比特币收益率：波动性管理和机构采用的新时代

比特币（BTC）最吸引人的特点之一是它的波动性，这也是它最令人畏惧的方面。管理这种波动性是关键，而本地比特币收益率可以帮助实现这一目标。

Bitcoin’s volatility is a double-edged sword. It can lead to high returns, but it can also make an asset more risky. This volatility is one of the main reasons why institutional investors have not allocated more to Bitcoin.

比特币的波动性是一把双刃剑。它可以带来高回报，但也可能使资产风险更大。这种波动性是机构投资者没有更多配置比特币的主要原因之一。

A Fidelity survey found that volatility was the top barrier to entry for institutional investors. This makes sense, as large swings in price, in either direction, render an asset highly volatile and thus riskier. Volatility also makes prices less predictable.

富达调查发现，波动性是机构投资者进入的最大障碍。这是有道理的，因为价格无论朝哪个方向大幅波动都会使资产高度波动，从而风险更大。波动性也使得价格更难以预测。

On the other hand, we have periods between broader bull and bear trends, like we are experiencing right now, that make volatility unbearable. But as Bitcoin matures, its volatility is shrinking each cycle.

另一方面，正如我们现在所经历的那样，我们在更广泛的牛市和熊市趋势之间存在时期，这使得波动难以忍受。但随着比特币的成熟，其波动性在每个周期都在缩小。

The approval of spot Bitcoin exchange-traded funds has the asset’s volatility hitting its 2024 peak at 40%, far lower than 2021’s 106% record highs. While it’s too early to say if this is the new normal, the lower volatility means we won’t be seeing a high percentage of gains going forward.

现货比特币交易所交易基金的批准使该资产的波动性达到 2024 年的峰值 40%，远低于 2021 年 106% 的历史高位。虽然现在说这是否是新常态还为时过早，但较低的波动性意味着我们未来不会看到高百分比的收益。

Bitcoin yields to the rescue

比特币收益率可以拯救

In a highly volatile market like crypto, Bitcoin yield gives the opportunity to earn consistent and stable returns, hedging some of the price volatility. This steady stream of passive income can be earned without needing to sell BTC. In this way, a BTC holder can finally put their asset, which has been sitting idle for years, to good use.

在像加密货币这样高度波动的市场中，比特币收益率提供了获得持续稳定回报的机会，从而对冲部分价格波动。无需出售比特币即可获得这种稳定的被动收入。这样，比特币持有者终于可以充分利用闲置多年的资产了。

Having access to yield-generating opportunities further promotes broader acceptance and use of Bitcoin, especially among institutional investors who are always looking for yield strategies.

获得产生收益的机会进一步促进了对比特币的更广泛接受和使用，特别是在一直寻求收益策略的机构投资者中。

Even short-term holders may get inclined to HODL their BTC for a longer time period if they have an opportunity to increase their investment over time as they get to benefit from both price increases and a constant supply of income. This, in turn, can reduce market selling pressure, and as demand increases for yield-generating assets, it can further help the asset enjoy a more positive price performance.

即使是短期持有者，如果他们有机会随着时间的推移增加投资，因为他们可以从价格上涨和稳定的收入供应中受益，他们也可能倾向于长期持有比特币。反过来，这可以减轻市场抛售压力，并且随着对收益性资产的需求增加，可以进一步帮助该资产享受更积极的价格表现。

There’s clearly a strong case for Bitcoin yield but where is this yield exactly coming from?

比特币收益率显然有充分的理由，但这个收益率到底来自哪里？

The growth of DeFi on Bitcoin

比特币 DeFi 的增长

So, in the Bitcoin realm, there hasn’t really been any development to expand the ecosystem, with the trillion-dollar crypto asset only being utilized as a passive store of value. But now, times have changed, and both developers and users want to have fun and do exciting things with Bitcoin. This has led to a new wave of development on Bitcoin, which has given rise to BTC DeFi.

因此，在比特币领域，并没有真正扩大生态系统的任何发展，价值数万亿美元的加密资产仅被用作被动的价值存储。但现在，时代已经变了，开发者和用户都希望用比特币获得乐趣并做令人兴奋的事情。这引发了比特币新一波的发展，从而催生了BTC DeFi。

The growth of decentralized finance on Bitcoin has resulted in varied sources of Bitcoin yields.

比特币去中心化金融的增长导致比特币收益率的来源多种多样。

These yield sources include Bitcoin layer-2 solutions that enable BTC holders to enjoy staking rewards, which are determined by market dynamics. Babylon is another Bitcoin staking protocol built on Cosmos that allows BTC holders to stake their Bitcoin on PoS chains without giving up the custody of their assets.

这些收益来源包括比特币第二层解决方案，使 BTC 持有者能够享受由市场动态决定的质押奖励。 Babylon 是另一个基于 Cosmos 构建的比特币质押协议，允许 BTC 持有者将其比特币质押在 PoS 链上，而无需放弃资产的托管权。

We at pSTAKE Finance also offer Bitcoin liquid staking, for which we have collaborated with Babylon to offer boosted yields. While we are starting with Babylon to provide the primary source of liquid staking yields, which is generated through economic security, we will eventually introduce yBTC as well as multiple avenues for yield to offer a diverse range of earning opportunities.

我们 pSTAKE Finance 还提供比特币流动性质押，为此我们与 Babylon 合作以提供更高的收益率。虽然我们从 Babylon 开始提供通过经济安全产生的流动质押收益的主要来源，但我们最终将引入 yBTC 以及多种收益途径，以提供多样化的盈利机会。

All these different solutions not only enable BTC holders to earn yields but also offer Bitcoin miners an additional source of revenue. On top of that, Bitcoin’s decade and a half long resilience and trillion-dollar security can be utilized to secure other chains.

所有这些不同的解决方案不仅使比特币持有者能够获得收益，还为比特币矿工提供了额外的收入来源。最重要的是，比特币长达十五年的弹性和数万亿美元的安全性可用于保护其他链的安全。

In the future, Bitcoin yields, which are determined by the market instead of a central bank, may even be used to set the base rate of return for crypto markets, much like how US T-bills are used to set a base rate of return for financial markets.

未来，由市场而不是央行决定的比特币收益率甚至可能被用来设定加密货币市场的基本回报率，就像美国国债被用来设定基本回报率一样对于金融市场。

So, the yield has far greater and broader implications that go beyond Bitcoin holders and the ecosystem. All this activity and investment into enabling native yield generation on Bitcoin can also lead to a resurgence of DeFi, which took a bigger hit during the 2022 bear market compared to the rest of the industry. Moreover, Bitcoin, which is a distributed, battle-tested, and censorship-resistance peer-to-peer network, can lay the foundation for a robust DeFi sector. With Bitcoin being the most accessible and universal asset class that has a capped supply and can’t be printed endlessly, all this innovation can finally lead to the truest version of DeFi.

因此，收益率具有更大、更广泛的影响，超出了比特币持有者和生态系统的范围。所有这些旨在实现比特币原生收益生成的活动和投资也可能导致 DeFi 的复苏，与行业其他行业相比，DeFi 在 2022 年熊市期间遭受了更大的打击。此外，比特币作为一个分布式、经过实战考验且抗审查的点对点网络，可以为强大的 DeFi 领域奠定基础。由于比特币是最容易获得、最通用的资产类别，其供应量有限且无法无休止地印刷，所有这些创新最终可以带来最真实的 DeFi 版本。

Now, to conclude, we are clearly at the beginning of a stellar journey, but for this to become a reality, we need to focus on continued development and innovation in order to build a better future for our financial and economic systems.

现在，总而言之，我们显然正处于一个辉煌旅程的开始，但为了让这成为现实，我们需要专注于持续发展和创新，以便为我们的金融和经济体系建设更美好的未来。

Mikhil Pandey is the co-founder and chief strategy officer of Persistence. Founded in 2019, Persistence is a purpose-built layer-1 on a mission to maximize yield and security through liquid staking and restaking, building at the forefront of the proof-of-stake landscape. Persistence Labs has multiple products in its ecosystem, including pSTAKE Finance, Dexter, and more.

米基尔·潘迪 (Mikhil Pandey) 是 Persistence 的联合创始人兼首席战略官。 Persistence 成立于 2019 年，是一个专门构建的 Layer-1，其使命是通过流动质押和重新质押来最大限度地提高产量和安全性，并处于权益证明领域的前沿。 Persistence Labs 在其生态系统中拥有多种产品，包括 pSTAKE Finance、Dexter 等。