比特幣生態系統的七個罪過

披薩日慶祝了其14年，比特幣今天已經打破了110000美元，創造了新的紀錄。

Author: Fairy, ChainCatcher

作者：童話，鏈球手

Editor: TB, ChainCatcher

編輯：TB，ChainCatcher

Friendly reminder: The "Seven Sins of Bitcoin Ecosystem" listed in this article are purely for ridicule, not for deliberate smearing, nor for discrediting the belief attribute of Bitcoin. We respect Satoshi Nakamoto and also respect time. If there are any harsh opinions, we hope that the ecosystem builders will forgive us.

友好的提醒：本文中列出的“比特幣生態系統的七個罪過”純粹是為了嘲笑，而不是故意塗抹，也不是為了抹黑比特幣的信念屬性。我們尊重nakamoto satoshi，也尊重時間。如果有任何苛刻的意見，我們希望生態系統建築商能原諒我們。

Pizza Day is celebrating its 14th year, and Bitcoin has broken through $110,000 today, setting a new record. Bitcoin is going up, but the Bitcoin ecosystem seems to be going down.

披薩日（Pizza Day）慶祝了其14年，比特幣今天已經打破了110,000美元，創造了新的紀錄。比特幣正在上升，但是比特幣生態系統似乎正在下降。

Bitcoin has grown from a white paper to a new anchor of global assets, and the story of Bitcoin ecology has also changed from a simple technical narrative to a complex picture of human nature, market, power and faith. But under all the noise, few people mention the real problem.

比特幣已經從白皮書發展到全球資產的新錨點，比特幣生態學的故事也從簡單的技術敘事變成了人性，市場，力量和信仰的複雜情況。但是在所有噪音中，很少有人提到真正的問題。

Pizza Day is worth commemorating and reflecting on. At this point, we might as well take a more sober perspective and review the "seven deadly sins" hidden behind the Bitcoin ecosystem.

披薩日值得紀念和反思。在這一點上，我們不妨採取更清醒的視角，並回顧比特幣生態系統背後隱藏的“七個致命罪”。

The light of ideal shines into the difficulties of reality

理想的光芒變成了現實的困難

Bitcoin's market value returned to the trillion-dollar mark in early 2024, and it has been nearly a year and a half since then, but its ecological activity is seriously out of balance with its asset size.

比特幣的市場價值在2024年初恢復到了萬億美元的成績，此後已有將近一年半的時間，但是其生態活動與資產規模嚴重不平衡。

So far, only 13 projects in the Bitcoin ecosystem have completed financing in 2025, compared with 72 in the same period last year and 126 in the whole year. The number of financings has been nearly halved, and capital enthusiasm has quickly receded.

到目前為止，比特幣生態系統中只有13個項目在2025年完成了融資，而去年同期為72個，全年為126個。融資的數量幾乎減半了，資本熱情很快就消失了。

Looking at the on-chain data, DefiLlama shows that the current TVL of the Bitcoin ecosystem is only $6.3 billion, one-tenth of the Ethereum ecosystem ($62.3 billion). Among them, Babylon contributed $5 billion, accounting for more than 80%, and the ecological structure is extremely concentrated.

從鏈上數據來看，Defillama表明，比特幣生態系統的當前TVL僅為63億美元，佔以太坊生態系統的十分之一（623億美元）。其中，巴比倫貢獻了50億美元，佔80％以上，生態結構非常集中。

If we compare TVL with the token market value, the problem is even more glaring: BTC's TVL/market value ratio is only 0.2%, far below the average level of mainstream public chains. Ethereum, Solana, TRON and other chains generally maintain above 10%, and their capital utilization efficiency is significantly higher than Bitcoin.

如果我們將TVL與令牌市場價值進行比較，那麼問題甚至更為明顯：BTC的TVL/市場價值比僅為0.2％，遠低於主流公共連鎖店的平均水平。以太坊，Solana，Tron和其他連鎖店通常保持在10％以上，其資本利用效率明顯高於比特幣。

In addition, looking back at the star projects in the Bitcoin ecosystem, such as Stacks and Merlin Chain in the L2 direction, Solv Protocol, Babylon, BounceBit in the staking track, and inscription assets ORDI and SATS, most of them continued to be sluggish in price performance.

此外，回顧比特幣生態系統中的明星項目，例如在L2方向上的堆棧和Merlin鏈，SOLV協議，Babylon，Bouncebit，Stage Track中的Bouncebit，以及銘文資產Ordi和SATS，其中大多數繼續在價格績效方面表現出色。

Although Bitcoin is the "golden signboard" of the crypto market, it is almost a hollow tower in terms of ecological construction. The following are the "seven sins" we have sorted out.

儘管比特幣是加密市場的“金色招牌”，但就生態結構而言，它幾乎是一個空心的塔。以下是我們解決的“七個罪”。

The first sin: the sin of ecological bubble

第一個罪：生態泡沫的罪

From the end of 2023 to 2024, the Bitcoin ecosystem will usher in a wave of "massive" awakening narratives. From inscriptions, L2, to re-staking, it seems that overnight, the dormant BTC ecosystem suddenly became a hotbed of innovation. But when the market boom fades, the real results are still scarce.

從2023年底到2024年，比特幣生態系統將引入一波“大規模”的覺醒敘事。從銘文，L2到重新製作，似乎一夜之間，休眠的BTC生態系統突然成為創新的溫床。但是，當市場繁榮逐漸消失時，真正的結果仍然很少。

Many protocols themselves are not disruptive innovations, neither reconstructing the original paradigm nor creating truly new market demand. A large number of projects are just new packaging of old concepts, with weak underlying structures, crude designs, and out of touch with usage scenarios. The relevant teams are uneven, and few have the real willingness and ability to build for the long term.

許多協議本身並不是破壞性的創新，既不重建原始範式，也不是創造真正的新市場需求。大量項目只是舊概念的新包裝，具有較弱的基礎結構，粗糙設計，並且與使用場景失去聯繫。相關的團隊不平衡，很少有人具有長期建設的真正意願和能力。

As community member @blapta said: "From the perspective of business results, almost none of these so-called technologically advanced projects have actually landed. Whether the agreement is established is no longer the focus. After a round of financing, the story is told and the project dies down. This is not only a technical failure, but also a cultural silence."

正如社區成員@blapta所說：“從業務結果的角度來看，幾乎沒有這些所謂的技術先進的項目實際上已經降落了。確定該協議是否不再是重點。經過一輪融資後，講述了該項目，該項目就會消失。這不僅是一種技術失敗，而且是一種文化寂靜。”

The Second Sin - Dogmatism and Infighting

第二個罪 - 教條主義和內鬥

Idealism has never been absent in the Bitcoin ecosystem, but when it merges with dogmatism, it quietly degenerates into closedness and self-limitation. In this system that prides itself on "decentralized belief", once the technical route, consensus mechanism and even the development direction touch upon a certain "fundamentalist" position, it is very easy to evolve into a black-and-white struggle between camps.

在比特幣生態系統中，唯心主義從未缺席過，但是當它與教條主義融合時，它會悄悄地退化為封閉性和自我限制。在這個以“分散信念”為榮的系統中，一旦技術路線，共識機制甚至開發方向都涉及某種“原教旨主義”的立場，就很容易發展成為營地之間的黑白鬥爭。

Almost every major upgrade of the Bitcoin network has gone through a long process of acceptance. SegWit only covered about 50% of transactions two years after its activation, and it was close to 80% four years later; Taproot, activated in November 2021, was also slow, with an adoption rate of less than 1% in early 2023 and only reaching 39% in early 2024. Developers and the community are extremely cautious about the evolution of the protocol.

比特幣網絡的幾乎所有重大升級都經歷了漫長的接受過程。 Segwit激活兩年後僅覆蓋了約50％的交易，四年後的交易接近80％。 Taproot於2021年11月激活，也很慢，在2023年初的採用率不到1％，在2024年初僅達到39％。開發商和社區對協議的演變非常謹慎。

The historical

歷史