比特币液体藏有代币市场正在加快步伐

比特币液体含有代币的扇区正在提高速度。目前的总价值锁定（TVL）仅为40亿美元，这一数字很快就可能达到了现在难以捉摸的里程碑。

The sector of Bitcoin Liquid Staking Tokens is quickly heating up, with the current total value locked (TVL) standing just shy of $4 billion. This figure may very soon hit that as-of-now elusive milestone.

比特币液体含有代币的部门正在迅速加热，目前的总价值锁定（TVL）的价格仅为40亿美元。这个数字可能很快就达到了现在的难以捉摸的里程碑。

Grabbing the biggest piece of the overall liquid Staking BTC pie, and by a significant margin, is Lombard Finance. Not only is Lombard the obvious leader in this sector, but the more than 18,000 BTC (likely LSTs) held by the protocol means it’s quite likely guaranteed to be a part of the superstructure of any BTC LST effector going forward.

伦巴第融资（Lombard Finance）抓住总体液体含有BTC派最大的含量。伦巴第不仅是该领域的显而易见的领导者，而且该协议持有的18,000多个BTC（可能的LST）意味着很可能可以保证成为任何BTC LST效应子的上层建筑的一部分。

Capital efficiency is an increasingly important theme in decentralized finance (DeFi). Now, in the very quiet of night, productive Bitcoin is staking its claim in the DeFi landscape. Its attributes as a productive asset are becoming more pronounced and are offering yield-hungry investors a new avenue for in an industry renowned for its pursuit of new income streams. Several protocols offering Bitcoin staking have recently come online and now look to extend the revolution beyond staking Ethereum.

资本效率是分散融资（DEFI）中越来越重要的主题。现在，在非常安静的夜晚中，生产性比特币正在将其主张在Defi景观中。它作为生产资产的属性变得越来越明显，并为渴望产量的投资者提供了一种新的途径，以追求新的收入来源而闻名。提供比特币放置的几种协议最近已经上网，现在希望将革命范围扩展到以太坊。

Lombard Finance Leads the Pack

伦巴第融资领先

Leading the charge is Lombard Finance, whose LBTC token boasts an impressive 18,338.96 BTC, dwarfing the totals held by other protocols.

伦巴第（Lombard）金融（LBTC）代币具有令人印象深刻的18,338.96 BTC，使其他协议的总数相形见war。

To put this into perspective, Solv Protocol, which offers a range of offerings, follows with 5,182.89 xSolvBTC, 700.04 SolvBTC.CORE, and 23.42 SolvBTC.ENA. In comparison, Bedrock DeFi clocks in with 4,625.85 uniBTC, and PumpBTC stands at 4,372.06 BTC. Rounding out the list is Lorenzo Protocol with 1,310.13 stBTC, Allo with 688.3 AlloBTC, Kinzafinance with 648.77 KinzaBTC, Acorn Network with 568.86 AcornBTC, and Blockmania with 477.36 bBTC.

为了将其置于透视上，提供一系列产品的SOLV协议随后提供5,182.89 Xsolvbtc，700.04 Solvbtc.core和23.42 Solvbtc.ena。相比之下，基岩defi钟表4,625.85 unibtc，pumpBTC为4,372.06 BTC。列表的列表是Lorenzo协议，具有1,310.13 STBTC，Allo，具有688.3 AlloBTC，Kinzafinance，具有648.77 Kinzabtc，具有568.86 ACORNBTC的ACORN网络，AcornBTC和Blockmania，带有477.36 BBTC。

"Orange Slice: Capturing the snapshot of the Bitcoin LST market with nearly $4B in total value locked.

“橙色切片：捕获比特币LST市场的快照，总价值锁定了近4B美元。

🔸@Lombard_Finance – 18,338.96 LBTC

🔸@@lombard_finance - 18,338.96 lbtc

🔸@SolvProtocol – 5,182.89 xSolvBTC

🔸@@solvprotocol - 5,182.89 xsolvbtc

🔸@Bedrock_DeFi – 4,625.85 uniBTC

🔸@@bedrock_defi - 4,625.85 unibtc

🔸@Pumpbtcxyz – 4,372.06 pumpBTC..."

🔸@pumpbtcxyz - 4,372.06 pumpbtc ...”

— Bitcoin Ecosystem (@BitcoinEcoTK) June 10, 2025

- 比特币生态系统（@bitcoinecotk）2025年6月10日

Lombard’s LBTC isn’t just big; it’s also getting very popular. Now, that might not mean a great deal in a world where all DeFi protocols are vying for a piece of the market share pie. However, the growth of LBTC in lending markets is particularly noteworthy as it’s becoming a go-to tool in these capital-efficient, risk-reduced environments for more sophisticated DeFi users.

Lombard的LBTC不仅仅是大；它也变得非常受欢迎。现在，这可能并不意味着在一个所有Defi协议都在争夺市场份额派的世界中。但是，LBTC在贷款市场中的增长尤其值得注意，因为它已成为这些资本效率低下，降低风险的环境中的首选工具。

DeFi Integration: Lending Markets Hit New Highs

Defi集成：贷款市场达到了新的高点

The adoption of LBTC in lending protocols has hit new heights, with 42.7% of the supply currently being put to work across leading DeFi platforms. Notably, this growth is being driven by Aave and Spark Protocol.

LBTC在贷款协议中的采用已经达到了新的高度，目前在领先的Defi平台上运行的供应量的42.7％。值得注意的是，这种增长是由AAVE和SPARK协议驱动的。

"DeFi utilisation for @Lombard_Finance's $LBTC has been shaping up pretty well recently.

“ @lombard_finance的$ lbtc的defi利用最近已经很好地塑造了。

Lending market usage is hitting new ATHs, now at ~42.7% across top platforms:

贷款市场使用量正在袭击新的ATHS，目前在顶级平台上的使用率约为42.7％：

🔹 @aave → ~32.4% ($352M), 3rd largest BTC derivative

🔹@Aave→〜32.4％（$ 3.52亿美元），第三大BTC衍生物

Announcing Spark Protocol’s Integration with Lombard Finance for Capital-Efficient BTC Liquidity Solutions

宣布Spark协议与Lombard Finance的资本有效BTC流动性解决方案的集成

Spark Protocol, a cutting-edge DeFi protocol renowned for its innovative lending, borrowing, and yield optimization strategies, is excited to announce its integration with Lombard Finance, a

Spark协议是一种以其创新贷款，借贷和产量优化策略而闻名的尖端DEFI协议，很高兴宣布其与Lombard Finance的整合，A

— Spark Protocol (@SparkDotFi) May 21, 2025

- 火花协议（@sparkdotfi）2025年5月21日

Approximately 32.4% of LBTC is used in Aave, which means the active usage of LBTC amounts to around $352 million. This makes LBTC the third largest BTC derivative on the Aave platform. Spark Protocol follows that with 12.2% of the next largest BTC derivative, which means its active usage amounts to roughly $142.7 million. In the BTC derivative category, the only other entity that ranks above Spark Protocol is cbBTC from Coinbase.

大约32.4％的LBTC用于AAVE，这意味着LBTC的积极使用约为3.52亿美元。这使LBTC成为AAVE平台上的第三大BTC衍生物。 Spark协议随之而来的是，下一个BTC衍生品的12.2％，这意味着其主动使用率约为1.427亿美元。在BTC衍生产品类别中，唯一排名SPARK协议的其他实体是Coinbase的CBBTC。

The two platforms have high loan-to-value ratios, in the 84–85% range, that they are achieving through these efficiency modes. It allows users to go up to 84–85% of LTV in order to get more liquid while also having a productive capital structure because they keep earning the yield on the assets that

这两个平台具有高贷款与价值比率，在84–85％的范围内，他们通过这些效率模式实现了。它允许用户达到84-85％的LTV，以便获得更多的液体，同时还拥有生产性的资本结构，因为他们不断获得收益率