鍊鍊比特幣的新時代

比特幣正在進行一場仍在展開的革命，而不是最可見的，而是在生態系統內深處。

Stablecoins are setting the stage for Bitcoin’s DeFi expansion, and the numbers bear witness. The entire stablecoin ecosystem now stands at over $144 billion, with USDC itself growing at a remarkable 38.6% annual rate since January. This is an influx of dollar-pegged money that is liquid and available in the ecosystem for anything that might happen on-chain. Stablecoins serve as the operational currency for DeFi, enabling everything from collateralized lending to cross-chain swaps that happen without hiccups.

Stablecoins正在為比特幣的Fefi擴展奠定了基礎，數字是見證人。現在，整個Stablecoin生態系統都超過1,440億美元，自1月以來，USDC本身以38.6％的年齡增長了38.6％。這是一筆錢的湧入，可以在生態系統中用於任何可能發生在鏈上的事情。 Stablecoins充當Defi的運營貨幣，從而實現了從抵押貸款到沒有打ic的交叉鏈掉期的一切。

This liquidity infusion is especially timely for Bitcoin. It is helping to catalyze the emergence of on-chain derivatives markets and staking protocols built either directly or indirectly on BTC infrastructure. With more capital available, these protocols can offer better yields, deeper markets, and more attractive products for both institutional and retail users.

對於比特幣，這種流動性輸液尤其及時。它有助於催化直接或間接在BTC基礎設施上構建的鏈上衍生物市場的出現和堆放協議。借助更多的資本，這些協議可以為機構和零售用戶提供更好的收益，更深的市場以及更具吸引力的產品。

And that’s precisely what’s beginning to occur. A trend that can hardly be over is that of the rapid formation of protocols for derivatives of Bitcoin, whether they are native or BTC-backed. Re-staking—a mechanism for using bitcoins that sees them deposited into protocols in order to earn yield or participate in governance—is being posited as a next-generation financial product, one with which to profit in a bear market. Over the last year, deploying Bitcoin to this nascent financial space has involved sending across a total of 57,167 BTC.

這正是開始發生的事情。幾乎無法結束的趨勢是，無論是本地還是BTC支持的比特幣衍生物方案的快速形成。重新製作 - 一種使用比特幣的機制，將其存入協議以賺取收益或參與治理的機制 - 被視為下一代金融產品，該產品可以在熊市中獲利。在過去的一年中，將比特幣部署到這個新生的金融領域涉及到總共57,167 BTC的發送。

In the lead is Lombard Finance (@Lombard_Finance), which holds 40.6% of the market share and oversees 20,405 BTC in deposited assets. Nestled in its pristine position atop the pie chart, Lombard has established itself as the go-to venue both for depositing Bitcoin and for reaping the benefits of staking it.

在領先優勢中是Lombard Finance（@lombard_finance），該金融佔市場份額的40.6％，負責存款資產的20,405 BTC。倫巴第（Lombard）坐落在餅圖上的原始位置，已將自己確立為存放比特幣的首選場所，並獲得了將其存放的好處。

Nipping at the heels of the re-staking market is Solv Protocol (@SolvProtocol), with a 17.9% share. PumpBTC (@Pumpbtcxyz) is another to watch, as their meteoric rise to 5,948 BTC reflects surging interest from yield seekers and speculators.

重新制定市場的高跟鞋是SOLV協議（@SolvProtocol），份額為17.9％。 PumpBTC（@pumpbtcxyz）是另一個值得關注的地方，因為它們的迅速升高至5,948 BTC反映了尋求收益的人和投機者的興趣激增。

Still, the current 135,000 staking wallets signal extreme early-stage headroom. If we give that a 5x potential, we’re still being conservative. Staking in Bitcoin isn’t a distant possibility that could happen under some future set of circumstances. It’s a very real prospect with a lot of current momentum behind it. And it has the potential to really change the nature of Bitcoin.

儘管如此，目前的135,000個放入錢包仍表示極端階段的淨空。如果我們發出5倍的潛力，我們仍然是保守的。在比特幣中佔有比特幣並不是在某些未來情況下可能發生的遙遠可能性。這是一個非常真實的前景，背後有很多勢頭。它有可能真正改變比特幣的性質。

BTC on-chain momentum is real: 10M MAUs, $144B stablecoins, and booming yield protocols

BTC的鏈上動量是真實的：10m Maus，144b穩定的穩定性和蓬勃發展的收益協議

— OKX Ventures (@OKX_Ventures) April 23, 2025

- OKX Ventures（@okx_ventures）2025年4月23日

What makes Bitcoin stand out in this ever-changing environment is how deep and decentralized its user base is. Over 60% of all BTC in circulation is held in small- to mid-sized wallets—specifically those holding less than 100 BTC or between 100 and 10,000 BTC. This distribution pattern is a hallmark of true decentralization, carrying with it none of the dangers that market dynamics dominated by whales cause in many small-cap cryptocurrencies.

在這種不斷變化的環境中，使比特幣脫穎而出的原因是其用戶群的深度和分散程度。循環中所有BTC中有60％以上的小錢包中持有，特別是那些持有少於100 BTC或100至10,000 BTC的人。這種分配模式是真正的權力下放的標誌，它帶來了許多小型加密貨幣中由鯨魚造成的市場動態所帶來的危險。

Furthermore, the Bitcoin network’s security is greatly enhanced by the distribution of its UTXO sets. A diversified UTXO landscape lowers the odds of anything like a large-scale double-spend or a centralization of power happening within the Bitcoin network. In essence, if one poor soul wanted to pull off either of these stunts, the mostly random distribution of UTXOs and the many ways to accomplish apparently similar tasks oxygenate the network’s security and thus Bitcoin’s position as the most secure blockchain of all time.

此外，通過其UTXO集的分佈，比特幣網絡的安全性大大提高了。多元化的UTXO景觀降低了大規模雙重根本或比特幣網絡中發生的電力集中的機率。從本質上講，如果一個可憐的靈魂想實現這兩個特技表演中的任何一個，那麼UTXOS的主要隨機分佈以及完成明顯相似任務的許多方法可以使網絡的安全性充氧，從而將比特幣的位置作為一直以來最安全的區塊鏈。

The structural merits of Bitcoin make it the asset preference for programmers constructing staking and derivatives applications. With a colossal global user base and trustworthiness in code, Bitcoin is positioned like no other asset to support the next iteration of decentralized finance. This is the place where yield, derivatives, and institution-grade on-chain services become the norm.

比特幣的結構優點使其成為構建構建和衍生品應用程序的程序員的資產偏好。憑藉巨大的全球用戶群和代碼的可信賴性，比特幣可以像其他資產那樣定位，以支持下一個分散融資的下一次迭代。在這個地方，產量，衍生品和機構級的鏈上服務成為常態。

With more than 10 million people involved in the Bitcoin blockchain every month, this digital code is no longer just a comparatively simple series of “if, then” instructions. It is a growing, dynamic part of an on-chain financial system that serves its users with an astonishing range of increasingly innovative digital services, all happening on the blockchain. And the numbers are backing it up.output:

每月有超過1000萬人參與比特幣區塊鏈，該數字代碼不再只是一個相對簡單的“如果，然後”指令。這是一個鏈上金融體系的增長，動態的一部分，它以驚人的創新數字服務為其用戶提供服務，這一切都發生在區塊鏈上。數字正在備份。輸出：