比特币 (BTC) DeFi 夏季预期与相对较低的数字相冲突

比特币 DeFi 夏季的预期与相对较低的数字相冲突。尽管比特币价格表现积极，但副项目仍吸引

Bitcoin (BTC) price has performed well in H1, recovering from a low of $33,000 to reach highs above $70,000. However, side projects and decentralized finance (DeFi) on the BTC chain have shown lagging figures.

比特币（BTC）价格上半年表现良好，从 33,000 美元的低点回升至 70,000 美元以上的高点。然而，BTC链上的副业项目和去中心化金融（DeFi）却表现出滞后的数字。

Despite expectations of a Bitcoin DeFi summer, the total value locked (TVL) in BTC-based DeFi protocols remains below $800 million. This figure includes the Lightning Network, which now carries over $362.3 million.

尽管人们预计比特币 DeFi 将会迎来夏季，但基于 BTC 的 DeFi 协议的锁定总价值 (TVL) 仍低于 8 亿美元。这个数字包括闪电网络，目前该网络的营收超过 3.623 亿美元。

However, the Lightning Network does not pay out significant passive income or attract significant liquidity.

然而，闪电网络不会支付大量被动收入或吸引大量流动性。

Bitcoin lags in L2 projects launches

比特币在 L2 项目启动方面落后

One reason for the lack of a Bitcoin DeFi scene is the absence of Layer 2 (L2) chains. On Ethereum (ETH), several rounds of project launches took over the L2 niches.

缺乏比特币 DeFi 场景的原因之一是缺乏第 2 层 (L2) 链。在以太坊（ETH）上，几轮项目的启动占领了 L2 领域。

The issue with L2 projects was that they were also often backed by venture capital and designed to extract value. Still, the recent Bitcoin Builders conference brought up the issue of Bitcoin’s native L2 again, potentially launching scaling projects.

L2 项目的问题在于，它们通常也得到风险投资的支持，并旨在提取价值。尽管如此，最近的比特币建设者会议再次提出了比特币原生 L2 的问题，可能会启动扩容项目。

So far, the development of these networks is still at the idea stage, and it is unclear if it will take off. Merlin is the only functioning L2 project, although it only locks in $654K in BTC value, a fraction of other types of wrapped BTC. The protocol draws in 16,933 BTC.

到目前为止，这些网络的开发仍处于构想阶段，尚不清楚它是否会起飞。 Merlin 是唯一运行的 L2 项目，尽管它只锁定了 65.4 万美元的 BTC 价值，只是其他类型打包 BTC 的一小部分。该协议吸引了 16,933 BTC。

Even without an L2, Bitcoin has tools for tokenization, including BRC-20 tokens and Runes. Those tools, however, had limited adoption. BRC-20 tokens have a total market cap of just $1.7B and are dominated by ORDI and SATS.

即使没有 L2，比特币也有代币化工具，包括 BRC-20 代币和 Runes。然而，这些工具的采用有限。 BRC-20 代币的总市值仅为 $1.7B，由 ORDI 和 SATS 主导。

After a boom of BRC20 and other Ordinals transactions, the Bitcoin chain returned to showing basic fees for moving BTC coins. On-chain data showed that users moved away from Bitcoin-based tokenization, especially as most retail and speculation shifted towards Solana (SOL).

在 BRC20 和其他 Ordinals 交易繁荣之后，比特币链又恢复显示移动 BTC 硬币的基本费用。链上数据显示，用户逐渐放弃基于比特币的代币化，尤其是在大多数零售和投机转向 Solana (SOL) 的情况下。

Runes also slowed down, after expanding to a market cap of $1B in total. The project in total was capped at $440M, of which $420M belonged to DOG, the top Rune.

在总市值扩大到 10 亿美元后，符文的发展速度也放缓了。该项目总金额上限为 4.4 亿美元，其中 4.2 亿美元属于顶级符文 DOG。

Runes have the advantage of much lower transaction fees, but did not take off due to the effect of Solana meme tokens, which offered similar utility. It attempted to gain attention with tokenized memes, but failed to compete with Raydium and Pump.fun. Runes became the most transacted asset since April, replacing BRC-20 tokens but both slowed down in Q2.

Runes 具有交易费用低得多的优势，但由于 Solana meme 代币（提供类似的效用）的影响，它并没有起飞。它试图通过代币化模因来获得关注，但未能与 Raydium 和 Pump.fun 竞争。 Runes 成为自 4 月份以来交易量最大的资产，取代了 BRC-20 代币，但两者在第二季度均放缓。

BTC still flows to other chains

BTC仍然流向其他链

One form of Bitcoin DeFi that has existed for years is inflows into other chains, in the form of wrapped BTC. Around 154K BTC coins have been wrapped on Ethereum, in several forms. The size of wrapped coins is similar to one large whale wallet, with the first type of WBTC dominating. Other types include HBTC, renBTC and sBTC on Synthetix, which have much lower supply.

已经存在多年的比特币 DeFi 的一种形式是以打包 BTC 的形式流入其他链。大约 15.4 万枚 BTC 币已以多种形式封装在以太坊上。包裹币的大小与一个大鲸鱼钱包类似，以第一种 WBTC 为主。其他类型包括 Synthetix 上的 HBTC、renBTC 和 sBTC，它们的供应量要低得多。

Another $140M worth of BTC has flowed into the Avalanche blockchain, since the launch of the protocol in 2021. BTC.b was mostly meant for fast transactions and has spread to more than 145K wallets.

自 2021 年推出该协议以来，又有价值 1.4 亿美元的 BTC 流入 Avalanche 区块链。BTC.b 主要用于快速交易，已扩展到超过 14.5 万个钱包。

In terms of WBTC, Bitcoin’s participation in DeFi is around $10B, which is half the value locked on Ethereum. In a way, BTC is helping Ethereum’s DeFi the most.

就WBTC而言，比特币参与DeFi的金额约为10B美元，是以太坊锁定价值的一半。从某种程度上来说，BTC 对以太坊 DeFi 的帮助最大。

Bitcoin itself, however, does not offer native staking or re-staking, which is the big advantage of Ethereum. All ETH holders can rely on a form of passive income through staking, leading to a drive to hold onto the token for the long term, while using tokens for short-term speculation.

然而，比特币本身不提供原生质押或重新质押，这是以太坊的一大优势。所有 ETH 持有者都可以通过质押获得某种形式的被动收入，从而产生长期持有代币的动力，同时使用代币进行短期投机。