链链比特币的新时代

比特币正在进行一场仍在展开的革命，而不是最可见的，而是在生态系统内深处。

Stablecoins are setting the stage for Bitcoin’s DeFi expansion, and the numbers bear witness. The entire stablecoin ecosystem now stands at over $144 billion, with USDC itself growing at a remarkable 38.6% annual rate since January. This is an influx of dollar-pegged money that is liquid and available in the ecosystem for anything that might happen on-chain. Stablecoins serve as the operational currency for DeFi, enabling everything from collateralized lending to cross-chain swaps that happen without hiccups.

Stablecoins正在为比特币的Fefi扩展奠定了基础，数字是见证人。现在，整个Stablecoin生态系统都超过1,440亿美元，自1月以来，USDC本身以38.6％的年龄增长了38.6％。这是一笔钱的涌入，可以在生态系统中用于任何可能发生在链上的事情。 Stablecoins充当Defi的运营货币，从而实现了从抵押贷款到没有打ic的交叉链掉期的一切。

This liquidity infusion is especially timely for Bitcoin. It is helping to catalyze the emergence of on-chain derivatives markets and staking protocols built either directly or indirectly on BTC infrastructure. With more capital available, these protocols can offer better yields, deeper markets, and more attractive products for both institutional and retail users.

对于比特币，这种流动性输液尤其及时。它有助于催化直接或间接在BTC基础设施上构建的链上衍生物市场的出现和堆放协议。借助更多的资本，这些协议可以为机构和零售用户提供更好的收益，更深的市场以及更具吸引力的产品。

And that’s precisely what’s beginning to occur. A trend that can hardly be over is that of the rapid formation of protocols for derivatives of Bitcoin, whether they are native or BTC-backed. Re-staking—a mechanism for using bitcoins that sees them deposited into protocols in order to earn yield or participate in governance—is being posited as a next-generation financial product, one with which to profit in a bear market. Over the last year, deploying Bitcoin to this nascent financial space has involved sending across a total of 57,167 BTC.

这正是开始发生的事情。几乎无法结束的趋势是，无论是本地还是BTC支持的比特币衍生物方案的快速形成。重新制作 - 一种使用比特币的机制，将其存入协议以赚取收益或参与治理的机制 - 被视为下一代金融产品，该产品可以在熊市中获利。在过去的一年中，将比特币部署到这个新生的金融领域涉及到总共57,167 BTC的发送。

In the lead is Lombard Finance (@Lombard_Finance), which holds 40.6% of the market share and oversees 20,405 BTC in deposited assets. Nestled in its pristine position atop the pie chart, Lombard has established itself as the go-to venue both for depositing Bitcoin and for reaping the benefits of staking it.

在领先优势中是Lombard Finance（@lombard_finance），该金融占市场份额的40.6％，负责存款资产的20,405 BTC。伦巴第（Lombard）坐落在饼图上的原始位置，已将自己确立为存放比特币的首选场所，并获得了将其存放的好处。

Nipping at the heels of the re-staking market is Solv Protocol (@SolvProtocol), with a 17.9% share. PumpBTC (@Pumpbtcxyz) is another to watch, as their meteoric rise to 5,948 BTC reflects surging interest from yield seekers and speculators.

重新制定市场的高跟鞋是SOLV协议（@SolvProtocol），份额为17.9％。 PumpBTC（@pumpbtcxyz）是另一个值得关注的地方，因为它们的迅速升高至5,948 BTC反映了寻求收益的人和投机者的兴趣激增。

Still, the current 135,000 staking wallets signal extreme early-stage headroom. If we give that a 5x potential, we’re still being conservative. Staking in Bitcoin isn’t a distant possibility that could happen under some future set of circumstances. It’s a very real prospect with a lot of current momentum behind it. And it has the potential to really change the nature of Bitcoin.

尽管如此，目前的135,000个放入钱包仍表示极端阶段的净空。如果我们发出5倍的潜力，我们仍然是保守的。在比特币中占有比特币并不是在某些未来情况下可能发生的遥远可能性。这是一个非常真实的前景，背后有很多势头。它有可能真正改变比特币的性质。

BTC on-chain momentum is real: 10M MAUs, $144B stablecoins, and booming yield protocols

BTC的链上动量是真实的：10m Maus，144b稳定的稳定性和蓬勃发展的收益协议

— OKX Ventures (@OKX_Ventures) April 23, 2025

- OKX Ventures（@okx_ventures）2025年4月23日

What makes Bitcoin stand out in this ever-changing environment is how deep and decentralized its user base is. Over 60% of all BTC in circulation is held in small- to mid-sized wallets—specifically those holding less than 100 BTC or between 100 and 10,000 BTC. This distribution pattern is a hallmark of true decentralization, carrying with it none of the dangers that market dynamics dominated by whales cause in many small-cap cryptocurrencies.

在这种不断变化的环境中，使比特币脱颖而出的原因是其用户群的深度和分散程度。循环中所有BTC中有60％以上的小钱包中持有，特别是那些持有少于100 BTC或100至10,000 BTC的人。这种分配模式是真正的权力下放的标志，它带来了许多小型加密货币中由鲸鱼造成的市场动态所带来的危险。

Furthermore, the Bitcoin network’s security is greatly enhanced by the distribution of its UTXO sets. A diversified UTXO landscape lowers the odds of anything like a large-scale double-spend or a centralization of power happening within the Bitcoin network. In essence, if one poor soul wanted to pull off either of these stunts, the mostly random distribution of UTXOs and the many ways to accomplish apparently similar tasks oxygenate the network’s security and thus Bitcoin’s position as the most secure blockchain of all time.

此外，通过其UTXO集的分布，比特币网络的安全性大大提高了。多元化的UTXO景观降低了大规模双重根本或比特币网络中发生的电力集中的几率。从本质上讲，如果一个可怜的灵魂想实现这两个特技表演中的任何一个，那么UTXOS的主要随机分布以及完成明显相似任务的许多方法可以使网络的安全性充氧，从而将比特币的位置作为一直以来最安全的区块链。

The structural merits of Bitcoin make it the asset preference for programmers constructing staking and derivatives applications. With a colossal global user base and trustworthiness in code, Bitcoin is positioned like no other asset to support the next iteration of decentralized finance. This is the place where yield, derivatives, and institution-grade on-chain services become the norm.

比特币的结构优点使其成为构建构建和衍生品应用程序的程序员的资产偏好。凭借巨大的全球用户群和代码的可信赖性，比特币可以像其他资产那样定位，以支持下一个分散融资的下一次迭代。在这个地方，产量，衍生品和机构级的链上服务成为常态。

With more than 10 million people involved in the Bitcoin blockchain every month, this digital code is no longer just a comparatively simple series of “if, then” instructions. It is a growing, dynamic part of an on-chain financial system that serves its users with an astonishing range of increasingly innovative digital services, all happening on the blockchain. And the numbers are backing it up.output:

每月有超过1000万人参与比特币区块链，该数字代码不再只是一个相对简单的“如果，然后”指令。这是一个链上金融体系的增长，动态的一部分，它以惊人的创新数字服务为其用户提供服务，这一切都发生在区块链上。数字正在备份。输出：