尽管缺乏本地股权，但如何赚取比特币（BTC）的收益率

本文探讨了如何通过集中式贷款，以太坊包装比特币（WBTC）以及比特币相关的网络（如巴比伦和堆栈）产生被动收入。

Key takeaways

关键要点

* Though Bitcoin doesn't support native staking, holders can earn yield through centralized lending platforms, Wrapped Bitcoin (WBTC) on Ethereum, and Bitcoin-related networks like Babylon and Stacks.

*尽管比特币不支持本地股权，但持有人可以通过集中式贷款平台，以太坊包装比特币（WBTC）以及与比特币相关的网络（如巴比伦和堆栈）赚取收益率。

* WBTC allows BTC holders to participate in lending, liquidity pools and yield farming on Ethereum-based DeFi platforms like Aave and Curve but introduces bridge and smart contract risks.

* WBTC允许BTC持有人参与贷款，流动性池并产生基于以太坊的Defi平台（例如AAVE和Curve），但引入了桥梁和智能合约风险。

* Protocols like Babylon and Stacks use mechanisms like native time-locked scripts or stacking to offer rewards without removing BTC from the Bitcoin blockchain.

*巴比伦和堆栈之类的协议使用本机时间锁定脚本等机制或堆叠的机制来提供奖励，而无需从比特币区块链中删除BTC。

* Custodial, smart contract and regulatory risks persist. Bitcoin's community also remains divided on whether Bitcoin yield generation features align with its decentralized and trust-minimized ethos.

*保管，智能合同和监管风险持续存在。比特币的社区还对比特币产量产生的特征与其分散和信任最小化的精神保持一致。

Unlike proof-of-stake (PoS) blockchains like Ethereum or Cardano, Bitcoin relies on proof-of-work (PoW) mining for network security. However, with the rise of decentralized finance (DeFi) and layer-2 innovations, Bitcoin BTCUSD holders can now generate passive income through various yield-generating methods. These include centralized lending, Wrapped Bitcoin WBTC on Ethereum, and layer-2 solutions like Babylon and Stacks.

与以太坊或Cardano（Cardano）等区块链（POS）区块链不同，比特币依赖于工作证明（POW）进行网络安全性。但是，随着分散融资（DEFI）和第2​​层创新的兴起，比特币BTCUSD持有人现在可以通过各种产生产生的方法产生被动收入。这些包括集中式贷款，以太坊上包裹的比特币WBTC以及巴比伦和堆栈等第2层解决方案。

This article explores how to earn yield on BTC, the risks involved and the technological advancements enabling these opportunities, all without altering Bitcoin's core protocol.

本文探讨了如何赚取BTC的收益率，所涉及的风险以及实现这些机会的技术进步，而无需更改比特币的核心协议。

Staking vs. mining

与采矿作业

Staking and mining are two distinct consensus mechanisms used to secure blockchain networks and validate transactions.

放入和采矿是用于保护区块链网络并验证交易的两种不同的共识机制。

Staking is central to PoS blockchains like Ethereum and Solana. Participants lock up cryptocurrency to become validators, who are randomly selected to create new blocks and confirm transactions, earning rewards. The more coins staked, the higher the chance of selection.

Staking对以太坊和Solana等POS区块链是核心。参与者将加密货币锁定成为验证者，他们被随机选择以创建新块并确认交易，并获得奖励。固定的硬币越多，选择的机会就越高。

Mining, used by PoW blockchains like Bitcoin and Litecoin, involves miners solving complex mathematical puzzles with powerful computers. The first to solve the puzzle adds a new block and receives a reward. Mining demands significant energy and hardware.

挖矿是由比特币和莱特币等POW区块链使用的，涉及矿工使用功能强大的计算机解决复杂的数学难题。第一个解决难题的人会增加一个新的块并获得奖励。采矿需要大量的能源和硬件。

Bitcoin's PoW design means it does not support staking. The network relies entirely on miners, ensuring decentralization and security. There are no validators or staking rewards in the traditional sense. Yield-generating methods for BTC, such as lending or layer-2 solutions, are not equivalent to PoS staking.

比特币的战俘设计意味着它不支持放样。网络完全依靠矿工，确保权力下放和安全。从传统意义上讲，没有验证者或放入奖励。 BTC（例如贷款或第2层溶液）的产生产生方法并不等于POS的损耗。

Did you know? Some staking platforms offer liquid staking, where you get a token representing your staked asset (like stETH for Ether). This lets you earn staking rewards and still use your capital in DeFi protocols.

你可知道？一些堆放平台提供液体桩，您可以在其中获得代表固定资产的令牌（例如Ether的Steth）。这使您可以赚取积极的奖励，并且仍然在Defi协议中使用资本。

Ways to earn yield on Bitcoin

赚取比特币产量的方法

While you cannot natively stake BTC due to its PoW mechanism, there are alternative methods that might help you earn yield on your BTC holdings and make passive income. These methods often involve using third-party platforms or bridging BTC to other blockchains.

尽管由于其POW机制，您无法将BTC本地使用，但还有一些替代方法可以帮助您赚取BTC持有量并赚取被动收入。这些方法通常涉及使用第三方平台或将BTC桥接到其他区块链。

Centralized lending platforms

集中贷款平台

Centralized lending platforms like Binance Earn, Nexo and Ledn enable you to earn with BTC deposited, which the platform lends to institutional borrowers. In return, you receive interest, which might be paid daily or monthly. But this method involves custodial risk, as users must trust the platform to remain solvent and secure. The collapse of firms like Celsius and BlockFi has highlighted this vulnerability.

Binance Earn，Nexo和Ledn等集中贷款平台使您能够通过BTC存入赚钱，该平台将其借给机构借款人。作为回报，您收到的利息可能每天或每月支付。但是，这种方法涉及监护风险，因为用户必须信任该平台以保持溶剂和安全性。 Celsius和Blockfi等公司的崩溃强调了这种脆弱性。

WBTC on Ethereum

WBTC在以太坊上

WBTC is an ERC-20 token backed 1:1 by BTC, held by a centralized custodian (BitGo). It enables BTC holders to engage in Ethereum-based DeFi protocols, such as lending on Aave, providing liquidity on Curve or yield farming. This unlocks DeFi's potential but introduces risks from BitGo's custody, bridge vulnerabilities and smart contract bugs.

WBTC是由BTC（BITGO）持有的BTC的ERC-20代币。它使BTC持有人能够制定基于以太坊的DEFI协议，例如借用AAVE，在曲线上提供流动性或产量耕作。这释放了Defi的潜力，但引入了Bitgo的监护权，桥梁漏洞和智能合同错误的风险。

Bitcoin layer-2 platforms

比特币2层平台

Emerging layer-2 platforms such as Babylon and Stacks are also providing opportunities for users to explore Bitcoin-native yield options. Babylon locks BTC in time-locked scripts to secure its PoS network, while Stacks uses a proof-of-transfer (PoX) model where STX tokenholders lock tokens to earn BTC rewards. These platforms expand Bitcoin's utility without leaving its ecosystem entirely.

新兴的第2层平台（例如巴比伦和堆栈）也为用户提供了探索比特币本地产量选项的机会。巴比伦将BTC锁定在时间锁定的脚本中以确保其POS网络，而Stacks则使用转移证明（POX）模型，其中STX Tokenholder锁定令牌以赢得BTC奖励。这些平台扩大了比特币的实用性，而没有完全离开其生态系统。

Did you know? Ethereum became the largest PoS network in 2022 after "the Merge," switching from miners to validators. This move reportedly reduced the blockchain's energy consumption by over 99.95%, making it one of the greenest major crypto networks.

你可知道？在“合并”之后，以太坊成为2022年最大的POS网络，从矿工转换为验证者。据报道，这一举动使区块链的能源消耗减少了99.95％以上，使其成为最绿色的主要加密网络之一。

How to earn yield with BTC on a centralized lending platform

如何在集中贷款平台上使用BTC赚取收益

Earning yield on BTC via centralized platforms is straightforward. Choose a reputable platform, create a verified account, deposit BTC, select a flexible or fixed-term lending option, confirm terms, and monitor earnings. Funds can typically be withdrawn after the term.

通过集中式平台在BTC上赚取收益很简单。选择一个信誉良好的平台，创建一个经过验证的帐户，存入BTC，选择灵活或定期贷款选项，确认条款并监视收入。学期后通常可以撤回资金。

Using Binance Earn as an example, the platform offers multiple yield options:

以Binance为例，该平台提供了多种收益率选项：

Simple Earn: Beginner-friendly, offering stable yields through flexible or locked savings products.

简单的收入：对初学者友好，通过灵活或锁定的储蓄产品提供稳定的收益率。

Dual Investment: Higher-risk, with returns based on the settlement price of two assets, exposing users to market volatility.

双重投资：高风险，基于两个资产的结算价格的回报，使用户暴露于市场波动。

On-chain Yield: Bridges funds to DeFi protocols like Aave, with variable yields managed by Binance.

链上的收益率：将资金桥梁汇到诸如AAVE之类的Defi协议中，其二元收益率可变。

Yields and terms vary by option and market conditions. Simple Earn offers lower, predictable returns with flexible withdrawals, while

收益和条款因期权和市场条件而异。简单的收入提供较低，可预测的回报，并具有灵活的提款，而