随着数百个新 dApp 的出现，生态系统爆炸式增长，比特币 DeFi 腾飞

在过去 15 年里，比特币已被称为“数字黄金”，作为替代价值储存手段赢得了当之无愧的声誉。但它的潜力远远不止于此，过去几年的发展引发了围绕世界上最古老的加密货币的新一波创新浪潮。

Bitcoin has long been hailed as “digital gold” thanks to its unique properties that make it an ideal store of value. But beyond this reputation, Bitcoin’s potential extends far into the realm of decentralized finance (DeFi). Recent years have seen a surge in innovation around the world’s oldest cryptocurrency, paving the way for a new wave of DeFi development.

比特币长期以来被誉为“数字黄金”，因其独特的属性使其成为理想的价值储存手段。但除了这种声誉之外，比特币的潜力还远远延伸到去中心化金融（DeFi）领域。近年来，世界上最古老的加密货币的创新激增，为新一波 DeFi 发展铺平了道路。

At the heart of this convergence lies the ability to combine Bitcoin's massive liquidity, unrivaled security and over $1.2 trillion in largely idle capital with the transformative power of DeFi. This synergy alone makes Bitcoin DeFi a no-brainer, and it's already leaving its mark on the crypto world.

这种融合的核心在于能够将比特币的巨大流动性、无与伦比的安全性和超过 1.2 万亿美元的闲置资本与 DeFi 的变革力量结合起来。仅这种协同作用就使比特币 DeFi 成为理所当然的事情，并且它已经在加密世界中留下了自己的印记。

With the birth of hundreds of exciting new projects, ranging from Bitcoin-based decentralized exchanges (DEXs) like Velar Dharma and Sovryn to Bitcoin-focused lending protocols and native Bitcoin wallets like Xverse, a whole new ecosystem is rapidly taking shape.

随着数百个令人兴奋的新项目的诞生，从 Velar Dharma 和 Sovryn 等基于比特币的去中心化交易所 (DEX) 到以比特币为中心的借贷协议和 Xverse 等原生比特币钱包，一个全新的生态系统正在迅速形成。

Bitcoin’s Transformation: From Store of Value to DeFi Hub

比特币的转型：从价值存储到 DeFi 中心

Until recently, DeFi on Bitcoin was simply not possible. The infrastructure required to build decentralized financial applications atop Bitcoin’s blockchain did not exist. This is why DeFi flourished on Ethereum and, later, other blockchains like Solana and Avalanche.

直到最近，比特币上的 DeFi 还根本不可能实现。在比特币区块链上构建去中心化金融应用程序所需的基础设施并不存在。这就是 DeFi 在以太坊以及后来的 Solana 和 Avalanche 等其他区块链上蓬勃发展的原因。

The idea of creating a similar ecosystem on Bitcoin was largely dismissed, as its blockchain was deemed too rigid and, crucially, it lacked the ability to support the smart contracts needed to facilitate the wide-ranging functionality of DeFi applications.

在比特币上创建类似生态系统的想法基本上被驳回了，因为它的区块链被认为过于僵化，而且最重要的是，它缺乏支持促进 DeFi 应用程序广泛功能所需的智能合约的能力。

However, the Bitcoin of old is no longer the Bitcoin of today. Starting with the introduction of Segregated Witness (SegWit) in 2017, it has evolved into a very different beast. SegWit did two key things: it helped to mitigate some of Bitcoin’s data limitations, and more importantly, it enabled the creation of so-called “Layer-2 networks”, such as Stacks, Rootstock and the Lightning Network.

然而，旧的比特币不再是今天的比特币。自 2017 年引入隔离见证 (SegWit) 以来，它已经演变成一种截然不同的野兽。 SegWit 做了两件事：它有助于缓解比特币的一些数据限制，更重要的是，它使得所谓的“第 2 层网络”的创建成为可能，例如 Stacks、Rootstock 和闪电网络。

With L2s, Bitcoin users are able to process transactions off-chain, increasing speed and reducing costs before ultimately settling them on the super-secure Bitcoin blockchain.

借助 L2，比特币用户能够在链外处理交易，提高速度并降低成本，然后最终将其结算在超级安全的比特币区块链上。

The next important milestone in Bitcoin’s evolution was the Taproot upgrade. Rolled out in November 2021, it paved the way for Bitcoin to support more complicated transactions and, later, the creation of Bitcoin-native smart contracts and dApps.

比特币发展的下一个重要里程碑是 Taproot 升级。它于 2021 年 11 月推出，为比特币支持更复杂的交易以及后来创建比特币原生智能合约和 dApp 铺平了道路。

In a 2024 study, Coinmarketcap (CMC) Research and Footprint Analytics discussed how Taproot transforms Bitcoin into something far more powerful.

在 2024 年的一项研究中，Coinmarketcap (CMC) Research 和 Footprint Analytics 讨论了 Taproot 如何将比特币转变为更强大的东西。

“Through Merklized Alternative Script Trees (MAST), Taproot condenses complex transactions into a single hash, reducing transaction fees and minimizing memory usage,” the report stated. “While not a DeFi solution itself, the Taproot upgrade improved Bitcoin’s smart contract capabilities, making it easier and more efficient to implement complex transactions and laying a foundation for future DeFi developments.”

报告指出：“通过 Merklized Alternative Script Trees (MAST)，Taproot 将复杂的交易压缩为单个哈希，从而降低交易费用并最大限度地减少内存使用。” “虽然Taproot本身并不是一个DeFi解决方案，但Taproot的升级提高了比特币的智能合约能力，使得复杂交易的实现更加简单、高效，为未来的DeFi发展奠定了基础。”

It was because of Taproot that Bitcoin developer Casey Rodarmor was able to create the Ordinals and Runes protocols, which revolutionized the utility of Bitcoin. Introduced in 2023, Ordinals makes it possible to “inscribe” data such as an image or document onto a single satoshi, the smallest unit of Bitcoin, effectively transforming them into non-fungible tokens (NFTs) that live on the Bitcoin network.

正是因为 Taproot，比特币开发者 Casey Rodarmor 才能够创建 Ordinals 和 Runes 协议，彻底改变了比特币的实用性。 Ordinals 于 2023 年推出，使得将图像或文档等数据“写入”单个聪（比特币的最小单位）成为可能，从而有效地将它们转换为存在于比特币网络上的不可替代代币（NFT）。

Meanwhile, Runes enabled the creation of fungible tokens, equivalent to the ERC-20 tokens that live on Ethereum, giving rise to alternative, Bitcoin-based cryptocurrencies such as the Pepe memecoin and the Liquid Tether (L-USDT) and Sovryn Dollar (DLLR) stablecoins. Rodarmor’s efforts were quickly followed by the introduction of the BRC-20 standard, introduced by an anonymous developer called Domo, in March 2023.

与此同时，符文使得可替代代币的创建成为可能，相当于以太坊上的 ERC-20 代币，从而催生了基于比特币的替代加密货币，例如 Pepe memecoin、Liquid Tether (L-USDT) 和 Sovryn Dollar (DLLR) ）稳定币。 Rodarmor 的努力很快就推出了 BRC-20 标准，该标准由一位名为 Domo 的匿名开发人员于 2023 年 3 月推出。

Bitcoin DeFi Takes Off: A New Era of Innovation

比特币 DeFi 腾飞：创新新时代

The above developments unleashed a wave of innovation on the Bitcoin network, and the resulting DeFi ecosystem has become one of the fastest-growing segments in the crypto market, with over $560 million in total value locked as of October 2024.

上述发展在比特币网络上掀起了一波创新浪潮，由此产生的 DeFi 生态系统已成为加密货币市场中增长最快的细分市场之一，截至 2024 年 10 月锁定的总价值超过 5.6 亿美元。

Developers are striving to recreate the same kind of ecosystem that exists on Ethereum, driven by the desire to tap into the enormous value locked in Bitcoin, which accounts for more than 54% of the total capital in the crypto industry.

开发人员正在努力重建以太坊上存在的同类生态系统，他们渴望利用比特币锁定的巨大价值，比特币占加密行业总资本的 54% 以上。

With the existence of a framework to follow in the shape of Ethereum’s DeFi space, developers have largely skipped the experimentation phase. Already, hundreds of Bitcoin-native dApps have launched, spanning everything from DEXs, stablecoins and NFTs, to lending and borrowing markets and “real-world assets”.

随着以太坊 DeFi 空间中存在可遵循的框架，开发人员基本上跳过了实验阶段。数百个比特币原生 dApp 已经推出，涵盖从 DEX、稳定币和 NFT，到借贷市场和“现实世界资产”的所有内容。

Velar itself has emerged as one of the biggest players in Bitcoin’s ecosystem. It has built a comprehensive decentralized exchange platform that enables seamless, low-cost swaps of Bitcoin-based tokens. Notably, it pioneered the very first perpetual DEX platform on Bitcoin, and provides a way for BTC holders to put their capital to work, providing liquidity in return for a share of the platform’s transaction

Velar 本身已成为比特币生态系统中最大的参与者之一。它建立了一个全面的去中心化交易平台，可以实现基于比特币的代币的无缝、低成本交换。值得注意的是，它开创了第一个基于比特币的永久性 DEX 平台，并为 BTC 持有者提供了一种利用其资本的方式，提供流动性以换取平台交易份额