Coinbase cbBTC vs Babylon：比特币收益率霸权之战

得益于2024年的升级和改进，比特币新兴的DeFi领域BTCFi正在蓬勃发展。加密货币最具主导地位的代币有了新的实用性

Bitcoin’s emerging decentralized finance (DeFi) sector, BTCFi, is seeing a boom thanks to upgrades and improvements in 2024. New utility for crypto’s most dominant coin is having projects racing to provide new products and services — like liquid staking — so users can make the most out of their holdings.

由于 2024 年的升级和改进，比特币新兴的去中心化金融 (DeFi) 领域 BTCFi 正在蓬勃发展。加密货币最具主导地位的代币的新用途是让项目竞相提供新产品和服务（例如流动质押），以便用户可以大部分都出自他们的持仓。

We sat down with Mikhil Pandey, founder of Binance-backed Bitcoin yield and liquid staking protocol pSTAKE Finance, to learn more.

我们采访了币安支持的比特币收益和流动质押协议 pSTAKE Finance 的创始人 Mikhil Pandey，了解更多信息。

Q1. What has been the historical role of Wrapped Bitcoin (WBTC) in the DeFi ecosystem, and what challenges has it recently faced?

Q1. Wrapped Bitcoin (WBTC) 在 DeFi 生态系统中扮演了什么历史角色，它最近面临着哪些挑战？

A1. Wrapped Bitcoin (WBTC) has been the preferred collateral asset for Bitcoin holders looking to generate yields on their BTC holdings. It is well-integrated into leading Ethereum-based DeFi protocols like Aave, MakerDAO, Uniswap, and Compound. Additionally, WBTC has amassed a supply of over $9 billion, representing approximately 0.78% of Bitcoin’s circulating supply, with the majority of its volume, around 64.2%, originating from Ethereum.

A1。 WBTC 一直是希望通过持有的 BTC 产生收益的比特币持有者的首选抵押资产。它很好地集成到基于以太坊的领先 DeFi 协议中，例如 Aave、MakerDAO、Uniswap 和 Compound。此外，WBTC 的供应量已超过 90 亿美元，约占比特币流通供应量的 0.78%，其中大部分（约 64.2%）来自以太坊。

However, there has been some concern within the community, especially regarding WBTC being minted without the proper backing. Most recently, BitGo, the company responsible for issuing WBTC, announced that it was transferring custody of its underlying Bitcoin to a new entity, resulting in speculation about the stability of its WBTC.

然而，社区内部存在一些担忧，特别是关于 WBTC 在没有适当支持的情况下铸造的问题。最近，负责发行 WBTC 的公司 BitGo 宣布将其基础比特币的托管权转移给一个新实体，引发了对其 WBTC 稳定性的猜测。

Q2. Could you please talk about how Coinbase’s upcoming cbBTC token aims to address these gaps?

Q2。您能否谈谈 Coinbase 即将推出的 cbBTC 代币旨在如何解决这些差距？

A2. cbBTC can be viewed as an alternative to WBTC, for which Coinbase plans to leverage its extensive user base and potentially integrate it into its Layer 2 (L2) solution, Base. That said, there are still a lot of ifs and buts involved with the project, with the token’s design still under wraps. However, it could potentially follow in the footsteps of its yield-generating ETH token cbETH’s model.

A2。 cbBTC 可以被视为 WBTC 的替代品，Coinbase 计划利用其广泛的用户群，并将其整合到其第 2 层 (L2) 解决方案 Base 中。也就是说，该项目仍然存在很多如果和但是，代币的设计仍处于保密状态。然而，它可能会追随其产生收益的 ETH 代币 cbETH 模型的脚步。

Q3. How will cbBCTC generate yields despite Bitcoin being a Proof-of-Work chain?

Q3。尽管比特币是工作量证明链，cbBCTC 将如何产生收益？

A3. One possibility is that cbBTC could be restaked into protocols like Symbiotic and EigenLayer, leveraging Ethereum’s existing structure to generate yields. Another potential approach could involve building cbBTC as a Liquid Staking Token (LST) on top of a native Bitcoin Staking layer like Babylon. This would allow Bitcoin holders to earn yields without moving their BTC off the Bitcoin network, preserving security while still participating in staking activities.

A3。一种可能性是，cbBTC 可以重新纳入 Symbiotic 和 EigenLayer 等协议中，利用以太坊现有的结构来产生收益。另一种可能的方法可能涉及在巴比伦等本地比特币质押层之上将 cbBTC 构建为流动性质押代币（LST）。这将使比特币持有者无需将比特币移出比特币网络即可获得收益，从而在参与质押活动的同时保持安全。

Another possibility is that Base could implement its own native staking mechanism, borrowing security from Bitcoin and sharing usage yield in ETH with BTC holders.

另一种可能性是，Base 可以实施自己的原生质押机制，从比特币借用安全性，并与 BTC 持有者分享 ETH 的使用收益。

Q4. Could you please discuss cbBTC’s impact on decentralized Bitcoin staking solutions like Babylon?

Q4。您能否讨论一下 cbBTC 对 Babylon 等去中心化比特币质押解决方案的影响？

A4. cbBTC could attract a broad audience due to its ease of use, extensive distribution network, and integration with existing DeFi protocols on Ethereum, potentially reducing Babylon’s immediate market share.

A4。 cbBTC 因其易用性、广泛的分销网络以及与以太坊上现有 DeFi 协议的集成而吸引了广泛的受众，这可能会减少 Babylon 的直接市场份额。

However, one aspect where Babylon truly differentiates itself from Coinbase is by providing users with novel yield-generation opportunities that are non-custodial trust-minimized in their scope of operation. This is an extremely strong value proposition, targeting a massive audience that the centralized realm simply cannot appeal to.

然而，Babylon 真正区别于 Coinbase 的一个方面是，它为用户提供了新颖的收益生成机会，这些机会在其运营范围内是非托管信任最小化的。这是一个极其强大的价值主张，针对的是中心化领域根本无法吸引的大量受众。

Lastly, the introduction of Liquid Staking Tokens (LSTs) on Babylon also introduces a custody aspect that may compete with the liquidity and adoption of cbBTC.

最后，Babylon 引入流动性质押代币（LST）还引入了可能与 cbBTC 的流动性和采用率竞争的托管方面。

Q5. Could you please talk about the concept of restaking being a key differentiator between Bitcoin yield generation solutions like cbBTC and Babylon?

Q5.您能否谈谈重新抵押的概念，这是 cbBTC 和 Babylon 等比特币收益生成解决方案之间的关键区别？

A5. For the uninitiated, the idea of restaking allows Bitcoin holders to leverage their assets to enhance the security of Proof-of-Stake (PoS) chains without moving their BTC off the Bitcoin network. This approach is central to Babylon’s strategy, as it aligns with the principles of trust minimization and non-custodial staking.

A5。对于外行来说，重新抵押的想法允许比特币持有者利用他们的资产来增强权益证明（PoS）链的安全性，而无需将他们的比特币移出比特币网络。这种方法是巴比伦战略的核心，因为它符合信任最小化和非托管质押的原则。

In contrast, cbBTC might integrate restaking into protocols like Symbiotic and EigenLayer as part of its strategy, but that still needs to be determined. However, these centralized approaches involve trust assumptions, which might not appeal to many crypto-savvy individuals.

相比之下，cbBTC 可能会将重新抵押整合到 Symbiotic 和 EigenLayer 等协议中，作为其战略的一部分，但这仍然需要确定。然而，这些中心化方法涉及信任假设，这可能不会吸引许多精通加密货币的人。

Babylon’s work is cut out in this regard since its non-custodial restaking approach offers comparable or superior yield opportunities while maintaining the security and decentralization intrinsic to the Bitcoin network.

Babylon 的工作在这方面被削减，因为其非托管重新抵押方法提供了可比或更好的收益机会，同时保持了比特币网络固有的安全性和去中心化。

Q6. In what ways could the competition between centralized and decentralized Bitcoin yield solutions shape the broader crypto ecosystem?

Q6.中心化和去中心化的比特币收益解决方案之间的竞争如何塑造更广泛的加密生态系统？

A6. The competition could have a profound impact, particularly in how it influences the adoption and development of financial primitives like Restaking and Liquid Staking Tokens (LSTs).

A6。竞争可能会产生深远的影响，特别是它如何影响重新抵押和流动性抵押代币（LST）等金融原语的采用和发展。

Centralized offerings like cbBTC are likely to drive significant liquidity and user engagement in the short term, but decentralized solutions offer a more future-ready framework which can appeal to users wary of increasing centralization within the crypto realm.

像 cbBTC 这样的中心化产品可能会在短期内推动显着的流动性和用户参与度，但去中心化解决方案提供了一个更面向未来的框架，可以吸引对加密领域内日益中心化持谨慎态度的用户。

As these two approaches vie for dominance, the digital asset ecosystem could see increased innovation in cross-chain interoperability, yield generation, and decentralized finance infrastructure.

随着这两种方法争夺主导地位，数字资产生态系统可能会在跨链互操作性、收益生成和去中心化金融基础设施方面看到更多的创新。

Furthermore

此外