比特币的区块链正在慢慢变得不仅仅是一个买入并持有的平台

程序员一直在扩展其功能，这可能会带来新的需求。

Bitcoin has largely been viewed as a buy-and-hold asset throughout its existence.

比特币自诞生以来在很大程度上被视为一种购买并持有的资产。

But recent developments are adding new functionality to the blockchain, which could lead to increased demand.

但最近的发展正在为区块链添加新功能，这可能会导致需求增加。

This could be a positive catalyst for the price of bitcoin in the coming years.

这可能是未来几年比特币价格的积极催化剂。

For most of its existence, bitcoin has been used as a store of value or an alternative currency.

在其存在的大部分时间里，比特币一直被用作价值储存或替代货币。

While these use cases are important, they haven't offered investors much else to do with the top cryptocurrency.

尽管这些用例很重要，但它们并没有为投资者提供更多与顶级加密货币相关的其他信息。

But that could be changing as programmers expand the functionality of bitcoin's blockchain.

但随着程序员扩展比特币区块链的功能，这种情况可能会发生变化。

"Despite bitcoin's diverse use cases, it is primarily viewed as either 'digital gold' for inflation mitigation or a currency alternative that lets participants transact in a decentralized, peer-to-peer (P2P) environment," a Chainalysis note said in March.

“尽管比特币有多种用途，但它主要被视为缓解通货膨胀的‘数字黄金’，或者是一种让参与者在去中心化的点对点 (P2P) 环境中进行交易的货币替代品，”Chainaanalysis 在 3 月份的一份报告中表示。

"It typically has not been viewed as the blockchain on which you can build."

“它通常不被视为可以构建的区块链。”

This puts bitcoin a step behind certain competing networks, especially Ethereum.

这使得比特币落后于某些竞争网络，尤其是以太坊。

On that platform, investors have been free to transact different cryptocurrencies, gain exposure to non-fungible tokens (NFTs), and participate in decentralized finance (DeFi).

在该平台上，投资者可以自由地交易不同的加密货币，获得不可替代代币（NFT）的投资，并参与去中心化金融（DeFi）。

And with Ethereum's native crypto now approved for its own set of spot ETFs, some analysts expect these tech advantages to trigger a bull run towards it.

随着以太坊的原生加密货币现已获批用于其自己的现货 ETF，一些分析师预计这些技术优势将引发一轮牛市。

But bitcoin is catching up.

但比特币正在迎头赶上。

While programmers have tried for years to expand its functionality, the launch of the Ordinals protocol last year spurred new momentum.

虽然程序员多年来一直试图扩展其功能，但去年 Ordinals 协议的推出激发了新的动力。

This system is what allows the blockchain to finally host digital data beyond the bitcoin token, such as NFTs.

该系统允许区块链最终托管比特币代币之外的数字数据，例如 NFT。

Then came BRC-20 tokens.

然后是 BRC-20 代币。

Building off the Ordinals mechanism, the protocol allows tokens to be minted and traded directly on the blockchain, and new cryptocurrencies have hit bitcoin in droves.

该协议以 Ordinals 机制为基础，允许直接在区块链上铸造和交易代币，新的加密货币已经大量涌向比特币。

"The Ordinals protocol enabled the growth of memecoins on the bitcoin blockchain, leading to a surge in liquidity within the BTC ecosystem in record time.

“Ordinals 协议促进了比特币区块链上 memecoin 的增长，导致 BTC 生态系统内的流动性在创纪录的时间内激增。

Since the protocol's inception, tens of thousands of BRC-20 tokens, with a combined market capitalization exceeding $2 billion, have been issued," Gracy Chen, CEO of the crypto-exchange Bitget, told Business Insider over email.

自该协议启动以来，已经发行了数以万计的 BRC-20 代币，总市值超过 20 亿美元。”加密货币交易所 Bitget 首席执行官 Gracy Chen 通过电子邮件告诉 Business Insider。

Memecoins and NFTs may for now appeal more to those seeking fun, but this is good news for price-minded investors as well, she said.

她表示，Memecoin 和 NFT 目前可能对那些寻求乐趣的人更有吸引力，但这对于注重价格的投资者来说也是个好消息。

Added to that are bitcoin's inroads into scaling solutions and DeFi, helping boost transaction demand.

除此之外，比特币进军扩容解决方案和 DeFi 领域，也有助于提振交易需求。

Though key technical differences will still remain between bitcoin and ethereum, she said, replicating its functionality could send bitcoin surging five times over in just a matter of years, Chen said.

陈表示，尽管比特币和以太坊之间仍然存在关键的技术差异，但复制其功能可能会让比特币在短短几年内飙升五倍。

That's based on the Total Value Locked, or the amount of assets staked on the bitcoin protocol.

这是基于锁定的总价值，或押注在比特币协议上的资产数量。

Currently, this metric is roughly inline with where ethereum stood just before it hit a parabolic boom between 2020 and 2021.

目前，该指标大致与以太坊在 2020 年至 2021 年间达到抛物线式繁荣之前的水平一致。

In Ethereum's case, new DeFi functions and fresh coin launches triggered the seismic rise, and ether jumped 3,702% from peak-to-trough.

以以太坊为例，新的 DeFi 功能和新币的推出引发了地震般的上涨，以太坊从高峰到低谷上涨了 3,702%。

For bitcoin, surging BRC-20 adoption could be the basis for its own — albeit less amplified — surge:

对于比特币来说，BRC-20 采用率的激增可能成为其自身激增（尽管增幅较小）的基础：

"Despite bitcoin's higher capitalization, it may not experience growth as meteoric as ETH did in 2020, given the absence of a low base effect and stricter regulatory conditions.

“尽管比特币的资本化程度较高，但由于缺乏低基数效应和更严格的监管条件，它可能不会像 2020 年 ETH 那样实现飞速增长。

However, even a twofold weaker surge could still result in a fivefold increase in the leading cryptocurrency's value," Chen wrote in a note.

然而，即使飙升两倍，仍可能导致领先加密货币的价值上涨五倍，”陈在一份报告中写道。

Since their inception in March, close to 67 million BRC-20 inscriptions have been made.

自 3 月份推出以来，已有近 6700 万个 BRC-20 铭文。

The explosive popularity has boosted profits for cryptominers, who get paid a certain fee for minting these assets.

爆炸性的流行增加了加密货币矿工的利润，他们通过铸造这些资产获得一定的费用。

While transaction fees were rarely a primary source of revenue, surging activity is changing industry mindsets, Galaxy Co-Head of Mining Brian Wright said.

Galaxy 矿业联席主管布莱恩·赖特 (Brian Wright) 表示，虽然交易费用很少成为主要收入来源，但激增的活动正在改变行业心态。

"We see these events occur, you know, probably not sustainably, but throughout the year, there's going to be some periods where miners may be more profitable than they thought they were going to be just as a result of transaction fees," he told the Galaxy Brain podcast in April.

“我们看到这些事件的发生，你知道，可能不会持续发生，但在全年中，在某些时期，矿工可能会因为交易费用而获得比他们想象的更多的利润，”他告诉我们四月份的 Galaxy Brain 播客。