儘管缺乏本地股權，但如何賺取比特幣（BTC）的收益率

本文探討瞭如何通過集中式貸款，以太坊包裝比特幣（WBTC）以及比特幣相關的網絡（如巴比倫和堆棧）產生被動收入。

Key takeaways

關鍵要點

* Though Bitcoin doesn't support native staking, holders can earn yield through centralized lending platforms, Wrapped Bitcoin (WBTC) on Ethereum, and Bitcoin-related networks like Babylon and Stacks.

*儘管比特幣不支持本地股權，但持有人可以通過集中式貸款平台，以太坊包裝比特幣（WBTC）以及與比特幣相關的網絡（如巴比倫和堆棧）賺取收益率。

* WBTC allows BTC holders to participate in lending, liquidity pools and yield farming on Ethereum-based DeFi platforms like Aave and Curve but introduces bridge and smart contract risks.

* WBTC允許BTC持有人參與貸款，流動性池並產生基於以太坊的Defi平台（例如AAVE和Curve），但引入了橋樑和智能合約風險。

* Protocols like Babylon and Stacks use mechanisms like native time-locked scripts or stacking to offer rewards without removing BTC from the Bitcoin blockchain.

*巴比倫和堆棧之類的協議使用本機時間鎖定腳本等機製或堆疊的機制來提供獎勵，而無需從比特幣區塊鏈中刪除BTC。

* Custodial, smart contract and regulatory risks persist. Bitcoin's community also remains divided on whether Bitcoin yield generation features align with its decentralized and trust-minimized ethos.

*保管，智能合同和監管風險持續存在。比特幣的社區還對比特幣產量產生的特徵與其分散和信任最小化的精神保持一致。

Unlike proof-of-stake (PoS) blockchains like Ethereum or Cardano, Bitcoin relies on proof-of-work (PoW) mining for network security. However, with the rise of decentralized finance (DeFi) and layer-2 innovations, Bitcoin BTCUSD holders can now generate passive income through various yield-generating methods. These include centralized lending, Wrapped Bitcoin WBTC on Ethereum, and layer-2 solutions like Babylon and Stacks.

與以太坊或Cardano（Cardano）等區塊鏈（POS）區塊鏈不同，比特幣依賴於工作證明（POW）進行網絡安全性。但是，隨著分散融資（DEFI）和第2​​層創新的興起，比特幣BTCUSD持有人現在可以通過各種產生產生的方法產生被動收入。這些包括集中式貸款，以太坊上包裹的比特幣WBTC以及巴比倫和堆棧等第2層解決方案。

This article explores how to earn yield on BTC, the risks involved and the technological advancements enabling these opportunities, all without altering Bitcoin's core protocol.

本文探討瞭如何賺取BTC的收益率，所涉及的風險以及實現這些機會的技術進步，而無需更改比特幣的核心協議。

Staking vs. mining

與採礦作業

Staking and mining are two distinct consensus mechanisms used to secure blockchain networks and validate transactions.

放入和採礦是用於保護區塊鍊網絡並驗證交易的兩種不同的共識機制。

Staking is central to PoS blockchains like Ethereum and Solana. Participants lock up cryptocurrency to become validators, who are randomly selected to create new blocks and confirm transactions, earning rewards. The more coins staked, the higher the chance of selection.

Staking對以太坊和Solana等POS區塊鍊是核心。參與者將加密貨幣鎖定成為驗證者，他們被隨機選擇以創建新塊並確認交易，並獲得獎勵。固定的硬幣越多，選擇的機會就越高。

Mining, used by PoW blockchains like Bitcoin and Litecoin, involves miners solving complex mathematical puzzles with powerful computers. The first to solve the puzzle adds a new block and receives a reward. Mining demands significant energy and hardware.

挖礦是由比特幣和萊特幣等POW區塊鏈使用的，涉及礦工使用功能強大的計算機解決複雜的數學難題。第一個解決難題的人會增加一個新的塊並獲得獎勵。採礦需要大量的能源和硬件。

Bitcoin's PoW design means it does not support staking. The network relies entirely on miners, ensuring decentralization and security. There are no validators or staking rewards in the traditional sense. Yield-generating methods for BTC, such as lending or layer-2 solutions, are not equivalent to PoS staking.

比特幣的戰俘設計意味著它不支持放樣。網絡完全依靠礦工，確保權力下放和安全。從傳統意義上講，沒有驗證者或放入獎勵。 BTC（例如貸款或第2層溶液）的產生產生方法並不等於POS的損耗。

Did you know? Some staking platforms offer liquid staking, where you get a token representing your staked asset (like stETH for Ether). This lets you earn staking rewards and still use your capital in DeFi protocols.

你可知道？一些堆放平台提供液體樁，您可以在其中獲得代表固定資產的令牌（例如Ether的Steth）。這使您可以賺取積極的獎勵，並且仍然在Defi協議中使用資本。

Ways to earn yield on Bitcoin

賺取比特幣產量的方法

While you cannot natively stake BTC due to its PoW mechanism, there are alternative methods that might help you earn yield on your BTC holdings and make passive income. These methods often involve using third-party platforms or bridging BTC to other blockchains.

儘管由於其POW機制，您無法將BTC本地使用，但還有一些替代方法可以幫助您賺取BTC持有量並賺取被動收入。這些方法通常涉及使用第三方平台或將BTC橋接到其他區塊鏈。

Centralized lending platforms

集中貸款平台

Centralized lending platforms like Binance Earn, Nexo and Ledn enable you to earn with BTC deposited, which the platform lends to institutional borrowers. In return, you receive interest, which might be paid daily or monthly. But this method involves custodial risk, as users must trust the platform to remain solvent and secure. The collapse of firms like Celsius and BlockFi has highlighted this vulnerability.

Binance Earn，Nexo和Ledn等集中貸款平台使您能夠通過BTC存入賺錢，該平台將其借給機構借款人。作為回報，您收到的利息可能每天或每月支付。但是，這種方法涉及監護風險，因為用戶必須信任該平台以保持溶劑和安全性。 Celsius和Blockfi等公司的崩潰強調了這種脆弱性。

WBTC on Ethereum

WBTC在以太坊上

WBTC is an ERC-20 token backed 1:1 by BTC, held by a centralized custodian (BitGo). It enables BTC holders to engage in Ethereum-based DeFi protocols, such as lending on Aave, providing liquidity on Curve or yield farming. This unlocks DeFi's potential but introduces risks from BitGo's custody, bridge vulnerabilities and smart contract bugs.

WBTC是由BTC（BITGO）持有的BTC的ERC-20代幣。它使BTC持有人能夠制定基於以太坊的DEFI協議，例如借用AAVE，在曲線上提供流動性或產量耕作。這釋放了Defi的潛力，但引入了Bitgo的監護權，橋樑漏洞和智能合同錯誤的風險。

Bitcoin layer-2 platforms

比特幣2層平台

Emerging layer-2 platforms such as Babylon and Stacks are also providing opportunities for users to explore Bitcoin-native yield options. Babylon locks BTC in time-locked scripts to secure its PoS network, while Stacks uses a proof-of-transfer (PoX) model where STX tokenholders lock tokens to earn BTC rewards. These platforms expand Bitcoin's utility without leaving its ecosystem entirely.

新興的第2層平台（例如巴比倫和堆棧）也為用戶提供了探索比特幣本地產量選項的機會。巴比倫將BTC鎖定在時間鎖定的腳本中以確保其POS網絡，而Stacks則使用轉移證明（POX）模型，其中STX Tokenholder鎖定令牌以贏得BTC獎勵。這些平台擴大了比特幣的實用性，而沒有完全離開其生態系統。

Did you know? Ethereum became the largest PoS network in 2022 after "the Merge," switching from miners to validators. This move reportedly reduced the blockchain's energy consumption by over 99.95%, making it one of the greenest major crypto networks.

你可知道？在“合併”之後，以太坊成為2022年最大的POS網絡，從礦工轉換為驗證者。據報導，這一舉動使區塊鏈的能源消耗減少了99.95％以上，使其成為最綠色的主要加密網絡之一。

How to earn yield with BTC on a centralized lending platform

如何在集中貸款平台上使用BTC賺取收益

Earning yield on BTC via centralized platforms is straightforward. Choose a reputable platform, create a verified account, deposit BTC, select a flexible or fixed-term lending option, confirm terms, and monitor earnings. Funds can typically be withdrawn after the term.

通過集中式平台在BTC上賺取收益很簡單。選擇一個信譽良好的平台，創建一個經過驗證的帳戶，存入BTC，選擇靈活或定期貸款選項，確認條款並監視收入。學期後通常可以撤回資金。

Using Binance Earn as an example, the platform offers multiple yield options:

以Binance為例，該平台提供了多種收益率選項：

Simple Earn: Beginner-friendly, offering stable yields through flexible or locked savings products.

簡單的收入：對初學者友好，通過靈活或鎖定的儲蓄產品提供穩定的收益率。

Dual Investment: Higher-risk, with returns based on the settlement price of two assets, exposing users to market volatility.

雙重投資：高風險，基於兩個資產的結算價格的回報，使用戶暴露於市場波動。

On-chain Yield: Bridges funds to DeFi protocols like Aave, with variable yields managed by Binance.

鏈上的收益率：將資金橋樑匯到諸如AAVE之類的Defi協議中，其二元收益率可變。

Yields and terms vary by option and market conditions. Simple Earn offers lower, predictable returns with flexible withdrawals, while

收益和條款因期權和市場條件而異。簡單的收入提供較低，可預測的回報，並具有靈活的提款，而