比特幣（BTC）正在經歷復興，主要是從資產角度來看

它的發展超越了「數位黃金」的形象，並在公用事業方面不斷擴張。由於比特幣 defi 的發展，比特幣終於成為“生產性資產”

Bitcoin (BTC) has had an “exceptionally eventful month.” BTC whale transactions hit a four-month high while the market “purged” short-term holders. The unrealized losses for speculators touched crypto assets worth millions of US dollars. Such wipeouts reiterate the pressing need to foster long-term adoption.

比特幣（BTC）經歷了「異常多事的一個月」。 BTC鯨魚交易量創四個月新高，同時市場「清洗」短期持有者。投機者的未實現損失涉及價值數百萬美元的加密資產。這種淘汰重申了促進長期採用的迫切需求。

Meanwhile, investors are ‘buying the dip,’ and spot Bitcoin ETFs recorded some of the highest single-day inflows.

與此同時，投資者正在“逢低買入”，現貨比特幣 ETF 錄得單日最高流入。

So, the short-term bleeding and apparent mayhem coexist with overall bullishness and demand. And as David Canellis of Blockworks recently wrote:

因此，短期出血和明顯的混亂與整體看漲和需求並存。正如 Blockworks 的 David Canellis 最近所寫：

“…We may be finally ready to put the worst dramas in crypto history to bed, for good.”

“……我們可能終於準備好永遠結束加密歷史上最糟糕的戲劇了。”

Rising above the typical numbers-go-higher (or lower) view, Bitcoin is experiencing a renaissance, mainly from the asset perspective: It’s outgrowing the ‘digital gold’ image and expanding on the utility front.

比特幣超越了典型的數字走高（或走低）的觀點，正在經歷一場復興，主要是從資產的角度來看：它正在超越「數位黃金」的形象，並在實用性方面擴張。

BTC is finally a ‘productive asset’ thanks to the evolution of Bitcoin defi, or BTCfi. Plus, Layer-2s like Stacks bring programmability to the world’s most decentralized and secure blockchain. Bitcoin is becoming the home for new-age dApps—Stacks is dominating this $1 trillion opportunity. And there’s a lesson in being early and consistent here.

由於比特幣 defi（BTCfi）的發展，BTC 最終成為一種「生產性資產」。此外，像 Stacks 這樣的 Layer-2 為世界上最去中心化和最安全的區塊鏈帶來了可編程性。比特幣正在成為新時代 dApp 的家園——Stacks 正在主導這個價值 1 兆美元的機會。這裡有一個教訓，那就是儘早行動並保持一致。

Slowly at first, then all at once

一開始慢慢地，然後突然全部

Bitcoin and the economics it supports are based on the principle of low-time preference. It’s a feature, not a bug. Rome was not built in a day. But it is easy to lose sight of this reality amidst all the noise in crypto.

比特幣及其支持的經濟學是基於低時間偏好原則。這是一個功能，而不是一個錯誤。羅馬不是一天造成的。但在加密貨幣的喧囂中，人們很容易忽略這個現實。

BTCfi started getting the hype and attention it deserves after Ordinals and BRC20 launched in 2023. They were indeed the first practical evidence that Bitcoin can be much more than a store of value. Yet the primitives for a fully functional BTCfi have been in production for much longer. Stacks launched in 2013, for instance, and created Clarity in 2021, the programming language for Bitcoin-compatible smart contracts.

自 2023 年 Ordinals 它們和 BRC20 推出後，BTCfi 開始受到應有的炒作和關注。然而，功能齊全的 BTCfi 的原語已經生產了很長時間。例如，Stacks 於 2013 年推出，並於 2021 年創建了 Clarity，這是與比特幣相容的智慧合約的程式語言。

More importantly, they developed the proof of transfer (PoX) consensus mechanism, enabling L2 chains to inherit Bitcoin’s security without additional energy expenditure.

更重要的是，他們開發了轉移證明（PoX）共識機制，使L2鏈能夠繼承比特幣的安全性，而無需額外的能源消耗。

"People have attributed the paucity of innovation to a lack of #BTC functionality…But is there another way? A way to bring smart contracts more directly to Bitcoin without needing changes in the core?This is the promise of Proof of Transfer (PoX)."https://t.co/VvSq34HRNW

「人們將創新的缺乏歸因於#BTC 功能的缺乏……但是還有其他方法嗎？一種無需改變核心就能將智能合約更直接地引入比特幣的方法？這就是轉賬證明(PoX) 的承諾.「https://t.co/VvSq34HRNW

These early innovations laid the foundation for the now-booming Bitcoin L2 ecosystem, which currently has over $2 billion in TVL. Nevertheless, the need to scale Bitcoin on the second layer became truly apparent only when Runes sent the network’s fees through the roof after the halving.

這些早期創新為目前蓬勃發展的比特幣 L2 生態系統奠定了基礎，目前 TVL 超過 20 億美元。然而，只有當 Runes 在減半後將網路費用發送到屋頂時，在第二層擴展比特幣的需求才真正變得明顯。

Remember when we told you that Bitcoin fees will do a 500x? Yeah we’ve been working on Bitcoin L2s for a reason. Happy halving everyone!Next stop, Nakamoto ?

還記得我們告訴您比特幣費用將增加 500 倍嗎？是的，我們一直致力於比特幣 L2 的開發是有原因的。祝大家減半快樂！

That’s the nature of lasting technological change. They emerge slowly at first, then all at once. And when that happens, visionaries who thanklessly build real solutions—before others even start caring—hit the home run.

這就是持久技術變革的本質。它們一開始緩慢地出現，然後突然全部出現。當這種情況發生時，在其他人開始關心之前，那些吃力不討好的有遠見的人就已經構建了真正的解決方案，從而取得了本壘打。

Is it working or not? — That’s the question

是否有效？ ——這就是問題所在

Despite its merits, being early is not the endgame. The crypto community has seen enough lip service over the years. They want actual results now. It ultimately boils down to the question of impact, and that’s great.

儘管有其優點，但儘早並不是結局。多年來，加密社群已經看到了足夠的口頭承諾。他們現在想要實際結​​果。它最終歸結為影響問題，這很好。

Most existing Bitcoin L2s fail to solve the Impossible Trinity. They are either loosely linked to the Bitcoin L1 at best or highly centralized at worst. Only a few projects like Stacks have made the right trade-offs, even if that meant angering a few maxis. Commitment to the core Bitcoin ethos separates L2s that are hosting dApps and those relying solely on marketing gimmicks or speculative price action.

大多數現有的比特幣 L2 無法解決不可能三角問題。它們要么充其量與比特幣 L1 鬆散聯繫，要么高度中心化（最壞的情況）。只有像 Stacks 這樣的少數項目做出了正確的權衡，即使這意味著激怒一些 maxis。對比特幣核心精神的承諾將託管 dApp 的 L2 與僅依賴行銷噱頭或投機價格行為的 L2 區分開來。

Stacks took a giant leap forward in this direction with its performance-enhancing Nakamoto Release with a trustless two-way BTC pegging mechanism, a.k.a. sBTC. The impact of this move is reflected in Stacks’ growing number of monthly active accounts, which reached an all-time high of over 1.2 million in Q2 2024.

Stacks 在這個方向上邁出了巨大的一步，其效能增強的 Nakamoto Release 具有無需信任的雙向 BTC 掛鉤機制（又稱 sBTC）。這項措施的影響體現在 Stacks 的月度活躍帳戶數量不斷增長，該帳戶在 2024 年第二季度達到了超過 120 萬的歷史新高。

Moreover, Stacks currently has a TVL of over $68 million, as most of the top Bitcoin dApps are building on this platform. Slowly yet steadily, they are helping improve Bitcoin’s TVL-to-market-cap ratio, which was a mere 0.2% in May 2024, vs. Ethereum’s 17%.

此外，Stacks 目前的 TVL 超過 6800 萬美元，因為大多數頂級比特幣 dApp 都在這個平台上建置。他們正在緩慢而穩定地幫助提高比特幣的 TVL 與市值比率，該比率在 2024 年 5 月僅為 0.2%，而以太坊為 17%。

Alongside the evolution of Bitcoin dApps, top VCs and investors are backing the production of AI-powered interoperability and bridging solutions. These tools will further improve Bitcoin’s liquidity situation. AI Agents, for example, will allow users to seamlessly move funds to the

隨著比特幣 dApp 的發展，頂級創投公司和投資者正在支援人工智慧驅動的互通性和橋接解決方案的生產。這些工具將進一步改善比特幣的流動性狀況。例如，人工智慧代理將允許用戶將資金無縫轉移到