如何為即將到來的比特幣收益率繁榮做好準備

比特幣（BTC）一直是一種出色的價值儲存手段，但收益卻很糟糕。幸運的是，比特幣收益率低於 0.5% 的日子即將結束。

Bitcoin (BTC) has long been touted as a valuable store of value, but its low yield has been a pain point for many holders. Now, emerging opportunities in Bitcoin’s layer-2 (L2) and decentralized finance (DeFi) ecosystems are set to change the game. Here's how to prepare for the coming BTC yield boom.

比特幣（BTC）長期以來一直被吹捧為一種有價值的價值儲存手段，但其低收益率一直是許多持有者的痛點。現在，比特幣第 2 層 (L2) 和去中心化金融 (DeFi) 生態系統中出現的新機會將改變遊戲規則。以下是如何為即將到來的比特幣收益率繁榮做好準備。

Previously, Bitcoin mining was the only way to earn meaningful BTC rewards. Regular holders had to settle for centralized finance (CeFi) platforms — such as now-defunct Celsius and Voyager — or pitiful DeFi yields. As of Sept. 5, DeFi lending platform Aave was paying Wrapped Bitcoin (WBTC) depositors a measly 0.04% APR.

在此之前，比特幣挖礦是獲得有意義的比特幣獎勵的唯一途徑。普通持有者不得不接受中心化金融（CeFi）平台——例如現已不復存在的攝氏度和 Voyager——或者可憐的 DeFi 收益率。截至 9 月 5 日，DeFi 借貸平台 Aave 向 Wrapped Bitcoin (WBTC) 儲戶支付的年利率僅為 0.04%。

That’s changing. After years of quiet development, Bitcoin’s L2 scaling networks — such as Lightning Network, Core Chain, Rootstock (RSK), and Stacks — are gaining traction. Total value locked (TVL) on Bitcoin’s L2s surged to approximately $1.4 billion as of Sept. 5, according to data from DeFiLlama. That's up nearly 275% year-to-date and tenfold since 2023.

這正在改變。經過多年的悄悄發展，比特幣的 L2 擴容網路——例如閃電網路、核心鏈、Rootstock (RSK) 和 Stacks——正在獲得關注。根據 DeFiLlama 的數據，截至 9 月 5 日，比特幣 L2 的鎖定總價值 (TVL) 飆升至約 14 億美元。今年迄今成長了近 275%，是 2023 年以來的十倍。

“I expect Bitcoin L2s to capture a significant portion of Bitcoin’s $1+ trillion market capitalization in the coming years,” Brendon Sedo of L2 developer CoreDAO told Cointelegraph.

L2 開發人員 CoreDAO 的 Brendon Sedo 告訴 Cointelegraph：“我預計比特幣 L2 將在未來幾年佔據比特幣超過 1 兆美元市值的很大一部分。”

Some L2s — including Core Chain, Babylon, and Spiderchain — are exploring Bitcoin-native staking. Similar to proof-of-stake (PoS) networks such as Ethereum (ETH), Bitcoin L2 stakers lock up BTC as collateral to secure the networks in exchange for rewards.

一些 L2——包括 Core Chain、Babylon 和 Spiderchain——正在探索比特幣原生的質押。與以太坊 (ETH) 等權益證明 (PoS) 網路類似，比特幣 L2 質押者鎖定 BTC 作為抵押品，以確保網路安全以換取獎勵。

Meanwhile, liquid staking derivatives (LSD) protocols are bringing BTC staking yield to even more L2s. These protocols issue tokenized claims on staking pools and include Core Earn, Bedrock, Stroom, and Pell Network.

同時，流動性質押衍生品（LSD）協議正在將 BTC 質押收益帶到更多的 L2。這些協議對質押池發出代幣化聲明，包括 Core Earn、Bedrock、Stroom 和 Pell Network。

It’s still early. Spiderchain is still in testnet, and Babylon hasn’t started emitting rewards. But CoreChain’s LSD, stBTC, is live — and touts an 8.8% reward rate.

現在還早。蜘蛛鏈仍處於測試網，巴比倫尚未開始發放獎勵。但 CoreChain 的 LSD stBTC 已經上線，並宣稱獎勵率為 8.8%。

That’s considerably higher than PoS networks Solana (SOL) or Avalanche (AVAX) — which yield 6.85% and 7.83%, respectively — and far more than Ethereum’s 3.4% APR as of Sept. 5, according to StakingRewards.com.

根據 StakeRewards.com 的數據，這比 PoS 網路 Solana (SOL) 或 Avalanche (AVAX) 的收益率分別高出 6.85% 和 7.83%，並且遠高於以太坊截至 9 月 5 日的 3.4% 年利率。

Crucially, Core Chain pays stakers in CORE, its native token, not BTC. Remember, always do your own research and carefully consider whether a cryptocurrency strategy is right for you before aping in — or you’ll lose money!

至關重要的是，Core Chain 向質押者支付的是其原生代幣 CORE，而不是 BTC。請記住，在嘗試之前，請務必進行自己的研究並仔細考慮加密貨幣策略是否適合您 - 否則您會賠錢！

Bitcoin L2s aren’t only about staking. Some — including RSK, Merlin, and Stacks — already host Bitcoin-native DeFi ecosystems, including decentralized exchanges (ALEX, Bitflow), lending protocols (MoneyOnChain, Zest), and all-in-one platforms like Sovryn. Merlin even touts a Bitcoin-native derivatives protocol, Surf.

比特幣 L2 不僅僅涉及質押。其中一些（包括 RSK、Merlin 和 Stacks）已經託管了比特幣原生 DeFi 生態系統，包括去中心化交易所（ALEX、Bitflow）、借貸協議（MoneyOnChain、Zest）以及 Sovryn 等一體化平台。 Merlin 甚至還推出了比特幣原生衍生品協議 Surf。

Payment protocol Lightning Network launched in 2018 and remains venerable, with nearly $300 million in TVL, according to DeFiLlama. Node operators — who provide BTC liquidity to Lightning’s payment channels in exchange for fees — earn an average of 5.62% APR in BTC, according to Magma, a marketplace for Lightning channels.

據 DeFiLlama 稱，支付協議閃電網路於 2018 年推出，至今仍備受推崇，TVL 接近 3 億美元。根據閃電通道市場 Magma 的數據，節點營運商（向閃電網路的支付通道提供 BTC 流動性以換取費用）的 BTC 平均年利率為 5.62%。

Similar to Bitcoin mining, Lightning nodes are dominated by professional shops — like LQWD Technologies Corp — not retail holders.

與比特幣挖礦類似，閃電節點由 LQWD Technologies Corp 等專業商店主導，而不是零售持有者。

These BTC staking protocols won’t stay under the radar for long. Institutional staking services, including Kiln and Figment, already support staking Stacks’ native token, STX, which pays rewards in BTC from network fees. They might add more networks soon.

這些 BTC 質押協議不會長期受到關注。 Kiln 和 Figment 等機構質押服務已經支持質押 Stacks 的原生代幣 STX，該代幣透過網路費用以 BTC 形式支付獎勵。他們可能很快就會添加更多網路。

In May, asset manager Valour launched the Valour Bitcoin Staking (BTC) SEK ETP, an exchange-traded product (ETP) listed on the Scandinavian exchange Nordic Growth Market. It stakes BTC on Core Chain. Valour launched a Core Chain validator node in June.

5 月，資產管理公司 Valor 推出了 Valor 比特幣 Stake（BTC）SEK ETP，這是一款在斯堪的納維亞交易所 Nordic Growth Market 上市的交易所交易產品（ETP）。它將 BTC 質押在核心鏈上。 Valor 於 6 月推出了核心鏈驗證節點。

On Sept. 3, asset manager 21.co launched its regulated BTC wrapper, 21.co Wrapped Bitcoin (21BTC). Expect more institutional liquidity to follow.

9 月 3 日，資產管理公司 21.co 推出了受監管的 BTC 包裝器 21.co Wrapped Bitcoin (21BTC)。預計隨後會有更多機構流動性。

The most compelling possibilities for BTC in DeFi are on Ethereum. Restaking protocol EigenLayer’s 2023 launch has been game-changing for crypto, and BTC is no exception.

BTC 在 DeFi 中最引人注目的可能性是在以太坊上。重新抵押協議 EigenLayer 於 2023 年推出，改變了加密貨幣的遊戲規則，BTC 也不例外。

EigenLayer supports a growing constellation of “actively validated services” (AVS) — protocols that secure themselves using EigenLayer’s nearly $12 billion pool of restaked ETH. In November, AVSs will start paying for that privilege from protocol revenues, generating yield for restakers.

EigenLayer 支援越來越多的「主動驗證服務」（AVS）——使用 EigenLayer 近 120 億美元的重新質押 ETH 池來保護自身安全的協議。 11 月，AVS 將開始從協議收入中支付該特權，為重試者產生收益。

EigenDA, EigenLayer’s first and largest AVS, added native L2 token restaking in August. This effectively expanded restaking from ETH and EigenLayer’s native EIGEN token

EigenDA 是 EigenLayer 的第一個也是最大的 AVS，在 8 月添加了原生 L2 代幣重新抵押。這有效地擴大了 ETH 和 EigenLayer 的原生 EIGEN 代幣的重新抵押