times, and high fees. The Bitcoin network is great for storing and transmitting Bitcoin. But try to do anything else with it and its limitations are quickly exposed. But DeFi builders love a challenge and hate being told “no” and it was thus inevitable that somehow, sooner or later, they’d attempt to make Bitcoin DeFi a reality.

原因是不言而喻的：没有本地智能合约支持，缓慢的块时间和高费用。比特币网络非常适合存储和传输比特币。但是，尝试使用其他任何事情，其局限性很快就会暴露出来。但是，Defi建筑商喜欢挑战和仇恨被告知“不”，因此不可避免地，以某种方式，他们迟早会试图使比特币Defi成为现实。

In the event, it’s taken longer than many people expected to create a fully working DeFi ecosystem on Bitcoin rails. It’s also taken the creation of dedicated layer 2s such as Stacks to provide the scalability Bitcoin’s main chain can’t supply – which is something that was very much expected. But it takes more than merely a purpose-built chain to make Bitcoin DeFi take off: there also needs to be a way to safely bridge BTC to Layer 2 without incurring custodial or smart contract risk.

在这种情况下，它花费的时间比许多人预期的要长，可以在比特币导轨上创建一个完全有效的Defi生态系统。它还创建了专用第2层（例如堆栈），以提供可伸缩性比特币的主链无法提供的，这是非常期望的。但是，使比特币Defi起飞不仅仅需要专门建造的链条：还需要一种方法来安全地将BTC桥接到第2层而不会引起托管或智能合约风险。

In sBTC, Stacks believes it’s finally solved that challenge, slotting the last piece into the puzzle. But is sBTC really the missing link required to catalyze Bitcoin DeFi? And if it’s not, what will it take to move the needle for decentralized finance on Bitcoin infra?

在SBTC中，Stacks认为它终于解决了这一挑战，将最后一件作品插入了难题。但是SBTC真的是催化比特币Defi所需的缺失链接吗？如果不是这样，将针对比特币的分散金融融资的针头呢？

The entire value proposition of DeFi is rooted in composability: the ability of different protocols and assets to interact. It’s a concept that can be likened to building bridges between islands. Each island (blockchain) has unique resources: one might have fertile soil (robust developer tools), while another has valuable minerals (deep liquidity). If they can’t trade, they can’t prosper together.

DEFI的整个价值主张植根于合成性：不同协议和资产交互的能力。这个概念可以比作岛之间的桥梁。每个岛屿（区块链）都有独特的资源：一个可能具有肥沃的土壤（强大的开发人员工具），而另一个具有宝贵的矿物质（深度流动性）。如果他们不能交易，他们将无法共同繁荣。

If each blockchain remains isolated, we lose out on the network effects of combining the best features of different systems. And Bitcoin is the largest and most desirable island of all. Yet its trillion-dollar market sits untouched by the innovative DeFi solutions springing up on newer networks. Similarly, those DeFi networks miss out on Bitcoin’s unparalleled liquidity and security.

如果每个区块链保持隔离，我们将失去结合不同系统最佳功能的网络效应。比特币是最大，最理想的岛屿。然而，它的万亿美元市场却没有在新网络上兴起的创新defi解决方案所吸引。同样，这些Fefi网络错过了比特币无与伦比的流动性和安全性。

But it’s one thing to identify the problem – it’s quite another to solve it. Since Bitcoin’s protocol can’t be easily upgraded (and on the rare occasions when it occurs, such as with Taproot, the changes are subtle rather than radical), Layer 2s or sidechains are the obvious way to address this. And they’ve duly sprung up in recent years, with Stacks just one of many L2s competing to create Bitcoin DeFi on purpose-built networks.

但是要识别问题是一回事 - 解决问题是另一回事。由于比特币的协议不能轻易升级（在极少数情况下发生时，例如使用Taproot，更改是微妙而不是激进的），因此第2层或侧chains是解决此问题的明显方法。近年来，他们已经适当地弹跳了，堆栈只是许多L2竞争之一，以在专用网络上创建比特币Defi。

Having launched in 2021, Stacks is also one of the oldest Bitcoin L2s on the market. It’s deliberately taken the slow and steady route to building out its ecosystem and it wasn’t until last year, with the Nakamoto upgrade, that the L2 really became ready for serious onchain action. While this update introduced a host of improvements, the main change was the introduction of sBTC, allowing Stacks to realize the vision it had been working towards all along: non-custodial bitcoin, fully unleashed on Layer 2.

堆栈于2021年推出，也是市场上最古老的比特币L2之一。故意采取了缓慢而稳定的途径来构建其生态系统，直到去年，随着中Nakamoto的升级，L2才准备好采取严重的OnChain Action。虽然此更新引入了许多改进，但主要的更改是引入SBTC，允许堆栈意识到它一直在努力努力的愿景：非custodial比特币，在第2层完全释放。

sBTC is a 1:1 backed Bitcoin asset on the Stacks layer, allowing BTC to be used across DeFi protocols without requiring centralized custody. Unlike traditional tokenized BTC solutions, sBTC is secured by Bitcoin’s proof-of-work consensus, ensuring that transactions remain trustless and verifiable. Its introduction means that Bitcoin holders can now provide liquidity in DeFi protocols, earn yield through lending and staking, and participate in onchain trading without leaving the Bitcoin ecosystem.

SBTC是堆栈层上的1：1支持的比特币资产，允许在不需要集中式托管的情况下使用BTC。与传统的令牌BTC解决方案不同，SBTC由比特币的工作证明共识确保，以确保交易保持毫无信任和可验证。它的引入意味着比特币持有人现在可以在Defi协议中提供流动性，通过贷款和积累来赚取收益，并参与OnChain交易而不离开比特币生态系统。

As for how sBTC is created, the user sends BTC to the Stacks network, minting an equivalent amount of sBTC. When the user wants to return to BTC, they can swap sBTC back at a 1:1 ratio. This process preserves decentralization while unlocking Bitcoin’s ability to engage with DeFi, making it a superior alternative to custodial solutions – which have constituted the majority of all tokenized BTC up until now.

至于如何创建SBTC，用户将BTC发送到堆栈网络，从而造成了相当数量的SBTC。当用户想返回BTC时，他们可以以1：1的比例将SBTC交换。该过程可以保留权力下放，同时解锁比特币与DEFI互动的能力，使其成为托管解决方案的优势替代品 - 到目前为止，这已经构成了所有标记的BTC中的大多数。

The coming years will determine whether Bitcoin’s vast liquidity will be unlocked in a decentralized manner – or whether it’s destined to remain an underutilized store of value. As the value of Bitcoin rises, and the number of ways in which it can be used to generate yield on L2s such as Stack increases, the temptation to participate in Bitcoin DeFi and reap the rewards may prove irresistible.

未来几年将决定比特币的大量流动性是否会以分散的方式解锁，或者注定要保持不足的价值存储。随着比特币的价值的上升，以及可用于在堆栈增加等L2上产生产量的方式的数量，参与比特币Defi和获得奖励的诱惑可能是不可抗拒的。

As Satoshi Nakamoto acutely observed many years ago, “it might make sense just to get some [bitcoin] in case it catches on.” The same remark can now be applied to sBTC.

正如纳卡本（Satoshi Nakamoto）多年前敏锐地观察到的那样，“只要获得一些[比特币）即可到达，这可能是有意义的。”现在可以将同样的备注应用于SBTC。