如何为即将到来的比特币收益率繁荣做好准备

比特币（BTC）一直是一种出色的价值储存手段，但收益却很糟糕。幸运的是，比特币收益率低于 0.5% 的日子即将结束。

Bitcoin (BTC) has long been touted as a valuable store of value, but its low yield has been a pain point for many holders. Now, emerging opportunities in Bitcoin’s layer-2 (L2) and decentralized finance (DeFi) ecosystems are set to change the game. Here's how to prepare for the coming BTC yield boom.

比特币（BTC）长期以来一直被吹捧为一种有价值的价值储存手段，但其低收益率一直是许多持有者的痛点。现在，比特币第 2 层 (L2) 和去中心化金融 (DeFi) 生态系统中出现的新机会将改变游戏规则。以下是如何为即将到来的比特币收益率繁荣做好准备。

Previously, Bitcoin mining was the only way to earn meaningful BTC rewards. Regular holders had to settle for centralized finance (CeFi) platforms — such as now-defunct Celsius and Voyager — or pitiful DeFi yields. As of Sept. 5, DeFi lending platform Aave was paying Wrapped Bitcoin (WBTC) depositors a measly 0.04% APR.

此前，比特币挖矿是获得有意义的比特币奖励的唯一途径。普通持有者不得不接受中心化金融（CeFi）平台——比如现已不复存在的摄氏度和 Voyager——或者可怜的 DeFi 收益率。截至 9 月 5 日，DeFi 借贷平台 Aave 向 Wrapped Bitcoin (WBTC) 储户支付的年利率仅为 0.04%。

That’s changing. After years of quiet development, Bitcoin’s L2 scaling networks — such as Lightning Network, Core Chain, Rootstock (RSK), and Stacks — are gaining traction. Total value locked (TVL) on Bitcoin’s L2s surged to approximately $1.4 billion as of Sept. 5, according to data from DeFiLlama. That's up nearly 275% year-to-date and tenfold since 2023.

这正在改变。经过多年的悄然发展，比特币的 L2 扩容网络——例如闪电网络、核心链、Rootstock (RSK) 和 Stacks——正在获得关注。根据 DeFiLlama 的数据，截至 9 月 5 日，比特币 L2 的锁定总价值 (TVL) 飙升至约 14 亿美元。今年迄今增长了近 275%，是 2023 年以来的十倍。

“I expect Bitcoin L2s to capture a significant portion of Bitcoin’s $1+ trillion market capitalization in the coming years,” Brendon Sedo of L2 developer CoreDAO told Cointelegraph.

L2 开发商 CoreDAO 的 Brendon Sedo 告诉 Cointelegraph：“我预计比特币 L2 将在未来几年占据比特币超过 1 万亿美元市值的很大一部分。”

Some L2s — including Core Chain, Babylon, and Spiderchain — are exploring Bitcoin-native staking. Similar to proof-of-stake (PoS) networks such as Ethereum (ETH), Bitcoin L2 stakers lock up BTC as collateral to secure the networks in exchange for rewards.

一些 L2——包括 Core Chain、Babylon 和 Spiderchain——正在探索比特币原生的质押。与以太坊 (ETH) 等权益证明 (PoS) 网络类似，比特币 L2 质押者锁定 BTC 作为抵押品，以确保网络安全以换取奖励。

Meanwhile, liquid staking derivatives (LSD) protocols are bringing BTC staking yield to even more L2s. These protocols issue tokenized claims on staking pools and include Core Earn, Bedrock, Stroom, and Pell Network.

与此同时，流动性质押衍生品（LSD）协议正在将 BTC 质押收益带到更多的 L2。这些协议对质押池发出代币化声明，包括 Core Earn、Bedrock、Stroom 和 Pell Network。

It’s still early. Spiderchain is still in testnet, and Babylon hasn’t started emitting rewards. But CoreChain’s LSD, stBTC, is live — and touts an 8.8% reward rate.

现在还早。蜘蛛链仍处于测试网，巴比伦尚未开始发放奖励。但 CoreChain 的 LSD stBTC 已经上线，并宣称奖励率为 8.8%。

That’s considerably higher than PoS networks Solana (SOL) or Avalanche (AVAX) — which yield 6.85% and 7.83%, respectively — and far more than Ethereum’s 3.4% APR as of Sept. 5, according to StakingRewards.com.

根据 StakeRewards.com 的数据，这比 PoS 网络 Solana (SOL) 或 Avalanche (AVAX) 的收益率分别高出 6.85% 和 7.83%，并且远高于以太坊截至 9 月 5 日的 3.4% 年利率。

Crucially, Core Chain pays stakers in CORE, its native token, not BTC. Remember, always do your own research and carefully consider whether a cryptocurrency strategy is right for you before aping in — or you’ll lose money!

至关重要的是，Core Chain 向质押者支付的是其原生代币 CORE，而不是 BTC。请记住，在尝试之前，请务必进行自己的研究并仔细考虑加密货币策略是否适合您 - 否则您会赔钱！

Bitcoin L2s aren’t only about staking. Some — including RSK, Merlin, and Stacks — already host Bitcoin-native DeFi ecosystems, including decentralized exchanges (ALEX, Bitflow), lending protocols (MoneyOnChain, Zest), and all-in-one platforms like Sovryn. Merlin even touts a Bitcoin-native derivatives protocol, Surf.

比特币 L2 不仅仅涉及质押。其中一些（包括 RSK、Merlin 和 Stacks）已经托管了比特币原生 DeFi 生态系统，包括去中心化交易所（ALEX、Bitflow）、借贷协议（MoneyOnChain、Zest）以及 Sovryn 等一体化平台。 Merlin 甚至还推出了比特币原生衍生品协议 Surf。

Payment protocol Lightning Network launched in 2018 and remains venerable, with nearly $300 million in TVL, according to DeFiLlama. Node operators — who provide BTC liquidity to Lightning’s payment channels in exchange for fees — earn an average of 5.62% APR in BTC, according to Magma, a marketplace for Lightning channels.

据 DeFiLlama 称，支付协议闪电网络于 2018 年推出，至今仍备受推崇，TVL 接近 3 亿美元。根据闪电通道市场 Magma 的数据，节点运营商（向闪电网络的支付通道提供 BTC 流动性以换取费用）的 BTC 平均年利率为 5.62%。

Similar to Bitcoin mining, Lightning nodes are dominated by professional shops — like LQWD Technologies Corp — not retail holders.

与比特币挖矿类似，闪电节点由 LQWD Technologies Corp 等专业商店主导，而不是零售持有者。

These BTC staking protocols won’t stay under the radar for long. Institutional staking services, including Kiln and Figment, already support staking Stacks’ native token, STX, which pays rewards in BTC from network fees. They might add more networks soon.

这些 BTC 质押协议不会长期受到关注。 Kiln 和 Figment 等机构质押服务已经支持质押 Stacks 的原生代币 STX，该代币通过网络费用以 BTC 形式支付奖励。他们可能很快就会添加更多网络。

In May, asset manager Valour launched the Valour Bitcoin Staking (BTC) SEK ETP, an exchange-traded product (ETP) listed on the Scandinavian exchange Nordic Growth Market. It stakes BTC on Core Chain. Valour launched a Core Chain validator node in June.

5 月，资产管理公司 Valor 推出了 Valor 比特币 Stake（BTC）SEK ETP，这是一款在斯堪的纳维亚交易所 Nordic Growth Market 上市的交易所交易产品（ETP）。它将 BTC 质押在核心链上。 Valor 于 6 月推出了核心链验证节点。

On Sept. 3, asset manager 21.co launched its regulated BTC wrapper, 21.co Wrapped Bitcoin (21BTC). Expect more institutional liquidity to follow.

9 月 3 日，资产管理公司 21.co 推出了受监管的 BTC 包装器 21.co Wrapped Bitcoin (21BTC)。预计随后会有更多机构流动性。

The most compelling possibilities for BTC in DeFi are on Ethereum. Restaking protocol EigenLayer’s 2023 launch has been game-changing for crypto, and BTC is no exception.

BTC 在 DeFi 中最引人注目的可能性是在以太坊上。重新抵押协议 EigenLayer 于 2023 年推出，改变了加密货币的游戏规则，BTC 也不例外。

EigenLayer supports a growing constellation of “actively validated services” (AVS) — protocols that secure themselves using EigenLayer’s nearly $12 billion pool of restaked ETH. In November, AVSs will start paying for that privilege from protocol revenues, generating yield for restakers.

EigenLayer 支持越来越多的“主动验证服务”（AVS）——使用 EigenLayer 近 120 亿美元的重新质押 ETH 池来保护自身安全的协议。 11 月，AVS 将开始从协议收入中支付该特权，为重试者产生收益。

EigenDA, EigenLayer’s first and largest AVS, added native L2 token restaking in August. This effectively expanded restaking from ETH and EigenLayer’s native EIGEN token

EigenDA 是 EigenLayer 的第一个也是最大的 AVS，在 8 月份添加了原生 L2 代币重新抵押。这有效地扩大了 ETH 和 EigenLayer 的原生 EIGEN 代币的重新抵押