比特幣液體藏有代幣市場正在加快步伐

比特幣液體含有代幣的扇區正在提高速度。目前的總價值鎖定（TVL）僅為40億美元，這一數字很快就可能達到了現在難以捉摸的里程碑。

The sector of Bitcoin Liquid Staking Tokens is quickly heating up, with the current total value locked (TVL) standing just shy of $4 billion. This figure may very soon hit that as-of-now elusive milestone.

比特幣液體含有代幣的部門正在迅速加熱，目前的總價值鎖定（TVL）的價格僅為40億美元。這個數字可能很快就達到了現在的難以捉摸的里程碑。

Grabbing the biggest piece of the overall liquid Staking BTC pie, and by a significant margin, is Lombard Finance. Not only is Lombard the obvious leader in this sector, but the more than 18,000 BTC (likely LSTs) held by the protocol means it’s quite likely guaranteed to be a part of the superstructure of any BTC LST effector going forward.

倫巴第融資（Lombard Finance）抓住總體液體含有BTC派最大的含量。倫巴第不僅是該領域的顯而易見的領導者，而且該協議持有的18,000多個BTC（可能的LST）意味著很可能可以保證成為任何BTC LST效應子的上層建築的一部分。

Capital efficiency is an increasingly important theme in decentralized finance (DeFi). Now, in the very quiet of night, productive Bitcoin is staking its claim in the DeFi landscape. Its attributes as a productive asset are becoming more pronounced and are offering yield-hungry investors a new avenue for in an industry renowned for its pursuit of new income streams. Several protocols offering Bitcoin staking have recently come online and now look to extend the revolution beyond staking Ethereum.

資本效率是分散融資（DEFI）中越來越重要的主題。現在，在非常安靜的夜晚中，生產性比特幣正在將其主張在Defi景觀中。它作為生產資產的屬性變得越來越明顯，並為渴望產量的投資者提供了一種新的途徑，以追求新的收入來源而聞名。提供比特幣放置的幾種協議最近已經上網，現在希望將革命範圍擴展到以太坊。

Lombard Finance Leads the Pack

倫巴第融資領先

Leading the charge is Lombard Finance, whose LBTC token boasts an impressive 18,338.96 BTC, dwarfing the totals held by other protocols.

倫巴第（Lombard）金融（LBTC）代幣具有令人印象深刻的18,338.96 BTC，使其他協議的總數相形見war。

To put this into perspective, Solv Protocol, which offers a range of offerings, follows with 5,182.89 xSolvBTC, 700.04 SolvBTC.CORE, and 23.42 SolvBTC.ENA. In comparison, Bedrock DeFi clocks in with 4,625.85 uniBTC, and PumpBTC stands at 4,372.06 BTC. Rounding out the list is Lorenzo Protocol with 1,310.13 stBTC, Allo with 688.3 AlloBTC, Kinzafinance with 648.77 KinzaBTC, Acorn Network with 568.86 AcornBTC, and Blockmania with 477.36 bBTC.

為了將其置於透視上，提供一系列產品的SOLV協議隨後提供5,182.89 Xsolvbtc，700.04 Solvbtc.core和23.42 Solvbtc.ena。相比之下，基岩defi鐘錶4,625.85 unibtc，pumpBTC為4,372.06 BTC。列表的列表是Lorenzo協議，具有1,310.13 STBTC，Allo，具有688.3 AlloBTC，Kinzafinance，具有648.77 Kinzabtc，具有568.86 ACORNBTC的ACORN網絡，AcornBTC和Blockmania，帶有477.36 BBTC。

"Orange Slice: Capturing the snapshot of the Bitcoin LST market with nearly $4B in total value locked.

“橙色切片：捕獲比特幣LST市場的快照，總價值鎖定了近4B美元。

🔸@Lombard_Finance – 18,338.96 LBTC

🔸@@lombard_finance - 18,338.96 lbtc

🔸@SolvProtocol – 5,182.89 xSolvBTC

🔸@@solvprotocol - 5,182.89 xsolvbtc

🔸@Bedrock_DeFi – 4,625.85 uniBTC

🔸@@bedrock_defi - 4,625.85 unibtc

🔸@Pumpbtcxyz – 4,372.06 pumpBTC..."

🔸@pumpbtcxyz - 4,372.06 pumpbtc ...”

— Bitcoin Ecosystem (@BitcoinEcoTK) June 10, 2025

- 比特幣生態系統（@bitcoinecotk）2025年6月10日

Lombard’s LBTC isn’t just big; it’s also getting very popular. Now, that might not mean a great deal in a world where all DeFi protocols are vying for a piece of the market share pie. However, the growth of LBTC in lending markets is particularly noteworthy as it’s becoming a go-to tool in these capital-efficient, risk-reduced environments for more sophisticated DeFi users.

Lombard的LBTC不僅僅是大；它也變得非常受歡迎。現在，這可能並不意味著在一個所有Defi協議都在爭奪市場份額派的世界中。但是，LBTC在貸款市場中的增長尤其值得注意，因為它已成為這些資本效率低下，降低風險的環境中的首選工具。

DeFi Integration: Lending Markets Hit New Highs

Defi集成：貸款市場達到了新的高點

The adoption of LBTC in lending protocols has hit new heights, with 42.7% of the supply currently being put to work across leading DeFi platforms. Notably, this growth is being driven by Aave and Spark Protocol.

LBTC在貸款協議中的採用已經達到了新的高度，目前在領先的Defi平台上運行的供應量的42.7％。值得注意的是，這種增長是由AAVE和SPARK協議驅動的。

"DeFi utilisation for @Lombard_Finance's $LBTC has been shaping up pretty well recently.

“ @lombard_finance的$ lbtc的defi利用最近已經很好地塑造了。

Lending market usage is hitting new ATHs, now at ~42.7% across top platforms:

貸款市場使用量正在襲擊新的ATHS，目前在頂級平台上的使用率約為42.7％：

🔹 @aave → ~32.4% ($352M), 3rd largest BTC derivative

🔹@Aave→〜32.4％（$ 3.52億美元），第三大BTC衍生物

Announcing Spark Protocol’s Integration with Lombard Finance for Capital-Efficient BTC Liquidity Solutions

宣布Spark協議與Lombard Finance的資本有效BTC流動性解決方案的集成

Spark Protocol, a cutting-edge DeFi protocol renowned for its innovative lending, borrowing, and yield optimization strategies, is excited to announce its integration with Lombard Finance, a

Spark協議是一種以其創新貸款，借貸和產量優化策略而聞名的尖端DEFI協議，很高興宣布其與Lombard Finance的整合，A

— Spark Protocol (@SparkDotFi) May 21, 2025

- 火花協議（@sparkdotfi）2025年5月21日

Approximately 32.4% of LBTC is used in Aave, which means the active usage of LBTC amounts to around $352 million. This makes LBTC the third largest BTC derivative on the Aave platform. Spark Protocol follows that with 12.2% of the next largest BTC derivative, which means its active usage amounts to roughly $142.7 million. In the BTC derivative category, the only other entity that ranks above Spark Protocol is cbBTC from Coinbase.

大約32.4％的LBTC用於AAVE，這意味著LBTC的積極使用約為3.52億美元。這使LBTC成為AAVE平台上的第三大BTC衍生物。 Spark協議隨之而來的是，下一個BTC衍生品的12.2％，這意味著其主動使用率約為1.427億美元。在BTC衍生產品類別中，唯一排名SPARK協議的其他實體是Coinbase的CBBTC。

The two platforms have high loan-to-value ratios, in the 84–85% range, that they are achieving through these efficiency modes. It allows users to go up to 84–85% of LTV in order to get more liquid while also having a productive capital structure because they keep earning the yield on the assets that

這兩個平台具有高貸款與價值比率，在84–85％的範圍內，他們通過這些效率模式實現了。它允許用戶達到84-85％的LTV，以便獲得更多的液體，同時還擁有生產性的資本結構，因為他們不斷獲得收益率