比特币生态系统的七个罪过

披萨日庆祝了其14年，比特币今天已经打破了110000美元，创造了新的纪录。

Author: Fairy, ChainCatcher

作者：童话，链球手

Editor: TB, ChainCatcher

编辑：TB，ChainCatcher

Friendly reminder: The "Seven Sins of Bitcoin Ecosystem" listed in this article are purely for ridicule, not for deliberate smearing, nor for discrediting the belief attribute of Bitcoin. We respect Satoshi Nakamoto and also respect time. If there are any harsh opinions, we hope that the ecosystem builders will forgive us.

友好的提醒：本文中列出的“比特币生态系统的七个罪过”纯粹是为了嘲笑，而不是故意涂抹，也不是为了抹黑比特币的信念属性。我们尊重nakamoto satoshi，也尊重时间。如果有任何苛刻的意见，我们希望生态系统建筑商能原谅我们。

Pizza Day is celebrating its 14th year, and Bitcoin has broken through $110,000 today, setting a new record. Bitcoin is going up, but the Bitcoin ecosystem seems to be going down.

披萨日（Pizza Day）庆祝了其14年，比特币今天已经打破了110,000美元，创造了新的纪录。比特币正在上升，但是比特币生态系统似乎正在下降。

Bitcoin has grown from a white paper to a new anchor of global assets, and the story of Bitcoin ecology has also changed from a simple technical narrative to a complex picture of human nature, market, power and faith. But under all the noise, few people mention the real problem.

比特币已经从白皮书发展到全球资产的新锚点，比特币生态学的故事也从简单的技术叙事变成了人性，市场，力量和信仰的复杂情况。但是在所有噪音中，很少有人提到真正的问题。

Pizza Day is worth commemorating and reflecting on. At this point, we might as well take a more sober perspective and review the "seven deadly sins" hidden behind the Bitcoin ecosystem.

披萨日值得纪念和反思。在这一点上，我们不妨采取更清醒的视角，并回顾比特币生态系统背后隐藏的“七个致命罪”。

The light of ideal shines into the difficulties of reality

理想的光芒变成了现实的困难

Bitcoin's market value returned to the trillion-dollar mark in early 2024, and it has been nearly a year and a half since then, but its ecological activity is seriously out of balance with its asset size.

比特币的市场价值在2024年初恢复到了万亿美元的成绩，此后已有将近一年半的时间，但是其生态活动与资产规模严重不平衡。

So far, only 13 projects in the Bitcoin ecosystem have completed financing in 2025, compared with 72 in the same period last year and 126 in the whole year. The number of financings has been nearly halved, and capital enthusiasm has quickly receded.

到目前为止，比特币生态系统中只有13个项目在2025年完成了融资，而去年同期为72个，全年为126个。融资的数量几乎减半了，资本热情很快就消失了。

Looking at the on-chain data, DefiLlama shows that the current TVL of the Bitcoin ecosystem is only $6.3 billion, one-tenth of the Ethereum ecosystem ($62.3 billion). Among them, Babylon contributed $5 billion, accounting for more than 80%, and the ecological structure is extremely concentrated.

从链上数据来看，Defillama表明，比特币生态系统的当前TVL仅为63亿美元，占以太坊生态系统的十分之一（623亿美元）。其中，巴比伦贡献了50亿美元，占80％以上，生态结构非常集中。

If we compare TVL with the token market value, the problem is even more glaring: BTC's TVL/market value ratio is only 0.2%, far below the average level of mainstream public chains. Ethereum, Solana, TRON and other chains generally maintain above 10%, and their capital utilization efficiency is significantly higher than Bitcoin.

如果我们将TVL与令牌市场价值进行比较，那么问题甚至更为明显：BTC的TVL/市场价值比仅为0.2％，远低于主流公共连锁店的平均水平。以太坊，Solana，Tron和其他连锁店通常保持在10％以上，其资本利用效率明显高于比特币。

In addition, looking back at the star projects in the Bitcoin ecosystem, such as Stacks and Merlin Chain in the L2 direction, Solv Protocol, Babylon, BounceBit in the staking track, and inscription assets ORDI and SATS, most of them continued to be sluggish in price performance.

此外，回顾比特币生态系统中的明星项目，例如在L2方向上的堆栈和Merlin链，SOLV协议，Babylon，Bouncebit，Stage Track中的Bouncebit，以及铭文资产Ordi和SATS，其中大多数继续在价格绩效方面表现出色。

Although Bitcoin is the "golden signboard" of the crypto market, it is almost a hollow tower in terms of ecological construction. The following are the "seven sins" we have sorted out.

尽管比特币是加密市场的“金色招牌”，但就生态结构而言，它几乎是一个空心的塔。以下是我们解决的“七个罪”。

The first sin: the sin of ecological bubble

第一个罪：生态泡沫的罪

From the end of 2023 to 2024, the Bitcoin ecosystem will usher in a wave of "massive" awakening narratives. From inscriptions, L2, to re-staking, it seems that overnight, the dormant BTC ecosystem suddenly became a hotbed of innovation. But when the market boom fades, the real results are still scarce.

从2023年底到2024年，比特币生态系统将引入一波“大规模”的觉醒叙事。从铭文，L2到重新制作，似乎一夜之间，休眠的BTC生态系统突然成为创新的温床。但是，当市场繁荣逐渐消失时，真正的结果仍然很少。

Many protocols themselves are not disruptive innovations, neither reconstructing the original paradigm nor creating truly new market demand. A large number of projects are just new packaging of old concepts, with weak underlying structures, crude designs, and out of touch with usage scenarios. The relevant teams are uneven, and few have the real willingness and ability to build for the long term.

许多协议本身并不是破坏性的创新，既不重建原始范式，也不是创造真正的新市场需求。大量项目只是旧概念的新包装，具有较弱的基础结构，粗糙设计，并且与使用场景失去联系。相关的团队不平衡，很少有人具有长期建设的真正意愿和能力。

As community member @blapta said: "From the perspective of business results, almost none of these so-called technologically advanced projects have actually landed. Whether the agreement is established is no longer the focus. After a round of financing, the story is told and the project dies down. This is not only a technical failure, but also a cultural silence."

正如社区成员@blapta所说：“从业务结果的角度来看，几乎没有这些所谓的技术先进的项目实际上已经降落了。确定该协议是否不再是重点。经过一轮融资后，讲述了该项目，该项目就会消失。这不仅是一种技术失败，而且是一种文化寂静。”

The Second Sin - Dogmatism and Infighting

第二个罪 - 教条主义和内斗

Idealism has never been absent in the Bitcoin ecosystem, but when it merges with dogmatism, it quietly degenerates into closedness and self-limitation. In this system that prides itself on "decentralized belief", once the technical route, consensus mechanism and even the development direction touch upon a certain "fundamentalist" position, it is very easy to evolve into a black-and-white struggle between camps.

在比特币生态系统中，唯心主义从未缺席过，但是当它与教条主义融合时，它会悄悄地退化为封闭性和自我限制。在这个以“分散信念”为荣的系统中，一旦技术路线，共识机制甚至开发方向都涉及某种“原教旨主义”的立场，就很容易发展成为营地之间的黑白斗争。

Almost every major upgrade of the Bitcoin network has gone through a long process of acceptance. SegWit only covered about 50% of transactions two years after its activation, and it was close to 80% four years later; Taproot, activated in November 2021, was also slow, with an adoption rate of less than 1% in early 2023 and only reaching 39% in early 2024. Developers and the community are extremely cautious about the evolution of the protocol.

比特币网络的几乎所有重大升级都经历了漫长的接受过程。 Segwit激活两年后仅覆盖了约50％的交易，四年后的交易接近80％。 Taproot于2021年11月激活，也很慢，在2023年初的采用率不到1％，在2024年初仅达到39％。开发商和社区对协议的演变非常谨慎。

The historical

历史