比特币（BTC）正在经历复兴，主要是从资产角度来看

它的发展超越了“数字黄金”的形象，并在公用事业方面不断扩张。由于比特币 defi 的发展，比特币终于成为“生产性资产”

Bitcoin (BTC) has had an “exceptionally eventful month.” BTC whale transactions hit a four-month high while the market “purged” short-term holders. The unrealized losses for speculators touched crypto assets worth millions of US dollars. Such wipeouts reiterate the pressing need to foster long-term adoption.

比特币（BTC）经历了“异常多事的一个月”。 BTC鲸鱼交易量创四个月新高，同时市场“清洗”短期持有者。投机者的未实现损失涉及价值数百万美元的加密资产。这种淘汰重申了促进长期采用的迫切需要。

Meanwhile, investors are ‘buying the dip,’ and spot Bitcoin ETFs recorded some of the highest single-day inflows.

与此同时，投资者正在“逢低买入”，现货比特币 ETF 录得单日最高流入量。

So, the short-term bleeding and apparent mayhem coexist with overall bullishness and demand. And as David Canellis of Blockworks recently wrote:

因此，短期出血和明显的混乱与整体看涨和需求并存。正如 Blockworks 的 David Canellis 最近所写：

“…We may be finally ready to put the worst dramas in crypto history to bed, for good.”

“……我们可能终于准备好永远结束加密历史上最糟糕的戏剧了。”

Rising above the typical numbers-go-higher (or lower) view, Bitcoin is experiencing a renaissance, mainly from the asset perspective: It’s outgrowing the ‘digital gold’ image and expanding on the utility front.

比特币超越了典型的数字走高（或走低）的观点，正在经历一场复兴，主要是从资产的角度来看：它正在超越“数字黄金”的形象，并在实用性方面扩张。

BTC is finally a ‘productive asset’ thanks to the evolution of Bitcoin defi, or BTCfi. Plus, Layer-2s like Stacks bring programmability to the world’s most decentralized and secure blockchain. Bitcoin is becoming the home for new-age dApps—Stacks is dominating this $1 trillion opportunity. And there’s a lesson in being early and consistent here.

由于比特币 defi（BTCfi）的发展，BTC 最终成为一种“生产性资产”。此外，像 Stacks 这样的 Layer-2 为世界上最去中心化和最安全的区块链带来了可编程性。比特币正在成为新时代 dApp 的家园——Stacks 正在主导这个价值 1 万亿美元的机会。这里有一个教训，那就是尽早行动并保持一致。

Slowly at first, then all at once

一开始慢慢地，然后突然全部

Bitcoin and the economics it supports are based on the principle of low-time preference. It’s a feature, not a bug. Rome was not built in a day. But it is easy to lose sight of this reality amidst all the noise in crypto.

比特币及其支持的经济学基于低时间偏好原则。这是一个功能，而不是一个错误。罗马不是一天建成的。但在加密货币的喧嚣中，人们很容易忽视这一现实。

BTCfi started getting the hype and attention it deserves after Ordinals and BRC20 launched in 2023. They were indeed the first practical evidence that Bitcoin can be much more than a store of value. Yet the primitives for a fully functional BTCfi have been in production for much longer. Stacks launched in 2013, for instance, and created Clarity in 2021, the programming language for Bitcoin-compatible smart contracts.

自 2023 年 Ordinals 和 BRC20 推出后，BTCfi 开始受到应有的炒作和关注。它们确实是第一个实际证据，表明比特币不仅仅是一种价值储存手段。然而，功能齐全的 BTCfi 的原语已经生产了很长时间。例如，Stacks 于 2013 年推出，并于 2021 年创建了 Clarity，这是与比特币兼容的智能合约的编程语言。

More importantly, they developed the proof of transfer (PoX) consensus mechanism, enabling L2 chains to inherit Bitcoin’s security without additional energy expenditure.

更重要的是，他们开发了转移证明（PoX）共识机制，使L2链能够继承比特币的安全性，而无需额外的能源消耗。

"People have attributed the paucity of innovation to a lack of #BTC functionality…But is there another way? A way to bring smart contracts more directly to Bitcoin without needing changes in the core?This is the promise of Proof of Transfer (PoX)."https://t.co/VvSq34HRNW

“人们将创新的缺乏归因于#BTC 功能的缺乏……但是还有其他方法吗？一种无需改变核心就能将智能合约更直接地引入比特币的方法？这就是转账证明 (PoX) 的承诺.“https://t.co/VvSq34HRNW

These early innovations laid the foundation for the now-booming Bitcoin L2 ecosystem, which currently has over $2 billion in TVL. Nevertheless, the need to scale Bitcoin on the second layer became truly apparent only when Runes sent the network’s fees through the roof after the halving.

这些早期创新为目前蓬勃发展的比特币 L2 生态系统奠定了基础，该生态系统目前 TVL 超过 20 亿美元。然而，只有当 Runes 在减半后将网络费用发送到屋顶时，在第二层扩展比特币的需求才真正变得明显。

Remember when we told you that Bitcoin fees will do a 500x? Yeah we’ve been working on Bitcoin L2s for a reason. Happy halving everyone!Next stop, Nakamoto ?

还记得我们告诉过您比特币费用将增加 500 倍吗？是的，我们一直致力于比特币 L2 的开发是有原因的。祝大家减半快乐！下一站，中本聪?

That’s the nature of lasting technological change. They emerge slowly at first, then all at once. And when that happens, visionaries who thanklessly build real solutions—before others even start caring—hit the home run.

这就是持久技术变革的本质。它们一开始缓慢地出现，然后突然全部出现。当这种情况发生时，在其他人开始关心之前，那些吃力不讨好的有远见的人就已经构建了真正的解决方案，从而取得了本垒打。

Is it working or not? — That’s the question

是否有效？ ——这就是问题所在

Despite its merits, being early is not the endgame. The crypto community has seen enough lip service over the years. They want actual results now. It ultimately boils down to the question of impact, and that’s great.

尽管有其优点，但尽早并不是结局。多年来，加密社区已经看到了足够多的口头承诺。他们现在想要实际结果。它最终归结为影响问题，这很好。

Most existing Bitcoin L2s fail to solve the Impossible Trinity. They are either loosely linked to the Bitcoin L1 at best or highly centralized at worst. Only a few projects like Stacks have made the right trade-offs, even if that meant angering a few maxis. Commitment to the core Bitcoin ethos separates L2s that are hosting dApps and those relying solely on marketing gimmicks or speculative price action.

大多数现有的比特币 L2 都无法解决不可能三角问题。它们要么充其量与比特币 L1 松散联系，要么高度中心化（最坏的情况）。只有像 Stacks 这样的少数项目做出了正确的权衡，即使这意味着激怒一些 maxis。对比特币核心精神的承诺将托管 dApp 的 L2 与仅依赖营销噱头或投机性价格行为的 L2 区分开来。

Stacks took a giant leap forward in this direction with its performance-enhancing Nakamoto Release with a trustless two-way BTC pegging mechanism, a.k.a. sBTC. The impact of this move is reflected in Stacks’ growing number of monthly active accounts, which reached an all-time high of over 1.2 million in Q2 2024.

Stacks 在这个方向上迈出了巨大的一步，其性能增强的 Nakamoto Release 具有无需信任的双向 BTC 挂钩机制（又名 sBTC）。这一举措的影响体现在 Stacks 的月度活跃账户数量不断增长，该账户在 2024 年第二季度达到了超过 120 万的历史新高。

Moreover, Stacks currently has a TVL of over $68 million, as most of the top Bitcoin dApps are building on this platform. Slowly yet steadily, they are helping improve Bitcoin’s TVL-to-market-cap ratio, which was a mere 0.2% in May 2024, vs. Ethereum’s 17%.

此外，Stacks 目前的 TVL 超过 6800 万美元，因为大多数顶级比特币 dApp 都在这个平台上构建。他们正在缓慢而稳定地帮助提高比特币的 TVL 与市值比率，该比率在 2024 年 5 月仅为 0.2%，而以太坊为 17%。

Alongside the evolution of Bitcoin dApps, top VCs and investors are backing the production of AI-powered interoperability and bridging solutions. These tools will further improve Bitcoin’s liquidity situation. AI Agents, for example, will allow users to seamlessly move funds to the

随着比特币 dApp 的发展，顶级风险投资公司和投资者正在支持人工智能驱动的互操作性和桥接解决方案的生产。这些工具将进一步改善比特币的流动性状况。例如，人工智能代理将允许用户将资金无缝转移到