比特币 DeFi：金融可能性的新领域

比特币强大的安全性和第 2 层扩容解决方案的融合促进了充满活力的 DeFi 生态系统的出现。通过将比特币的实用性扩展到简单的点对点支付之外，这些进步开启了金融可能性的新领域，使用户能够参与比特币的去中心化借贷、交易和其他复杂的智能合约操作。

The convergence of Bitcoin’s robust security and layer-2 scaling solutions has catalyzed the emergence of a vibrant DeFi ecosystem.

比特币强大的安全性和第 2 层扩容解决方案的融合促进了充满活力的 DeFi 生态系统的出现。

By expanding Bitcoin’s utility beyond simple peer-to-peer payments, these advancements have unlocked a new frontier of financial possibilities, empowering users to participate in decentralized lending, trading, and other complex smart contract operations on Bitcoin.

通过将比特币的实用性扩展到简单的点对点支付之外，这些进步开启了金融可能性的新领域，使用户能够参与比特币的去中心化借贷、交易和其他复杂的智能合约操作。

Read on to explore the rise of Bitcoin-based decentralized finance and how the space has grown to accommodate a new generation of native assets and features.

继续阅读，探索基于比特币的去中心化金融的兴起，以及该领域如何发展以适应新一代原生资产和功能。

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What is DeFi?

什么是 DeFi？

Decentralized finance (DeFi) constitutes a paradigm shift in financial services, offering internet-based financial products such as trading, lending, and borrowing through the utilization of decentralized public blockchains.

去中心化金融（DeFi）构成了金融服务的范式转变，通过利用去中心化的公共区块链提供基于互联网的金融产品，例如交易、借贷和借贷。

By implementing blockchains, smart contracts, and digital assets, DeFi protocols provide financial services through a decentralized ecosystem, where participants don’t have to deal with intermediaries when transacting.

通过实施区块链、智能合约和数字资产，DeFi 协议通过去中心化的生态系统提供金融服务，参与者在交易时无需与中介机构打交道。

What is Bitcoin DeFi?

什么是比特币 DeFi？

The inherent limitations of Bitcoin’s main chain in supporting the intricacies of decentralized finance created the need for the development of smart contract-enabled layer-2 solutions.

比特币主链在支持去中心化金融的复杂性方面存在固有局限性，因此需要开发支持智能合约的第二层解决方案。

Furthermore, the advent of the Ordinals protocol in 2023, which facilitated the emergence of fungible token standards such as BRC-20 and Runes, has catalyzed the growth of DeFi on the Bitcoin blockchain.

此外，2023 年 Ordinals 协议的出现促进了 BRC-20 和 Runes 等可替代代币标准的出现，促进了比特币区块链上 DeFi 的增长。

This expansion of protocol diversity has broadened the applications of the world’s leading cryptocurrency network beyond the base layer’s core use cases around value preservation and transactional capabilities.

协议多样性的扩展扩大了世界领先的加密货币网络的应用范围，超出了围绕保值和交易功能的基础层核心用例。

Consequently, Bitcoin DeFi has emerged as a nascent sector within the digital asset market, having previously been a critical missing component of the Bitcoin ecosystem.

因此，比特币 DeFi 已成为数字资产市场中的一个新兴领域，而此前它是比特币生态系统中缺失的一个重要组成部分。

Bitcoin DeFi in the Early Days

早期的比特币 DeFi

The integration of decentralized finance (DeFi) concepts into the Bitcoin ecosystem is a journey marked by innovation and perseverance. Early attempts to bridge the gap between Bitcoin’s foundational simplicity and the complexities of DeFi gave rise to pioneering projects that, while laying the essential groundwork, also encountered significant hurdles.

将去中心化金融（DeFi）概念融入比特币生态系统是一段充满创新和坚持的旅程。早期尝试弥合比特币的简单性和 DeFi 的复杂性之间的差距，催生了一些开创性项目，这些项目在奠定必要基础的同时也遇到了重大障碍。

Colored Coins

彩色硬币

Colored Coins represented an initial foray into tokenizing real-world assets on the Bitcoin blockchain. By leveraging the existing network to track ownership of assets ranging from equities to real estate, this approach showcased the potential of Bitcoin as a platform beyond digital currency. However, scalability and practical implementation challenges curtailed its widespread adoption.

彩色硬币代表了对比特币区块链上现实世界资产代币化的初步尝试。通过利用现有网络来跟踪从股票到房地产等资产的所有权，这种方法展示了比特币作为数字货币之外的平台的潜力。然而，可扩展性和实际实施挑战限制了其广泛采用。

Counterparty

交易对手

Building on the foundation of colored coins, Counterparty emerged as a platform for creating and trading digital assets, including non-fungible tokens (NFTs), on Bitcoin.

Counterparty 建立在彩色币的基础上，成为在比特币上创建和交易数字资产（包括不可替代代币（NFT））的平台。

Its introduction of popular projects like Rare Pepe NFTs demonstrated the growing appeal of digital collectibles. Nevertheless, user experience and network efficiency constraints hindered its full potential.

它推出 Rare Pepe NFT 等热门项目，证明了数字收藏品日益增长的吸引力。然而，用户体验和网络效率的限制阻碍了其充分发挥潜力。

These early experiments, while not fully realizing their ambitions, served as invaluable stepping stones, informing subsequent developments in Bitcoin DeFi. Their challenges underscored the need for more sophisticated infrastructure and protocols to unlock the full potential of decentralized finance on the Bitcoin network.

这些早期的实验虽然没有完全实现他们的雄心，但却成为了宝贵的垫脚石，为比特币 DeFi 的后续发展提供了信息。他们的挑战强调需要更复杂的基础设施和协议来释放比特币网络上去中心化金融的全部潜力。

Bitcoin DeFi Today

今日比特币 DeFi

Today, the construction of DeFi applications on Bitcoin primarily occurs within the realm of layer-2 (L2) networks. This architectural choice is driven by the limitations of Bitcoin’s base layer in supporting complex programmable smart contracts.

如今，比特币上 DeFi 应用的构建主要发生在第 2 层 (L2) 网络领域。这种架构选择是由比特币基础层在支持复杂的可编程智能合约方面的局限性所驱动的。

Bitcoin’s original design prioritized security and decentralization over programmability, making it challenging to develop sophisticated DeFi protocols directly on its blockchain. However, the recent emergence of protocols like Ordinals, BRC-20, and Runes, while not constituting full-fledged DeFi, has ignited possibilities for future DeFi-like applications on the main chain.

比特币的原始设计优先考虑安全性和去中心化而不是可编程性，这使得直接在其区块链上开发复杂的 DeFi 协议具有挑战性。然而，近期Ordinals、BRC-20、Runes等协议的出现，虽然还没有构成成熟的DeFi，但却为未来主链上类DeFi应用带来了可能性。

In contrast, L2 solutions offer a scalable and programmable environment built on top of Bitcoin, enabling the creation of diverse DeFi products.

相比之下，L2 解决方案提供了基于比特币构建的可扩展和可编程环境，从而能够创建多样化的 DeFi 产品。

By extending Bitcoin’s capabilities without compromising its core principles, L2s have become the preferred platform for developers seeking to build DeFi applications that encompass trading, lending, staking, and more.

通过在不损害其核心原则的情况下扩展比特币的功能，L2 已成为寻求构建涵盖交易、借贷、质押等的 DeFi 应用程序的开发人员的首选平台。

Prominent L2 networks such as the Lightning Network, Rootstock, Stacks, and Build on Bitcoin provide the necessary infrastructure for these endeavors. Some of these L2s have even introduced their own native tokens on the network, further expanding Bitcoin’s DeFi ecosystem.

闪电网络、Rootstock、Stacks 和 Build on Bitcoin 等著名的 L2 网络为这些努力提供了必要的基础设施。其中一些 L2 甚至在网络上引入了自己的原生代币，进一步扩大了比特币的 DeFi 生态系统。

In essence, while Bitcoin’s core layer presents challenges for DeFi development, its security, and decentralization have provided a base layer for the innovative L2 landscape to thrive.

从本质上讲，虽然比特币的核心层对 DeFi 的发展提出了挑战，但其安全性和去中心化为创新的 L2 景观的蓬勃发展提供了基础层。

Bitcoin layer 2s offer a promising avenue for creating a robust and thriving Bitcoin-based DeFi ecosystem that offers trading, staking, lending, and borrowing. All you need is a DeFi wallet like Xverse to access the brave new world of decentralized financial services secured by Bitcoin.

比特币 Layer 2 为创建一个强大而繁荣的基于比特币的 DeFi 生态系统提供了一条有前途的途径，该生态系统提供交易、质押、借贷等服务。您所需要的只是像 Xverse 这样的 DeFi 钱包，即可进入由比特币保障的去中心化金融服务的美丽新世界。

Conclusion

结论

The integration of DeFi principles into the Bitcoin ecosystem, primarily facilitated by layer-2 solutions, marks a significant evolution in the digital asset landscape.

主要由第 2 层解决方案推动的 DeFi 原则融入比特币生态系统，标志着数字资产格局的重大演变。

Building upon the foundational work of pioneers like Colored Coins and Counterparty, the industry has progressed to more sophisticated platforms such as Rootstock, Stacks, and Build on Bitcoin to create a thriving DeFi ecosystem powered by Bitcoin.

在 Colored Coins 和 Counterparty 等先驱者的基础工作的基础上，该行业已经发展到更复杂的平台，如 Rootstock、Stacks 和 Build on Bitcoin，以创建一个由比特币驱动的繁荣的 DeFi 生态系统。

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