BTCFI正在获得基础：这就是为什么它具有整个加密空间的巨大潜力

多年来，DEFI一直是以太坊和其他智能合同平台的代名词。但是，比特币是最大，最安全的区块链，现在正成为重要的球员。这对整个加密空间具有巨大的潜力。

For years, decentralized finance (DeFi) has been synonymous with Ethereum (ETH) and other smart contract platforms. However, Bitcoin (BTC), the largest and most secure blockchain, is now emerging as an important player in the DeFi space. This development holds immense potential for the entire crypto domain.

多年来，分散的金融（DEFI）一直是以太坊（ETH）和其他智能合同平台的代名词。但是，比特币（BTC）是最大，最安全的区块链，现在正成为Defi空间中的重要参与者。这一发展对整个加密型域具有巨大的潜力。

According to data from DefiLlama, the total value locked (TVL) in BTCFi protocols has surged from a mere $307 million in January 2024 to an impressive $6.6 billion in February 2025—a staggering 2,050% increase.

根据Defillama的数据，BTCFI协议中的总价值锁定（TVL）从2024年1月的仅3.07亿美元飙升至2025年2月的66亿美元，这是惊人的2,050％。

BTCFi protocols allow users to earn yield, trade, and leverage their coins without relying on centralized intermediaries. Several BTCFi protocols already enable restaking, lending-borrowing, and asset tokenization on Bitcoin. The latter includes stablecoins, which are the lifeblood of DeFi. Recent news about USDT integration with the Lightning Network marks a significant development that could unlock massive liquidity for the sector.

BTCFI协议允许用户在不依赖集中式中介机构的情况下赚取收益，交易和利用硬币。几种BTCFI协议已经可以在比特币上重新生产，借贷借贷和资产令牌化。后者包括稳定的，这是Defi的命脉。关于USDT与闪电网络集成的最新新闻标志着可以释放该行业大量流动性的重大发展。

The primary way of bringing bitcoin into DeFi has long been through wrapped BTC. This approach involves locking BTC on the Bitcoin blockchain and issuing a tokenized version on Ethereum and other chains. However, this method carries inherent risks. Wrapped assets rely on custodial or semi-centralized bridges, which are prone to hacks and governance failures.

将比特币带入DEFI的主要方式长期以来一直是通过包装BTC。这种方法涉及将BTC锁定在比特币区块链上，并在以太坊和其他链条上发出令牌化版本。但是，此方法具有固有的风险。包裹的资产依靠保管或半居中的桥梁，这些桥梁容易遭受黑客和治理失败。

An alternative approach is the Threshold Signature Scheme (TSS). This cryptographic method enables multi-party control over a Bitcoin wallet without exposing private keys. TSS allows native BTC custody without a single point of failure, making it a reliable solution for non-custodial cross-chain applications and yield protocols.

另一种方法是阈值签名方案（TSS）。这种加密方法可以在不暴露私钥的情况下对比特币钱包进行多方控制。 TSS允许无单一故障的本地BTC托管，这使其成为非习惯跨链应用和产量方案的可靠解决方案。

Beyond TSS, Bitcoin layer-2 solutions like Lightning, Liquid, or Rootstock provide additional avenues for BTCFi applications. These networks allow for advanced smart contract features on Bitcoin.

除了TSS之外，比特币2层解决方案（例如闪电，液体或砧木）为BTCFI应用提供了其他途径。这些网络允许比特币上的高级智能合同功能。

Bitcoiners have long taken pride in HODLing. With the emergence of BTCFi, they can now put their idle coins to work, all while maintaining control of them. The two most promising yield strategies are restaking and lending-borrowing.

长期以来，比特币因霍德林而感到自豪。随着BTCFI的出现，他们现在可以将闲置硬币付诸实践，同时保持对它们的控制。两种最有希望的收益策略是恢复和借贷。

Bitcoin restaking is a novel concept that allows BTC holders to lock their assets in smart contracts that secure other networks or specialized protocols. By doing so, users provide security or utility for additional blockchain layers and DApps. In return, they receive rewards for their participation. Babylon, the largest BTCFi protocol with $5.4 billion in TVL, uses TSS and multi-signature wallets to facilitate restaking across blockchain layers.

比特币的重新制作是一个新颖的概念，它允许BTC持有人将其资产锁定在智能合同中，以确保其他网络或专业协议。通过这样做，用户为其他区块链层和DAPP提供安全性或实用程序。作为回报，他们获得了参与的奖励。巴比伦是最大的BTCFI协议，拥有54亿美元的TVL，使用TSS和多签名钱包来促进跨区块链层的重新制作。

Lending-borrowing protocols let users earn interest by lending their BTC. They can also borrow BTC against collateral, usually exceeding the loan amount. Traditional DeFi lending-borrowing protocols, such as Aave, MakerDAO, or Curve, use wrapped bitcoin. The BTCFi lending protocols using native BTC mainly operate on Bitcoin sidechains, like Sovryn, built on Rootstock (RSK).

借贷协议使用户通过借出BTC来赚取利息。他们还可以借用BTC反对抵押品，通常超过贷款金额。传统的Defi借贷协议（例如Aave，Makerdao或Curve）使用包裹的比特币。使用本机BTC的BTCFI贷款协议主要在Bitcoin Sidechains上运行，例如Sovryn，建立在dootstock（RSK）上。

Currently, most decentralized exchanges (DEXs) use wrapped bitcoin. However, there are some DEXs that have enabled the use of native BTC, allowing users to maintain control over their coins.

当前，大多数分散的交换（DEX）都使用包装的比特币。但是，有些DEX能够使用本机BTC，从而使用户可以保持对硬币的控制。

The most popular one is THORChain (RUNE), which uses the TSS method, enabling native BTC swaps without a centralized bridge. THORChain is built on the Cosmos Software Development Kit and supports eight blockchains.

最受欢迎的是使用TSS方法的Thorchain（Rune），它可以实现本机BTC交换而无需集中桥。 Thorchain建立在Cosmos软件开发套件上，并支持八个区块链。

Other BTCFi DEXs include Stackswap, built on the Bitcoin layer-2 Stacks, and Bisq, an off-chain peer-to-peer DEX that uses a multi-signature escrow process.

其他BTCFI DEX包括堆栈，在比特币2层堆栈上构建，以及BISQ，BISQ是一种使用多签名托管过程的链链点对点DEX。

While Bitcoin wasn't originally designed for token issuance, new technologies and standards have made it possible. The Ordinals protocol, launched in January 2023, gained popularity by enabling the creation of on-chain tokens. As of today, the Bitcoin network records an average of 117,000 fungible (BTC-20) and 5,000 non-fungible (NFT) Ordinals transactions daily, according to Dune Analytics.

尽管比特币最初不是为代币发行而设计的，但新技术和标准使它成为可能。该序列协议于2023年1月启动，通过实现链令牌的创建而获得了知名度。根据Dune Analytics的数据，截至目前，比特币网络平均每天记录了117,000个函件（BTC-20）和5,000个无遗体（NFT）序列交易。

However, Ordinals might not be the best way for Bitcoin-based tokenization. They are block space-intensive and can hardly be incorporated into DeFi protocols. Bitcoin layer-2s like RGB, Liquid, and the Lightning Network (with Taproot Assets) offer a more scalable and efficient way of tokenizing assets on Bitcoin.

但是，序数可能不是基于比特币的令牌化的最佳方法。它们是空间密集型的，几乎不能将其纳入Defi协议中。 RGB，Liquid和Lightning网络（带有Taproot Assets）等比特币2层提供了一种更可扩展，更有效的方法，可在比特币上进行象征性资产。

On January 30, Tether, the stablecoin leader, and Lightning Labs, the team behind Taproot Assets, made an important announcement: Tether will integrate with the Lightning Network, with both on-chain transactions and Lightning Network support. This marks a paradigm shift.

1月30日，Tether，Stablecoin领导者和Taproot资产背后的团队Tether发表了一个重要的公告：Tether将与Lightning Network集成，并在链上交易和闪电网络支持。这标志着范式的变化。

Until now, stablecoin supply has concentrated on Ethereum ($138 billion, or 59%) and Tron ($63 billion, or 27%), according to Dune Analytics. This is due to the former's developed DeFi sector and the latter's low fees. With USDT moving to Bitcoin, BTCFi could capture a large share or create additional stablecoin supply.

根据Dune Analytics，到目前为止，Stablecoin供应集中在以太坊（1380亿美元，或59％）和Tron（630亿美元或27％）上。这是由于前者的发达偏见部门和后者的低费用。随着USDT转移到比特币，BTCFI可以捕获大量份额或创建额外的Stablecoin供应。

This could unlock new liquidity streams and create significant activity on Bitcoin. As of now, $1

这可以解锁新的流动性流并在比特币上创造重要的活动。截至目前，$ 1