隨著數百個新 dApp 的出現，生態系統爆炸式增長，比特幣 DeFi 起飛

在過去 15 年裡，比特幣已被稱為“數位黃金”，作為替代價值儲存手段贏得了當之無愧的聲譽。但它的潛力遠遠不止於此，過去幾年的發展引發了圍繞著世界上最古老的加密貨幣的新一波創新浪潮。

Bitcoin has long been hailed as “digital gold” thanks to its unique properties that make it an ideal store of value. But beyond this reputation, Bitcoin’s potential extends far into the realm of decentralized finance (DeFi). Recent years have seen a surge in innovation around the world’s oldest cryptocurrency, paving the way for a new wave of DeFi development.

比特幣長期以來被譽為“數位黃金”，因其獨特的屬性使其成為理想的價值儲存手段。但除了這種聲譽之外，比特幣的潛力還遠遠延伸到去中心化金融（DeFi）領域。近年來，世界上最古老的加密貨幣的創新激增，為新一波 DeFi 發展鋪平了道路。

At the heart of this convergence lies the ability to combine Bitcoin's massive liquidity, unrivaled security and over $1.2 trillion in largely idle capital with the transformative power of DeFi. This synergy alone makes Bitcoin DeFi a no-brainer, and it's already leaving its mark on the crypto world.

這種融合的核心在於能夠將比特幣的巨大流動性、無與倫比的安全性和超過 1.2 兆美元的閒置資本與 DeFi 的變革力量結合起來。僅這種協同作用就使比特幣 DeFi 成為理所當然的事情，並且它已經在加密世界中留下了自己的印記。

With the birth of hundreds of exciting new projects, ranging from Bitcoin-based decentralized exchanges (DEXs) like Velar Dharma and Sovryn to Bitcoin-focused lending protocols and native Bitcoin wallets like Xverse, a whole new ecosystem is rapidly taking shape.

隨著數百個令人興奮的新項目的誕生，從Velar Dharma 和Sovryn 等基於比特幣的去中心化交易所(DEX) 到以比特幣為中心的借貸協議和Xverse 等原生比特幣錢包，一個全新的生態系統正在迅速形成。

Bitcoin’s Transformation: From Store of Value to DeFi Hub

比特幣的轉型：從價值儲存到 DeFi 中心

Until recently, DeFi on Bitcoin was simply not possible. The infrastructure required to build decentralized financial applications atop Bitcoin’s blockchain did not exist. This is why DeFi flourished on Ethereum and, later, other blockchains like Solana and Avalanche.

直到最近，比特幣上的 DeFi 根本不可能實現。在比特幣區塊鏈上建立去中心化金融應用程式所需的基礎設施並不存在。這就是 DeFi 在以太坊以及後來的 Solana 和 Avalanche 等其他區塊鏈上蓬勃發展的原因。

The idea of creating a similar ecosystem on Bitcoin was largely dismissed, as its blockchain was deemed too rigid and, crucially, it lacked the ability to support the smart contracts needed to facilitate the wide-ranging functionality of DeFi applications.

在比特幣上創建類似生態系統的想法基本上被駁回了，因為它的區塊鏈被認為過於僵化，最重要的是，它缺乏支持促進 DeFi 應用程式廣泛功能所需的智慧合約的能力。

However, the Bitcoin of old is no longer the Bitcoin of today. Starting with the introduction of Segregated Witness (SegWit) in 2017, it has evolved into a very different beast. SegWit did two key things: it helped to mitigate some of Bitcoin’s data limitations, and more importantly, it enabled the creation of so-called “Layer-2 networks”, such as Stacks, Rootstock and the Lightning Network.

然而，舊的比特幣不再是今天的比特幣。自 2017 年引入隔離見證 (SegWit) 以來，它已經演變成一種截然不同的野獸。 SegWit 做了兩件事：它有助於緩解比特幣的一些資料限制，更重要的是，它使得所謂的「第 2 層網路」的創建成為可能，例如 Stacks、Rootstock 和閃電網路。

With L2s, Bitcoin users are able to process transactions off-chain, increasing speed and reducing costs before ultimately settling them on the super-secure Bitcoin blockchain.

借助 L2，比特幣用戶能夠在鏈外處理交易，提高速度並降低成本，然後最終將其結算在超級安全的比特幣區塊鏈上。

The next important milestone in Bitcoin’s evolution was the Taproot upgrade. Rolled out in November 2021, it paved the way for Bitcoin to support more complicated transactions and, later, the creation of Bitcoin-native smart contracts and dApps.

比特幣發展的下一個重要里程碑是 Taproot 升級。它於 2021 年 11 月推出，為比特幣支援更複雜的交易以及後來創建比特幣原生智慧合約和 dApp 鋪平了道路。

In a 2024 study, Coinmarketcap (CMC) Research and Footprint Analytics discussed how Taproot transforms Bitcoin into something far more powerful.

在 2024 年的一項研究中，Coinmarketcap (CMC) Research 和 Footprint Analytics 討論了 Taproot 如何將比特幣轉變為更強大的東西。

“Through Merklized Alternative Script Trees (MAST), Taproot condenses complex transactions into a single hash, reducing transaction fees and minimizing memory usage,” the report stated. “While not a DeFi solution itself, the Taproot upgrade improved Bitcoin’s smart contract capabilities, making it easier and more efficient to implement complex transactions and laying a foundation for future DeFi developments.”

報告指出：“通過 Merklized Alternative Script Trees (MAST)，Taproot 將複雜的交易壓縮為單個哈希，從而降低交易費用並最大限度地減少內存使用。” “雖然Taproot本身並不是一個DeFi解決方案，但Taproot的升級提高了比特幣的智能合約能力，使得複雜交易的實現更加簡單、高效，為未來的DeFi發展奠定了基礎。”

It was because of Taproot that Bitcoin developer Casey Rodarmor was able to create the Ordinals and Runes protocols, which revolutionized the utility of Bitcoin. Introduced in 2023, Ordinals makes it possible to “inscribe” data such as an image or document onto a single satoshi, the smallest unit of Bitcoin, effectively transforming them into non-fungible tokens (NFTs) that live on the Bitcoin network.

正是因為 Taproot，比特幣開發者 Casey Rodarmor 才能夠創建 Ordinals 和 Runes 協議，徹底改變了比特幣的實用性。 Ordinals 於2023 年推出，使得將圖像或文件等資料「寫入」單個聰（比特幣的最小單位）成為可能，從而有效地將它們轉換為存在於比特幣網路上的不可替代代幣（NFT） 。

Meanwhile, Runes enabled the creation of fungible tokens, equivalent to the ERC-20 tokens that live on Ethereum, giving rise to alternative, Bitcoin-based cryptocurrencies such as the Pepe memecoin and the Liquid Tether (L-USDT) and Sovryn Dollar (DLLR) stablecoins. Rodarmor’s efforts were quickly followed by the introduction of the BRC-20 standard, introduced by an anonymous developer called Domo, in March 2023.

同時，符文使得可替代代幣的創建成為可能，相當於以太坊上的ERC-20 代幣，從而催生了基於比特幣的替代加密貨幣，例如Pepe memecoin、Liquid Tether (L-USDT)和Sovryn Dollar (DLLR) ）穩定幣。 Rodarmor 的努力很快就推出了 BRC-20 標準，該標準由一位名為 Domo 的匿名開發人員於 2023 年 3 月推出。

Bitcoin DeFi Takes Off: A New Era of Innovation

比特幣 DeFi 起飛：創新新時代

The above developments unleashed a wave of innovation on the Bitcoin network, and the resulting DeFi ecosystem has become one of the fastest-growing segments in the crypto market, with over $560 million in total value locked as of October 2024.

上述發展在比特幣網路上掀起了一波創新浪潮，由此產生的DeFi 生態系統已成為加密貨幣市場中成長最快的細分市場之一，截至2024 年10 月鎖定的總價值超過5.6 億美元。

Developers are striving to recreate the same kind of ecosystem that exists on Ethereum, driven by the desire to tap into the enormous value locked in Bitcoin, which accounts for more than 54% of the total capital in the crypto industry.

開發人員正在努力重建以太坊上存在的同類生態系統，他們渴望利用比特幣鎖定的巨大價值，比特幣佔加密產業總資本的 54% 以上。

With the existence of a framework to follow in the shape of Ethereum’s DeFi space, developers have largely skipped the experimentation phase. Already, hundreds of Bitcoin-native dApps have launched, spanning everything from DEXs, stablecoins and NFTs, to lending and borrowing markets and “real-world assets”.

隨著以太坊 DeFi 空間中存在可遵循的框架，開發人員基本上跳過了實驗階段。數百個比特幣原生 dApp 已經推出，涵蓋從 DEX、穩定幣和 NFT，到借貸市場和「現實世界資產」的所有內容。

Velar itself has emerged as one of the biggest players in Bitcoin’s ecosystem. It has built a comprehensive decentralized exchange platform that enables seamless, low-cost swaps of Bitcoin-based tokens. Notably, it pioneered the very first perpetual DEX platform on Bitcoin, and provides a way for BTC holders to put their capital to work, providing liquidity in return for a share of the platform’s transaction

Velar 本身已成為比特幣生態系統中最大的參與者之一。它建立了一個全面的去中心化交易平台，可以實現基於比特幣的代幣的無縫、低成本交換。值得注意的是，它開創了第一個基於比特幣的永久 DEX 平台，並為 BTC 持有者提供了一種利用其資本的方式，提供流動性以換取平台交易份額