比特币分散融资的曙光（DEFI）

尽管有一些挫折，但动量仍在围绕解锁比特币超越数字黄金的潜力。

Decentralized finance (DeFi) on Bitcoin is no longer a pipe dream. Despite some setbacks, momentum is building to realize the potential of the orange coin beyond digital gold.

比特币上的分散融资（DEFI）不再是白日梦。尽管有一些挫折，但动量仍在建立，以实现数字黄金以外的橙色硬币的潜力。

Of course, no one really cares, and for good reason. To be honest, it’s still a bit messy.

当然，没有人真正在乎，这是有充分理由的。老实说，这仍然有点混乱。

While Ethereum has managed to build a massive DeFi economy, with over $1.5 trillion in liquidity locked up in cold wallets, Bitcoin has lagged behind. The absence of DeFi smart contracts, the lack of a decentralized wrapper/bridge (wBTC), and Bitcoin’s status as digital gold limited the development of an ecosystem around the orange currency.

尽管以太坊设法建立了巨大的防御经济，但在冷钱包中锁定了超过1.5万亿美元的流动性，但比特币却落后了。缺少Defi Smart合同，缺乏分散的包装器/桥梁（WBTC）以及比特币作为Digital Gold的地位限制了围绕橙色货币的生态系统的开发。

But things are changing.

但是情况正在发生变化。

As a wave of new protocols launch on and around Bitcoin, we’re seeing the foundations of a truly BTC-native DeFi stack emerge. These projects, such as Babylon, Lombard, SatLayer, and Solv Protocol, are leading the way in terms of technology and total value locked (TVL), each solving a different piece of the DeFi Lego.

随着一波新协议在比特币周围启动时，我们看到了真正的BTC-NEFATIANG DEFI堆栈的基础。这些项目，例如巴比伦，Lombard，Satlayer和SOLV协议，在技术和总价值锁定（TVL）方面处于领先地位，每个项目都解决了Defi Lego的另一组。

Babylon: Bitcoin’s Collateral Layer

巴比伦：比特币的附带层

Perhaps best known for being the first native Bitcoin staking protocol, Babylon can be compared to Ethereum’s Beacon Chain, but designed specifically for Bitcoin. It has over $5 billion in TVL.

也许以第一个本地比特币制定协议而闻名，可以将巴比伦与以太坊的信标链进行比较，但专门为比特币设计。它拥有超过50亿美元的TVL。

What’s special about Babylon is that it allows users to stake BTC directly on the Bitcoin mainnet, without the need for a bridge or wrapper. The coins remain where they are, stored in a non-custodial manner.

巴比伦的特殊之处在于，它允许用户将BTC直接放在比特币主网上，而无需桥梁或包装器。硬币保留在其位置，以非监测方式存储。

However, Babylon is not just about staking for the sake of staking. Its main innovation is to extend the security of Bitcoin to other blockchains, whether it is an EVM chain, a Rollup, or an application chain.

但是，巴比伦不仅仅是为了占有目的。它的主要创新是将比特币的安全性扩展到其他区块链，无论是EVM链，汇总还是应用程序链。

Bitcoin holders can now help secure the network and earn rewards from the chain they are securing by locking up their coins.

现在，比特币持有人可以通过锁定硬币来帮助确保网络并从他们确保的链条中获得奖励。

Lombard: Liquid Staking for Bitcoin

伦巴第：比特币的液体静止

It’s the Lido of Bitcoin. Babylon does the staking; Lombard makes it composable.

这是比特币的里多。巴比伦做了赌注； Lombard使其可以组合。

As a result, Lombard, which has $1.9 billion in Bitcoin-related TVL, is built on Babylon. It allows users to stake BTC through Babylon and receive LBTC, a liquid staking token that represents the staked position.

结果，伦巴第（Lombard）建立在巴比伦（Babylon）上的19亿美元与比特币相关的TVL。它允许用户通过巴比伦将BTC储存，并接收LBTC，这是代表固定位置的液体含有令牌。

In fact, as we said before, BTC staked through Babylon remain locked on the BTC network. Therefore, they are "useless" without the consensus mechanism to verify other networks. They cannot be used in DeFi. This is exactly where Lombard comes in. Now, users can get liquid staked BTC (LBTC) and start trading, lending, mining and all other similar things.

实际上，正如我们之前所说，BTC通过巴比伦固定在BTC网络上。因此，如果没有共识机制来验证其他网络，它们是“无用的”。它们不能在defi中使用。这正是伦巴第（Lombard）的进来。现在，用户可以获取液体固定BTC（LBTC）并开始交易，贷款，采矿和所有其他类似的东西。

Lombard earns revenue by delegating BTC to Babylon validators, who in turn secure external networks and earn rewards, as mentioned earlier. These rewards are shared with LBTC holders. In simple terms, the more chains Babylon verifies, the higher the returns for stakers.

伦巴第（Lombard）通过将BTC委派给巴比伦验证者（Babylon Validators）来赚取收入，后者又可以确保外部网络并赢得奖励，如前所述。这些奖励与LBTC持有人共享。简而言之，巴比伦的链条越多，对Stakers的回报就越高。

Lombard is active in multiple ecosystems including Sonic, Sui, and Base, and has demonstrated its composability by partnering with protocols such as Aave, Pendle, Ether.Fi, and Corn. It also played an important role in the Boyco Berachain liquidity event, helping to kick-start early TVL.

Lombard活跃于包括Sonic，Sui和Base在内的多个生态系统中，并通过与AAVE，Pendle，Ether.fi和Corn等方案合作来证明其合成性。它在Boyco Berachain流动性活动中也发挥了重要作用，有助于启动早期TVL。

SatLayer: Bitcoin’s EigenLayer

Satlayer：比特币的Eigenlayer

As the title suggests, SatLayer can be thought of as an Eigen Layer built on top of Babylon.

正如标题所暗示的那样，可以将卫星板视为在巴比伦顶部建造的特征层。

Although its TVL is the smallest on the list at just $340 million, it introduces a new re-staking model. While Babylon locks BTC to secure external networks at the consensus layer, SatLayer allows users to re-stake LBTC to secure the application layer.

尽管它的TVL仅为3.4亿美元，但它引入了新的重新制作模型。当巴比伦锁定BTC以在共识层确保外部网络的情况下，Satlayer允许用户重新使用LBTC以保护应用程序层。

This opens the door to markets for yields derived directly from protected applications, for example, an oracle paying re-stakeholders to ensure data integrity, or a Rollup paying re-stakeholders to ensure transaction validity, or a bridge paying to avoid slashing or fraud.

这为直接从受保护的应用程序中获得的收益率打开了市场，例如，Oracle支付了重新利益相关者，以确保数据完整性，或者汇总付款返回利益相关者以确保交易有效性或桥梁付费以避免削减或欺诈。

SatLayer supports re-staking on the EVM and Sui networks.

Satlayer支持在EVM和SUI网络上重新启动。

Do you see the full picture now?

你现在看到全图吗？

Are the similarities to Ethereum, Lido, and Eigen Layer beginning to emerge?

与以太坊，利多和特征层的相似之处是否开始出现？

However, it is important to note that both Lombard and SatLayer currently depend on Babylon, but not vice versa.

但是，重要的是要注意，Lombard和Satlayer当前都取决于巴比伦，但反之亦然。

SatLayer does not necessarily rely on Lombard, although given its decentralized nature, Lombard is currently the only solution it leverages.

萨特莱尔不一定依靠伦巴第（Lombard），尽管鉴于其分散的性质，但伦巴第（Lombard）目前是其唯一利用的解决方案。

Solv Protocol: BTC Reserves and DeFi Vaults

SOLV协议：BTC储量和DEFI保险库

The Solv protocol, which has a TVL of $524.27 million in the BTC ecosystem, takes a different approach.

SOLV协议在BTC生态系统中的TVL为5.242亿美元，采用了另一种方法。

Similar to Lombard, it provides liquidity staking for BTC, but is not dependent on Babylon and focuses on building its own Bitcoin reserve strategy and other DeFi products.

与Lombard类似，它为BTC提供了流动性，但不依赖巴比伦，并专注于制定自己的比特币储备战略和其他Defi产品。

In fact, the SolvBTC token is a liquid representation of its BTC reserve strategy. Users deposit a wrapped version of BTC, and then Solv converts most of it into native BTC through institutional channels and stores it through centralized custody.

实际上，SOLVBTC令牌是其BTC储备战略的流动性表示。用户存入包装版本的BTC，然后SOLV通过机构渠道将其大部分转换为本机BTC，并通过集中的监护权将其存储。

While Solv is not dependent on Babylon, it benefits from Babylon-related assets such as LBTC.

虽然SOLV不依赖巴比伦，但它受益于巴比伦相关的资产，例如LBTC。