比特幣 (BTC) DeFi 夏季預期與相對較低的數字相衝突

比特幣 DeFi 夏季的預期與相對較低的數字相衝突。儘管比特幣價格表現積極，但副項目仍吸引

Bitcoin (BTC) price has performed well in H1, recovering from a low of $33,000 to reach highs above $70,000. However, side projects and decentralized finance (DeFi) on the BTC chain have shown lagging figures.

比特幣（BTC）價格上半年表現良好，從 33,000 美元的低點回升至 70,000 美元以上的高點。然而，BTC鏈上的副業項目和去中心化金融（DeFi）卻表現出滯後的數字。

Despite expectations of a Bitcoin DeFi summer, the total value locked (TVL) in BTC-based DeFi protocols remains below $800 million. This figure includes the Lightning Network, which now carries over $362.3 million.

儘管人們預計比特幣 DeFi 將迎來夏季，但基於 BTC 的 DeFi 協議的鎖定總價值 (TVL) 仍低於 8 億美元。這個數字包括閃電網絡，目前該網絡的營收超過 3.623 億美元。

However, the Lightning Network does not pay out significant passive income or attract significant liquidity.

然而，閃電網路不會支付大量被動收入或吸引大量流動性。

Bitcoin lags in L2 projects launches

比特幣在 L2 專案啟動方面落後

One reason for the lack of a Bitcoin DeFi scene is the absence of Layer 2 (L2) chains. On Ethereum (ETH), several rounds of project launches took over the L2 niches.

缺乏比特幣 DeFi 場景的原因之一是缺乏第 2 層 (L2) 鏈。在以太坊（ETH）上，幾輪計畫的啟動佔領了 L2 領域。

The issue with L2 projects was that they were also often backed by venture capital and designed to extract value. Still, the recent Bitcoin Builders conference brought up the issue of Bitcoin’s native L2 again, potentially launching scaling projects.

L2 專案的問題在於，它們通常也得到創投的支持，並旨在提取價值。儘管如此，最近的比特幣建設者會議再次提出了比特幣原生 L2 的問題，可能會啟動擴容計畫。

So far, the development of these networks is still at the idea stage, and it is unclear if it will take off. Merlin is the only functioning L2 project, although it only locks in $654K in BTC value, a fraction of other types of wrapped BTC. The protocol draws in 16,933 BTC.

到目前為止，這些網路的開發仍處於構想階段，尚不清楚它是否會起飛。 Merlin 是唯一運行的 L2 項目，儘管它只鎖定了 65.4 萬美元的 BTC 價值，只是其他類型打包 BTC 的一小部分。該協議吸引了 16,933 BTC。

Even without an L2, Bitcoin has tools for tokenization, including BRC-20 tokens and Runes. Those tools, however, had limited adoption. BRC-20 tokens have a total market cap of just $1.7B and are dominated by ORDI and SATS.

即使沒有 L2，比特幣也有代幣化工具，包括 BRC-20 代幣和 Runes。然而，這些工具的採用有限。 BRC-20 代幣的總市值僅為 $1.7B，由 ORDI 和 SATS 主導。

After a boom of BRC20 and other Ordinals transactions, the Bitcoin chain returned to showing basic fees for moving BTC coins. On-chain data showed that users moved away from Bitcoin-based tokenization, especially as most retail and speculation shifted towards Solana (SOL).

在 BRC20 和其他 Ordinals 交易繁榮之後，比特幣鏈又恢復顯示移動 BTC 硬幣的基本費用。鏈上數據顯示，用戶逐漸放棄基於比特幣的代幣化，尤其是在大多數零售和投機轉向 Solana (SOL) 的情況下。

Runes also slowed down, after expanding to a market cap of $1B in total. The project in total was capped at $440M, of which $420M belonged to DOG, the top Rune.

在總市值擴大到 10 億美元後，符文的發展速度也放緩了。該項目總金額上限為 4.4 億美元，其中 4.2 億美元屬於頂級符文 DOG。

Runes have the advantage of much lower transaction fees, but did not take off due to the effect of Solana meme tokens, which offered similar utility. It attempted to gain attention with tokenized memes, but failed to compete with Raydium and Pump.fun. Runes became the most transacted asset since April, replacing BRC-20 tokens but both slowed down in Q2.

Runes 具有交易費用低得多的優勢，但由於 Solana meme 代幣（提供類似的效用）的影響，它並沒有起飛。它試圖透過代幣化迷因來獲得關注，但未能與 Raydium 和 Pump.fun 競爭。 Runes 成為自 4 月以來交易量最大的資產，取代了 BRC-20 代幣，但兩者在第二季度均放緩。

BTC still flows to other chains

BTC仍流向其他鏈

One form of Bitcoin DeFi that has existed for years is inflows into other chains, in the form of wrapped BTC. Around 154K BTC coins have been wrapped on Ethereum, in several forms. The size of wrapped coins is similar to one large whale wallet, with the first type of WBTC dominating. Other types include HBTC, renBTC and sBTC on Synthetix, which have much lower supply.

已經存在多年的比特幣 DeFi 的一種形式是以打包 BTC 的形式流入其他鏈。大約 15.4 萬枚 BTC 幣已以多種形式封裝在以太坊上。包裹幣的大小與一個大鯨魚錢包類似，以第一種 WBTC 為主。其他類型包括 Synthetix 上的 HBTC、renBTC 和 sBTC，它們的供應量要低得多。

Another $140M worth of BTC has flowed into the Avalanche blockchain, since the launch of the protocol in 2021. BTC.b was mostly meant for fast transactions and has spread to more than 145K wallets.

自 2021 年推出該協議以來，又有價值 1.4 億美元的 BTC 流入 Avalanche 區塊鏈。

In terms of WBTC, Bitcoin’s participation in DeFi is around $10B, which is half the value locked on Ethereum. In a way, BTC is helping Ethereum’s DeFi the most.

就WBTC而言，比特幣參與DeFi的金額約為10B美元，是以太坊鎖定價值的一半。某種程度上來說，BTC 對以太坊 DeFi 的幫助最大。

Bitcoin itself, however, does not offer native staking or re-staking, which is the big advantage of Ethereum. All ETH holders can rely on a form of passive income through staking, leading to a drive to hold onto the token for the long term, while using tokens for short-term speculation.

然而，比特幣本身不提供原生質押或重新質押，這是以太坊的一大優勢。所有 ETH 持有者都可以透過質押獲得某種形式的被動收入，從而產生長期持有代幣的動力，同時使用代幣進行短期投機。