比特幣分散融資的曙光（DEFI）

儘管有一些挫折，但動量仍在圍繞解鎖比特幣超越數字黃金的潛力。

Decentralized finance (DeFi) on Bitcoin is no longer a pipe dream. Despite some setbacks, momentum is building to realize the potential of the orange coin beyond digital gold.

比特幣上的分散融資（DEFI）不再是白日夢。儘管有一些挫折，但動量仍在建立，以實現數字黃金以外的橙色硬幣的潛力。

Of course, no one really cares, and for good reason. To be honest, it’s still a bit messy.

當然，沒有人真正在乎，這是有充分理由的。老實說，這仍然有點混亂。

While Ethereum has managed to build a massive DeFi economy, with over $1.5 trillion in liquidity locked up in cold wallets, Bitcoin has lagged behind. The absence of DeFi smart contracts, the lack of a decentralized wrapper/bridge (wBTC), and Bitcoin’s status as digital gold limited the development of an ecosystem around the orange currency.

儘管以太坊設法建立了巨大的防禦經濟，但在冷錢包中鎖定了超過1.5萬億美元的流動性，但比特幣卻落後了。缺少Defi Smart合同，缺乏分散的包裝器/橋樑（WBTC）以及比特幣作為Digital Gold的地位限制了圍繞橙色貨幣的生態系統的開發。

But things are changing.

但是情況正在發生變化。

As a wave of new protocols launch on and around Bitcoin, we’re seeing the foundations of a truly BTC-native DeFi stack emerge. These projects, such as Babylon, Lombard, SatLayer, and Solv Protocol, are leading the way in terms of technology and total value locked (TVL), each solving a different piece of the DeFi Lego.

隨著一波新協議在比特幣周圍啟動時，我們看到了真正的BTC-NEFATIANG DEFI堆棧的基礎。這些項目，例如巴比倫，Lombard，Satlayer和SOLV協議，在技術和總價值鎖定（TVL）方面處於領先地位，每個項目都解決了Defi Lego的另一組。

Babylon: Bitcoin’s Collateral Layer

巴比倫：比特幣的附帶層

Perhaps best known for being the first native Bitcoin staking protocol, Babylon can be compared to Ethereum’s Beacon Chain, but designed specifically for Bitcoin. It has over $5 billion in TVL.

也許以第一個本地比特幣制定協議而聞名，可以將巴比倫與以太坊的信標鏈進行比較，但專門為比特幣設計。它擁有超過50億美元的TVL。

What’s special about Babylon is that it allows users to stake BTC directly on the Bitcoin mainnet, without the need for a bridge or wrapper. The coins remain where they are, stored in a non-custodial manner.

巴比倫的特殊之處在於，它允許用戶將BTC直接放在比特幣主網上，而無需橋樑或包裝器。硬幣保留在其位置，以非監測方式存儲。

However, Babylon is not just about staking for the sake of staking. Its main innovation is to extend the security of Bitcoin to other blockchains, whether it is an EVM chain, a Rollup, or an application chain.

但是，巴比倫不僅僅是為了佔有目的。它的主要創新是將比特幣的安全性擴展到其他區塊鏈，無論是EVM鏈，匯總還是應用程序鏈。

Bitcoin holders can now help secure the network and earn rewards from the chain they are securing by locking up their coins.

現在，比特幣持有人可以通過鎖定硬幣來幫助確保網絡並從他們確保的鏈條中獲得獎勵。

Lombard: Liquid Staking for Bitcoin

倫巴第：比特幣的液體靜止

It’s the Lido of Bitcoin. Babylon does the staking; Lombard makes it composable.

這是比特幣的里多。巴比倫做了賭注； Lombard使其可以組合。

As a result, Lombard, which has $1.9 billion in Bitcoin-related TVL, is built on Babylon. It allows users to stake BTC through Babylon and receive LBTC, a liquid staking token that represents the staked position.

結果，倫巴第（Lombard）建立在巴比倫（Babylon）上的19億美元與比特幣相關的TVL。它允許用戶通過巴比倫將BTC儲存，並接收LBTC，這是代表固定位置的液體含有令牌。

In fact, as we said before, BTC staked through Babylon remain locked on the BTC network. Therefore, they are "useless" without the consensus mechanism to verify other networks. They cannot be used in DeFi. This is exactly where Lombard comes in. Now, users can get liquid staked BTC (LBTC) and start trading, lending, mining and all other similar things.

實際上，正如我們之前所說，BTC通過巴比倫固定在BTC網絡上。因此，如果沒有共識機制來驗證其他網絡，它們是“無用的”。它們不能在defi中使用。這正是倫巴第（Lombard）的進來。現在，用戶可以獲取液體固定BTC（LBTC）並開始交易，貸款，採礦和所有其他類似的東西。

Lombard earns revenue by delegating BTC to Babylon validators, who in turn secure external networks and earn rewards, as mentioned earlier. These rewards are shared with LBTC holders. In simple terms, the more chains Babylon verifies, the higher the returns for stakers.

倫巴第（Lombard）通過將BTC委派給巴比倫驗證者（Babylon Validators）來賺取收入，後者又可以確保外部網絡並贏得獎勵，如前所述。這些獎勵與LBTC持有人共享。簡而言之，巴比倫的鏈條越多，對Stakers的回報就越高。

Lombard is active in multiple ecosystems including Sonic, Sui, and Base, and has demonstrated its composability by partnering with protocols such as Aave, Pendle, Ether.Fi, and Corn. It also played an important role in the Boyco Berachain liquidity event, helping to kick-start early TVL.

Lombard活躍於包括Sonic，Sui和Base在內的多個生態系統中，並通過與AAVE，Pendle，Ether.fi和Corn等方案合作來證明其合成性。它在Boyco Berachain流動性活動中也發揮了重要作用，有助於啟動早期TVL。

SatLayer: Bitcoin’s EigenLayer

Satlayer：比特幣的Eigenlayer

As the title suggests, SatLayer can be thought of as an Eigen Layer built on top of Babylon.

正如標題所暗示的那樣，可以將衛星板視為在巴比倫頂部建造的特徵層。

Although its TVL is the smallest on the list at just $340 million, it introduces a new re-staking model. While Babylon locks BTC to secure external networks at the consensus layer, SatLayer allows users to re-stake LBTC to secure the application layer.

儘管它的TVL僅為3.4億美元，但它引入了新的重新製作模型。當巴比倫鎖定BTC以在共識層確保外部網絡的情況下，Satlayer允許用戶重新使用LBTC以保護應用程序層。

This opens the door to markets for yields derived directly from protected applications, for example, an oracle paying re-stakeholders to ensure data integrity, or a Rollup paying re-stakeholders to ensure transaction validity, or a bridge paying to avoid slashing or fraud.

這為直接從受保護的應用程序中獲得的收益率打開了市場，例如，Oracle支付了重新利益相關者，以確保數據完整性，或者匯總付款返回利益相關者以確保交易有效性或橋樑付費以避免削減或欺詐。

SatLayer supports re-staking on the EVM and Sui networks.

Satlayer支持在EVM和SUI網絡上重新啟動。

Do you see the full picture now?

你現在看到全圖嗎？

Are the similarities to Ethereum, Lido, and Eigen Layer beginning to emerge?

與以太坊，利多和特徵層的相似之處是否開始出現？

However, it is important to note that both Lombard and SatLayer currently depend on Babylon, but not vice versa.

但是，重要的是要注意，Lombard和Satlayer當前都取決於巴比倫，但反之亦然。

SatLayer does not necessarily rely on Lombard, although given its decentralized nature, Lombard is currently the only solution it leverages.

薩特萊爾不一定依靠倫巴第（Lombard），儘管鑑於其分散的性質，但倫巴第（Lombard）目前是其唯一利用的解決方案。

Solv Protocol: BTC Reserves and DeFi Vaults

SOLV協議：BTC儲量和DEFI保險庫

The Solv protocol, which has a TVL of $524.27 million in the BTC ecosystem, takes a different approach.

SOLV協議在BTC生態系統中的TVL為5.242億美元，採用了另一種方法。

Similar to Lombard, it provides liquidity staking for BTC, but is not dependent on Babylon and focuses on building its own Bitcoin reserve strategy and other DeFi products.

與Lombard類似，它為BTC提供了流動性，但不依賴巴比倫，並專注於製定自己的比特幣儲備戰略和其他Defi產品。

In fact, the SolvBTC token is a liquid representation of its BTC reserve strategy. Users deposit a wrapped version of BTC, and then Solv converts most of it into native BTC through institutional channels and stores it through centralized custody.

實際上，SOLVBTC令牌是其BTC儲備戰略的流動性表示。用戶存入包裝版本的BTC，然後SOLV通過機構渠道將其大部分轉換為本機BTC，並通過集中的監護權將其存儲。

While Solv is not dependent on Babylon, it benefits from Babylon-related assets such as LBTC.

雖然SOLV不依賴巴比倫，但它受益於巴比倫相關的資產，例如LBTC。