More Than Digital Gold: Why the Bitcoin Ecosystem Has Upside Potential [Part 1]
不仅仅是数字黄金：为什么比特币生态系统具有上升潜力 [第 1 部分]

TLDR 
总长DR  

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Bitcoin’s institutional era is here. In 2024, the advent of the first spot ETFs tied to BTC has defined the current crypto market cycle. While BTC first started to attract attention from TradFi giants in 2020, it’s now indisputable that the top crypto is gaining mainstream acceptance.
比特币的制度时代已经到来。 2024 年，第一批与 BTC 挂钩的现货 ETF 的出现定义了当前的加密货币市场周期。虽然 BTC 在 2020 年首次开始吸引 TradFi 巨头的关注，但现在无可争议的是，顶级加密货币正在获得主流接受。

BTC’s “digital gold” narrative has driven much of this institutional interest. While BTC’s scarcity is its biggest selling point, recent innovations in Bitcoin have proven that there’s a world of untapped potential beyond holding its underlying asset.
比特币的“数字黄金”叙事在很大程度上激发了机构的兴趣。虽然比特币的稀缺性是其最大的卖点，但比特币最近的创新已经证明，除了持有其基础资产之外，还有一个尚未开发的潜力世界。

In recent years, blockchain’s L1 space has become saturated with projects looking to compete with Ethereum and its various L2s on speed, cost, and scalability. At the same time, innovation has flourished on crypto’s original blockchain and many talented teams have turned to it to bring their ideas to life. 
近年来，区块链的 L1 空间已经饱和，充满了希望在速度、成本和可扩展性方面与以太坊及其各种 L2 竞争的项目。与此同时，加密货币的原始区块链上的创新蓬勃发展，许多才华横溢的团队已经转向它来将他们的想法变为现实。

As more and more builders look to innovate on Bitcoin, its ecosystem is showing that it could have a bright future ahead, presenting exciting opportunities from an investment perspective. Many L2s have emerged on Bitcoin, while dApps focusing on areas like DeFi have given BTC holders new ways to use their assets. 
随着越来越多的开发者寻求比特币创新，其生态系统表明它可能拥有光明的未来，从投资角度提供了令人兴奋的机会。比特币上出现了许多 L2，而专注于 DeFi 等领域的 dApp 则为 BTC 持有者提供了使用其资产的新方式。

While the Bitcoin ecosystem faces challenges around user onboarding and centralization, the recent growth hints that it has a bright future ahead. We can look to the Ethereum ecosystem’s development for an idea of how this space could grow over the coming years. 
虽然比特币生态系统面临着用户引导和集中化方面的挑战，但最近的增长表明它有着光明的未来。我们可以关注以太坊生态系统的发展，以了解该领域在未来几年将如何发展。

In this report, we go deep on the state of the Bitcoin ecosystem in 2024 and explain why we believe this space could have huge upside potential. 
在这份报告中，我们深入探讨了 2024 年比特币生态系统的状况，并解释了为什么我们相信这个领域可能具有巨大的上升潜力。

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Our investment thesis in the Bitcoin ecosystem
我们对比特币生态系统的投资论文

While the Bitcoin ecosystem is still nascent, many promising projects have emerged, including L2 scaling solutions and other pioneering innovations. This presents a compelling investment opportunity for early believers. Additionally, the current market landscape illustrates the Bitcoin ecosystem’s significant potential:
虽然比特币生态系统仍处于萌芽阶段，但许多有前途的项目已经出现，包括 L2 扩展解决方案和其他开创性创新。这为早期信徒提供了一个引人注目的投资机会。此外，当前的市场格局说明了比特币生态系统的巨大潜力：

The Bitcoin ecosystem offers huge promise as an investment: Sophisticated financial products and services tied to Bitcoin are emerging, proving that this young space is poised for growth. There are a few key reasons these products are launching. 
比特币生态系统作为一种投资提供了巨大的前景：与比特币相关的复杂金融产品和服务不断涌现，证明这个年轻的领域已经做好了增长的准备。这些产品的推出有几个关键原因。

• Attractive comparative valuation between BTC and its ecosystem: The Ethereum ecosystem is crypto’s largest and most active today. But Bitcoin looks set to spawn an Ethereum-like application layer given that there is substantial capital in BTC seeking productive use. BTC’s $1T market capitalization is around three times that of ETH’s. The Bitcoin ecosystem’s valuation is around $10B, while Ethereum’s sits closer to $300B (based on the broader ecosystem and TVL). This hints at a discrepancy between the amount of capital stored in BTC relative to its market valuation. Our investment strategy is built on the thesis that the BTC ecosystem has huge upside potential given BTC’s market capitalization. 
  BTC 及其生态系统之间具有吸引力的比较估值：以太坊生态系统是当今加密货币中最大、最活跃的生态系统。但考虑到比特币中有大量资本寻求生产性用途，比特币看起来将催生一个类似以太坊的应用层。 BTC 的 1T 美元市值约为 ETH 的三倍。比特币生态系统的估值约为 $10B，而以太坊的估值接近 $300B（基于更广泛的生态系统和 TVL）。这暗示比特币存储的资本量与其市场估值之间存在差异。我们的投资策略基于这样的论点：鉴于 BTC 的市值，BTC 生态系统具有巨大的上涨潜力。
• Preferences among BTC holders are changing: BTC holders have historically been divided on prioritizing earning yield on BTC (at the cost of decentralization) or trustless self-custody (at the cost of yield opportunities). This division should fade as self-custodial capital management solutions emerge, albeit with certain trade-offs. This niche is still underexplored despite the demand for yield on BTC, hinting at opportunities ahead. 
  BTC 持有者的偏好正在发生变化： BTC 持有者在历史上一直存在分歧，是优先考虑 BTC 的收益收益（以去中心化为代价）还是去信任的自我托管（以收益机会为代价）。随着自我托管资本管理解决方案的出现，这种划分应该会消失，尽管需要进行某些权衡。尽管对比特币收益的需求很大，但这一利基市场仍未得到充分开发，这暗示着未来的机遇。
• A layer is forming on top of Bitcoin: We are seeing signs of a middle ground forming on top of Bitcoin’s base layer. Early Bitcoin ecosystem followers have focused on L2s, suggesting that infrastructure investments could yield returns. We have found that investors and builders alike are prioritizing Bitcoin L2s in 2024, with attention likely to shift to applications on a longer time horizon. 
  比特币之上正在形成一层：我们看到比特币基础层之上正在形成中间地带的迹象。早期的比特币生态系统追随者主要关注 L2，这表明基础设施投资可以产生回报。我们发现，投资者和建设者都将在 2024 年优先考虑比特币 L2，注意力可能会转向更长期的应用。
• BTC is an institutional asset: BTC is becoming more widely adopted in institutional investment portfolios, which means the demand for secure ways to earn yield will increase. Platforms that prove their credibility and security should attract significant interest from the institutional market. 
  BTC 是一种机构资产： BTC 在机构投资组合中越来越广泛采用，这意味着对安全赚取收益的方式的需求将会增加。证明其可信度和安全性的平台应该会引起机构市场的极大兴趣。

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While Asian projects have moved fast to build out the Bitcoin ecosystem, sentiment surrounding Western projects is strong: We have noticed that Western teams building Bitcoin L2s have gained greater interest from investors than Asian teams focused on similar goals. There are several reasons for this. 
虽然亚洲项目已经迅速建立了比特币生态系统，但围绕西方项目的情绪却很强烈：我们注意到，与专注于类似目标的亚洲团队相比，构建比特币 L2 的西方团队更能引起投资者的兴趣。这有几个原因。

• Asian Bitcoin L2s are underperforming: While Asian projects building in the ecosystem often have a first-mover advantage with early CEX listings, most have underperformed. Some teams have been criticized for focusing on the short term without offering real tech or innovation. 
  亚洲比特币 L2 表现不佳：虽然在生态系统中建设的亚洲项目通常在早期 CEX 上市方面具有先发优势，但大多数表现不佳。一些团队因只关注短期而不提供真正的技术或创新而受到批评。
• Western Bitcoin L2s have a valuation premium: Western Bitcoin L2s like Stacks (STX) and CORE (CORE) are often valued at a premium. Coinbase recently listed CORE, a sign of the market’s inclination towards Western projects. 
  西方比特币 L2 具有估值溢价：像 Stacks (STX) 和 CORE (CORE) 这样的西方比特币 L2 通常估值溢价。 Coinbase 最近上市了 CORE，这表明市场倾向于西方项目。
• Bitcoin L2s are attracting global interest: Top-tier VCs worldwide are increasingly paying attention to the Bitcoin L2 space. As more established institutions join the ecosystem, projects are likely to adopt a longer-term vision with serious technological breakthroughs.
  比特币 L2 正在吸引全球的兴趣：全球顶级风险投资公司越来越关注比特币 L2 领域。随着更多成熟机构加入生态系统，项目可能会采取长期愿景并实现重大技术突破。

Bitcoin L2’s success depends on several crucial factors: Balancing technological feasibility, user engagement, and trust-building is key to creating a sustainable ecosystem for Bitcoin L2s to thrive. There are a few vital steps in this process. 
比特币 L2 的成功取决于几个关键因素：平衡技术可行性、用户参与和信任建设是为比特币 L2 蓬勃发展创建可持续生态系统的关键。此过程中有几个重要步骤。

• BTC must be usable on L1 and L2: Making BTC available on L2 is a difficult challenge for teams today. While nascent technologies like RGB and zkRollups can help in addition to technical updates like the BTC Foundation’s OP_CAT, the issue is not yet solved. 
  BTC 必须在 L1 和 L2 上可用：让 BTC 在 L2 上可用对于当今的团队来说是一个艰巨的挑战。虽然 RGB 和 zkRollups 等新兴技术除了 BTC 基金会的 OP_CAT 等技术更新之外也能有所帮助，但问题尚未得到解决。
• The ecosystem must be robust: Attracting active, loyal users is critical. Establishing robust, trusted mechanisms to move between L1 and L2, leveraging community support, and capitalizing on first-mover opportunities are potential paths to achieving this goal. 
  生态系统必须强大：吸引活跃、忠诚的用户至关重要。建立强大、可信的机制在 L1 和 L2 之间移动、利用社区支持以及利用先发机会是实现这一目标的潜在途径。
• Leading teams are emerging: The Bitcoin ecosystem is evolving fast across the technology, infrastructure, community, and fundraising verticals. But the strength of the teams in the ecosystem are pivotal to its success. We’ve identified Alpen Labs and Citrea as early leaders.
  领先团队不断涌现：比特币生态系统在技术、基础设施、社区和筹款垂直领域快速发展。但生态系统中团队的实力对其成功至关重要。我们认为 Alpen Labs 和 Citrea 是早期的领导者。
  • Security is key: Both teams are focused on building robust interop mechanisms. Demonstrating sophisticated security processes with a proven track record will be crucial to earning the trust of conservative BTC holders. 
    安全性是关键：两个团队都专注于构建强大的互操作机制。展示具有良好记录的复杂安全流程对于赢得保守的比特币持有者的信任至关重要。
  • Community is the focus: Both teams are building platforms that resonate with the Bitcoin community’s core values and expectations. 
    社区是焦点：两个团队都在构建与比特币社区的核心价值观和期望产生共鸣的平台。
  • Being early is an advantage: Securing endorsements from recognized institutions such as VC funds and Tier 1 ecosystem partners has helped both teams earn credibility and trust. 
    早期是一个优势：获得风险投资基金和一级生态系统合作伙伴等知名机构的认可有助于两个团队赢得信誉和信任。

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A timeline of the Bitcoin ecosystem 
比特币生态系统的时间表

The Bitcoin ecosystem’s early timeline has been defined by a few key moments. We track the early ecosystem’s evolution below. 
比特币生态系统的早期时间表是由几个关键时刻定义的。我们在下面追踪早期生态系统的演变。

• 2021/11: The Taproot update goes live 
  2021/11：Taproot 更新上线
• 2022/12: The “Ordinals” protocol is proposed by Casey Rodarmor
  2022/12：“Ordinals”协议由 Casey Rodarmor 提出
  • Ordinals introduced a way to put data linked to assets such as images on the Bitcoin blockchain as “inscriptions,” giving rise to the first Bitcoin NFTs
    Ordinals 引入了一种将与比特币区块链上的图像等资产相关的数据作为“铭文”的方法，从而催生了第一批比特币 NFT
• 2023/03: The BRC-20 token standard is proposed by anonymous developer @domodata
  2023/03：BRC-20代币标准由匿名开发者@domodata提出
  • BRC-20 uses Ordinals inscription rules to provide a unified format and attributes (such as token name, total supply, and maximum single minting amount) for additional information that needs to be uploaded onchain ("transfer message")
    BRC-20使用Ordinals铭文规则为需要上传到链上的附加信息（“转账消息”）提供统一的格式和属性（例如代币名称、总供应量和最大单次铸币量）
  • “ORDI” becomes the first BRC-20 token (note: ORDI is not affiliated with Casey Rodarmor)
    “ORDI”成为第一个 BRC-20 代币（注：ORDI 与 Casey Rodarmor 无关）
• 2023/09: The BRC-420 and ARC-20 standards launch
  2023/09：BRC-4​​20 和 ARC-20 标准推出
  • BRC-420 offers recursive inscriptions, which combine multiple inscriptions in repetition. This allows for the creation of complex assets such as in-game items or animations. 
    BRC-4​​20 提供递归铭文，即重复组合多个铭文。这允许创建复杂的资产，例如游戏内物品或动画。
  • ARC-20 is a colored coin model that uses Satoshis as the unit of account, which means that every ARC-20 token must be supported by an individual sat. 
    ARC-20 是一种彩色硬币模型，使用 Satoshis 作为记账单位，这意味着每个 ARC-20 代币必须由单独的 sat 支持。
• 2023/09: The “Runes” protocol is proposed by Casey Rodarmor
  2023/09：“Runes”协议由Casey Rodarmor提出
  • The Ordinals founder proposed Runes after criticizing BRC-20, saying it burdened Bitcoin nodes with data carrying. 
    Ordinals 创始人在批评 BRC-20 后提出了 Runes，称它给比特币节点带来了数据承载的负担。
• 2023/11: “ORDI” secures a Binance listing 
  2023/11：“ORDI”在币安上市
• 2023/11-12: “Inscription Season” commences as L2s start to raise funds and build 
  2023/11-12：L2开始筹集资金和建设，“铭文季”开始
• 2024/03: Inscriptions get integrated into Binance’s wallet
  2024/03：铭文集成到币安钱包中
• 2024/03: The leading Bitcoin L2s hit billions of dollars in TVL
  2024/03：领先的比特币 L2 的 TVL 达到数十亿美元
• 2024/04: Bitcoin completes fourth halving, Bitcoin L2s launch on mainnet
  2024/04：比特币完成第四次减半，比特币L2在主网上线
  • Merlin’s MERL secures an OKX listing
    Merlin 的 MERL 已在 OKX 上市
  • Runes protocol goes live Runes 协议上线
• 2024/05: Bitcoin Asia in Hong Kong
  2024/05：比特币亚洲在香港举行
  • BounceBit (BB) secures a Binance listing 
    BounceBit (BB) 已在币安上市
  • Omnichain Bitcoin asset FBTC launches 
    全链比特币资产 FBTC 上线
  • Western Bitcoin L2s and restaking protocols start to raise funds and build 
    西方比特币 L2 和重新抵押协议开始筹集资金并建立
• 2024/07: Bitcoin Conference takes place in Nashville
  2024/07：比特币会议在纳什维尔举行
  • Trump pledges commitment to Bitcoin in his keynote speech, bringing attention to the ecosystem
    特朗普在主题演讲中承诺对比特币的承诺，引起人们对生态系统的关注
• 2024/08: BTC staking platform Babylon launches on mainnet
  2024/08：BTC 质押平台 Babylon 在主网上线

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Key catalysts  关键催化剂

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Internal factors 内部因素

• Tech improvements like Taproot have triggered new Bitcoin innovations. Taproot introduced two important Bitcoin Improvement Proposals.
  像 Taproot 这样的技术改进引发了新的比特币创新。 Taproot 提出了两项​​重要的比特币改进提案。
  • The Schinorr signature, a signature algorithm that can generate thousands of signatures with minimal gas and storage requirements. Vitalik previously proposed Schinorr signatures for Ethereum but the chain does not yet support them. 
    Schinorr 签名是一种签名算法，可以用最少的 Gas 和存储需求生成数千个签名。 Vitalik 此前曾为以太坊提出过 Schinorr 签名，但该链尚不支持它们。
  • The MAST (Merklized Alternative Script Tree) contract, which allows users to insert various scripts in the tree diagram, cooperate with Schinorr signatures to create new contracts, and make interesting contract implementations. 
    MAST（Merklized Alternative Script Tree）合约，允许用户在树图中插入各种脚本，配合 Schinorr 签名创建新合约，做出有趣的合约实现。
• With Schinorr signatures and MAST, Taproot has advanced Bitcoin’s scalability and underlying technical framework. Since Taproot, Bitcoin has five address types, with addresses commencing [bc1p] representing those created after the upgrade. Users can transfer BTC, buy inscriptions or make Lightning Network transactions with any of these address types. 
  凭借 Schinorr 签名和 MAST，Taproot 提高了比特币的可扩展性和底层技术框架。自 Taproot 以来，比特币有五种地址类型，以 [bc1p] 开头的地址代表升级后创建的地址。用户可以使用任何这些地址类型转移 BTC、购买铭文或进行闪电网络交易。

External factors 外部因素

• The Ordinals protocol offers new ways to issue assets in an equitable manner, sharing similarities with the 2017-era ICO model. 
  Ordinals 协议提供了以公平方式发行资产的新方式，与 2017 年时代的 ICO 模式有相似之处。
• Ordinals has revived the fair launch: As retail investors lose patience with low float, high valuation models and a drought of promising new projects, Ordinals have shone.
  Ordinals 重新启动了公平发布：随着散户投资者对低流通量、高估值模型和有前途的新项目的缺乏失去耐心，Ordinals 却大放异彩。
• Successful projects create the wealth effect: As valuations start low, participants are offered attractive MOICs. This brings more attention to the ecosystem in a reflexive manner. 
  成功的项目会产生财富效应：随着估值开始较低，参与者会获得有吸引力的 MOIC。这以反射性的方式引起了对生态系统的更多关注。
• The Bitcoin halving effect: Bitcoin’s global computing power has surged since 2020 and the fourth halving completed in April. As a result, miners are seeking new narratives to increase profitability. 
  比特币减半效应：2020年以来，比特币全球算力猛增，4月份完成第四次减半。因此，矿商正在寻求新的方案来提高盈利能力。
• CEXs have brought exposure to the ecosystem: New trends attract new users and offer CEXs an opportunity to scale. Binance’s ORDI listing and OKX’s Ordinals marketplace launch are examples of CEX developments that have helped the ecosystem grow. 
  CEX 带来了生态系统的曝光：新趋势吸引新用户，并为 CEX 提供扩展的机会。 Binance 的 ORDI 上市和 OKX 的 Ordinals 市场推出都是 CEX 发展帮助生态系统发展的例子。

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The Bitcoin market beyond BTC 
BTC之外的比特币市场

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• BTC’s market capitalization vs. the Bitcoin ecosystem’s market size: BTC’s market capitalization is over $1T, more than three times that of ETH’s. But the Bitcoin ecosystem is valued at $10B, which is significantly smaller than Ethereum’s $300B. This variance could shorten if development continues. 
  BTC 市值与比特币生态系统市场规模： BTC 市值超过 1T 美元，是 ETH 的三倍多。但比特币生态系统的估值为 $10B，明显小于以太坊的 $300B。如果继续开发，这种差异可能会缩小。
• The Bitcoin ecosystem does not require large market penetration: As BTC’s market value is so large, the Bitcoin ecosystem would hit $15B in TVL if only 1% of BTC’s supply was deployed in DeFi. If 5% was deployed, it would hit $75B in TVL. 
  比特币生态系统不需要很大的市场渗透率：由于 BTC 的市值如此之大，如果只有 1% 的 BTC 供应量部署在 DeFi 中，比特币生态系统的 TVL 就会达到 15B 美元。如果部署 5%，TVL 将达到 $75B。
• Ethereum’s key innovations could flourish on Bitcoin: The Bitcoin ecosystem could host the innovations that have defined Ethereum’s last two bull markets (ICO/DeFi/NFTs) within the next two years. The success of Ordinals is evidence of this. 
  以太坊的关键创新可以在比特币上蓬勃发展：比特币生态系统可以在未来两年内承载定义以太坊最后两个牛市（ICO/DeFi/NFT）的创新。 Ordinals 的成功证明了这一点。
• Builders like Bitcoin: In a crowded L1 environment, the market is paying closer attention to the Bitcoin ecosystem and builders are pivoting to create new use cases for BTC.  
  像比特币这样的构建者：在拥挤的 L1 环境中，市场越来越关注比特币生态系统，构建者正在转向为 BTC 创建新的用例。
• The Bitcoin ecosystem could mirror Ethereum at a faster rate: Some Asian community members say that “Ethereum is the testnet for Bitcoin.” The blockchain industry started when Bitcoin launched and Ethereum answered to its limited application. Ethereum has taken several years to scale for applications. With recent updates like Taproot, Bitcoin can now spawn its own ecosystem. This could happen at a faster rate than on Bitcoin as many business models have been proven on Ethereum. For users, Bitcoin’s interaction logic is also familiar.  
  比特币生态系统可以更快地反映以太坊：一些亚洲社区成员表示“以太坊是比特币的测试网”。区块链行业始于比特币的推出和以太坊对其有限应用的回应。以太坊花了几年的时间来扩展应用程序。通过 Taproot 等最近的更新，比特币现在可以催生自己的生态系统。这种情况发生的速度可能比比特币更快，因为许多商业模式已经在以太坊上得到了证明。对于用户来说，比特币的交互逻辑也很熟悉。

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Potential trends and narratives to watch
值得关注的潜在趋势和叙述

While the Bitcoin ecosystem is nascent, it is evolving fast. Though it’s difficult to predict how the ecosystem sill look over the coming years, we offer our perspectives on potential trends to watch below: 
虽然比特币生态系统还处于萌芽阶段，但它正在快速发展。尽管很难预测未来几年生态系统的状况，但我们对以下值得关注的潜在趋势提出了看法：

• Institutional participation could significantly increase. 
  机构参与可能会显着增加。
  • Institutional participation is still low in the Bitcoin ecosystem even with the huge growth seen in 2024. This leaves space for growth in the future. We believe that Bitcoin Core’s possible implementation of OP_CAT or BitVM will be key here as it would make it easier for institutions to move coins from Bitcoin L1. 
    尽管比特币生态系统在 2024 年出现巨大增长，但机构参与度仍然较低。这为未来的增长留下了空间。我们相信，Bitcoin Core 可能实施的 OP_CAT 或 BitVM 将是关键，因为这将使机构更容易从 Bitcoin L1 转移代币。
  • After discussions around the Bitcoin ecosystem with peer funds in Asia and the West, we’ve found that some teams following this space have taken specific strategies to get exposure to the ecosystem. We detail them below. 
    在与亚洲和西方的同行基金围绕比特币生态系统进行讨论后，我们发现一些关注该领域的团队已经采取了特定的策略来接触该生态系统。我们在下面详细介绍它们。

• Restaking has huge potential. 
  重新赌注有着巨大的潜力。
  • EigenLayer pioneered the concept of restaking on Ethereum, allowing users to deposit staked ETH or LSTs for increased yield. Babylon is taking a similar approach on Bitcoin in hopes of letting any PoS chain leverage Bitcoin to improve their crypto-economic security. 
    EigenLayer 首创了以太坊上重新质押的概念，允许用户存入质押的 ETH 或 LST 以提高收益。 Babylon 对比特币采取了类似的方法，希望让任何 PoS 链利用比特币来提高其加密经济安全性。
  • Unlike Ethereum, Bitcoin does not offer yield on L1. Babylon launched a staking platform and has partnered with other projects. This means it has enabled applications that could launch EigenLayer AVSs to use Bitcoin collateral for crypto-economic security. 
    与以太坊不同，比特币不提供 L1 收益。 Babylon 推出了一个质押平台，并与其他项目进行了合作。这意味着它使可以启动 EigenLayer AVS 的应用程序能够使用比特币抵押品来实现加密经济安全。
  • Bitcoin dwarfs Ethereum in market capitalization, so BTC has huge potential in providing restaked economic security. Some first-movers have already attracted significant TVLs. We list a few examples below. 
    比特币的市值使以太坊相形见绌，因此比特币在提供重新抵押的经济安全方面具有巨大的潜力。一些先行者已经吸引了大量的TVL。我们在下面列出了几个例子。

• New innovations are still emerging. 
  新的创新仍在不断涌现。
  • While we’ve seen many competitive products and innovations emerge, we firmly believe that there are still many entrepreneurial opportunities ahead. Below is a list of some of the key developments to date
    虽然我们看到许多有竞争力的产品和创新不断涌现，但我们坚信前方仍然存在许多创业机会。以下是迄今为止的一些关键进展的列表
  • FBTC, an omnichain Bitcoin asset pegged 1:1 to BTC that’s incubated by Mantle, Antalpha, and Cobo. FBTC aims to make Bitcoin more accessible and usable by reducing friction and improving interoperability. Projects like wBTC have made similar experiments in the Ethereum ecosystem. But while the TVL in the Ethereum ecosystem is about 75% of ETH’s market capitalization, the TVL in the Bitcoin ecosystem is closer to 4% of BTC’s market capitalization. This hints at growth ahead. 
    FBTC，一种与 BTC 1:1 挂钩的全链比特币资产，由 Mantle、Antalpha 和 Cobo 孵化。 FBTC 旨在通过减少摩擦和提高互操作性来使比特币更易于访问和使用。像wBTC这样的项目在以太坊生态系统中也做了类似的实验。但以太坊生态系统中的 TVL 约为 ETH 市值的 75%，而比特币生态系统中的 TVL 接近 BTC 市值的 4%。这暗示着未来的增长。
  • Ethena, a synthetic dollar project that helped Ethereum users earn additional yield on ETH and now supports Bitcoin. Projects like this are giving BTC holders new opportunities to put their assets to work to capture returns. 
    Ethena，一个合成美元项目，帮助以太坊用户赚取额外的 ETH 收益，现在支持比特币。此类项目为比特币持有者提供了新的机会，让他们可以利用自己的资产来获取回报。
  • OP_CAT, a critical technical upgrade that the BTC foundation is working on. OP_CAT could improve BTC’s cross-chain capabilities and enable truly decentralized Bitcoin L2s. 
    OP_CAT，BTC基金会正在进行的一项关键技术升级。 OP_CAT可以提高BTC的跨链能力并实现真正去中心化的比特币L2。
  • More native dApps that give BTC holders a reason to deposit their coins. Compared to ETH holders, BTC holders tend to be conservative, avoiding onchain strategies with heightened risk. Some projects have provided transparent solutions with occasional centralization trade-offs to cater to cautious BTC holders. Avalon Finance is one example but there are many promising CeDeFi projects focused on the Bitcoin ecosystem.
    更多原生 dApp 为 BTC 持有者提供了存币的理由。与 ETH 持有者相比，BTC 持有者往往较为保守，避免采用风险较高的链上策略。一些项目提供了透明的解决方案，偶尔会进行中心化权衡，以满足谨慎的比特币持有者的需求。 Avalon Finance 就是一个例子，但有许多有前景的 CeDeFi 项目专注于比特币生态系统。

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