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Jessy, Bitchain Vision Realm
With the gradual clarity of the United States’ supervision of virtual currency, Defi has also become one of the main lines of this round of bull market.
At present, the DEFI under the supervision of the United States that people talk about more refers to RWA, US dollar stablecoin, Payfi, and so on.And these practice are generally based on Ethereum and the second floor, or some high -performance new public chains.The relationship with Bitcoin seems to have only encapsulated Bitcoin to participate in financial activities on the chain.
In order to change the embarrassing situation of only encapsulating Bitcoin can participate in the finance on the chain, BTCFI came into being. The so -called BTCFI refers to the financial service platform and agreement built by Bitcoin and its ecosystems, combined with decentralized financial technology., Let Bitcoin’s financial functions expand.
Specifically, this enables Bitcoin itself to participate in financial activities on the chain, and the original barren Bitcoin smart contract function has been enhanced.Bitcoin ecosystem also has more complicated DEFI protocols such as centralized exchanges similar to other public chains, excess mortgage stablecoins, and pledge.And in addition to BTC itself, some BTC ecological assets, such as inscriptions, runes, RGB ++, etc. also participated in Defi -related activities.
According to DEFILLAMA data, the current total TVL of BTC is US $ 6.545 billion, while the total TVL of Solana is US $ 8.297 billion, and the total TVL of Taifang is US $ 68.31 billion.It can be seen that BTCFI is still a blue ocean and has high development potential.
At present, a star project like BABYLON is born on BTCFI. The project mainly introduces the Bitcoin pledge agreement, allowing users to pledge Bitcoin to another POS blockchain and obtain income without using third -party custody and bridge solutions.Or packaging service.In addition, what other projects are worthy of attention?
BTCFIOverall development
According to DEFILLAMA data, representative projects of the BTCFI track, such as BABYLON, have exceeded $ 5 billion.The borrowing and re -pledge agreement is part of the two core components of the BTCFI ecosystem, occupying the largest market share.
BTCFI protocol TVL ranking (data as of December 24, 2024)
According to Defillama, by 2030, the BTCFI market size will increase to about $ 1.2 trillion.This year is the year of the rapid development of BTC ecology. In early 2024, the overall TVL of BTC was US $ 300 million. By the end of 2024, it had reached $ 6.5 billion, an increase of more than 20 times.
In the BTCFI track, the lending agreement is one of the most important applications. Traditionally, Bitcoin, as a digital asset, has not participated in the lending market.However, the BTCFI agreement enables Bitcoin to decentralized borrowing as a mortgage.The more typical projects include liquidium, shell finance, and so on.
Then there is the stabilization currency protocol. The stabilization coin protocol in BTCFI uses Bitcoin and its derivative assets (such as Ordinals and Runes) as a mortgage, which is linked to the price linked to Bitcoin prices.Practicing on stabilization coins, there are SHELL Finance linked to Bitcoin hook stablecoin, BABYLON’s stable currency with Bitcoin as mortgage, and so on.
The pledge mechanism is also an innovation in the current BTCFI ecosystem. This year, these projects have also achieved great achievements in locking volume. There are currently many re -pledge agreements in the BTCFI ecosystem.Users can re -pledge the pledged Bitcoin or other encrypted assets to get additional rewards, such as the Lombard Protocol in Bouncebit and Babylon ecology, all support the pledge protocol.
headBTCFIProject introduction
Babylon
When it comes to BTCFI, Babylon must be a difficult project that is difficult to ignore. This is the first project in the industry to introduce Bitcoin’s own standard STAKING project. It is essentially a pledge, security and liquidity agreement.
The main innovation point is to introduce Bitcoin’s own standard STAKING. The technical upgrade achieved through the Bitcoin improvement proposal, such as Schnorr signature, Taproot upgrade, and TapScript update, etc., which improves the efficiency and privacy of Staking transactions, allowing Bitcoin to holdThose who can lock the BTC assets instruction code contract in the form of a self -custody form without a third -party custody.income.
At present, TVL is over 5 billion US dollars, and it has a rich ecology. According to public information, its ecological projects cover 7 categories of Layer2, DEFI, liquidity pledges, wallets and custodians, COSMOS, ending provider and Rollup infrastructure.，共有91 个项目，其中包括众多知名项目，如Layer2 领域的BisonLabs、BSquared Network 等；DeFi 领域的Kina Finance、LayerBank 等；流动性质押领域的Bedrock、Chakra、Lombard 等，这些项目围绕Babylon 形成了一个The huge ecosystem has promoted the diversified development of the Bitcoin ecosystem.
Shell finance
It is the first decentralized borrowing and stablecoin agreement built on the first floor of Bitcoin. It aims to provide decentralized lending and stablecoin agreement for the Bitcoin ecosystem to enable Bitcoin and related asset holders to manageAssets, acquisition of liquidity.
One of its core functions is to serve the loan. Users can use Bitcoin, BRC-20, Runes and other bitcoin ecological assets such as Bitcoin, Ordinals NFT, BRC-20, and Runes as a mortgage.The unique Peer-TO-PROTOCOL lending mechanism is implemented, and shell Finance acts as the borrower’s opponent as a borrower.Unlike the traditional lending agreement, shell Finance charges a one -time loan fee from the borrower, instead of continuously charging interest through floating interest rates, and realizes interest -free instant loans, providing unique income opportunities for inscription holders.
The second core function is the issuance of stablecoin. Shell Finance is the first decentralized stable currency protocol in the BTC main network. After the user mortgage the above -mentioned Bitcoin ecological assets, it can obtain stablecoin.The launch of this stable coin has enhanced the liquidity of the first -level assets of BTC, laying the foundation for the development of BTCFI. In the future, it will also expand to the network of UTXO models such as Bitcoin Fractal to further expand the use scenarios.
Technically, it adopts the cautious log contract (DLC) technology and PSBT technology. The former was proposed by Tad Gardryja, the creator of the Bitcoin Lightning Network, which can make the contract execution process more private, secure and fully automated.Automatically liquidate the loan when breaking the critical point.
On December 4, 2024, Shell Finance’s main network has been launched.
Liquidium
A preface borrowing platform based on Bitcoin blockchain allows users to use native order as mortgage borrowing and borrowing of native Bitcoin, thereby eliminating the needs of intermediaries or custodians.
This product supports a variety of mortgages, not only supports Bitcoin Ordinals as a collateral, but also plans to support BRC-20 tokens. It provides users with more options and further expands the application scenarios of Bitcoin assets.
Technically, it is based on the Bitcoin network, and all borrowing operations are directly on the first layer of Bitcoin.The project token LIQUIDIUM was launched on July 22, 2024. It is the first governance tokens on the rune tokens on the Bitcoin.The token is designed to decentralize the liquidium protocol and promote community participation in its governance.
Bitsmiley
There are three major components in this project. The first is the excess mortgage stabilization currency protocol Bitusd. The benchmarking DAI. Users can overcome the native BTC stabilized currency BitusD to BITSMILEY TREASURY.
The second is the native to trust the lending agreement Bitleending. It uses point -to -point mode atomic exchange technology to achieve transaction matching. It also introduces insurance systems to optimize traditional lending clearing processes;
The third is the Credit Default Swaps (CDS), which is essentially a risk transfer tool.On the Bitsmiley platform, one party (usually a party who is worried about the risk of debt defaults) pays a certain fee to the other party (willing to bear the risk to obtain a certain income), similar to insurance premiums.If the agreed basic debt (such as the debt status generated by the related Bitcoin ecological asset borrowing, etc.) occurred, the contract of breach of contract, the party who bear the risk must pay the party who pays the payment fee in accordance with the agreement to manage and hedge the risk of debt default risks.EssenceIn terms of operation, it integrates NFT cutting CDS and uses aggregate bidding methods to improve market efficiency and fairness.
At present, its token Smile has been launched on multiple exchanges, such as Bybit, Gate.io, Bitget, matcha.
Chakra
The Bitcoin re -pledge agreement is as follows: the first is the pledge of self -custody. Through the time locking the script, the Bitcoin holder does not need to transfer the assets to his wallet to pledge, avoiding third -party risks, following the risk of third -party.”Not Your Keys, Not Your Coins” to ensure asset safety.The second is to use zero -knowledge certification technology, and use Stark to implement the proof system.Bitcoin’s pledge incident is verified under the chain through zero -knowledge proof to access the information on the chain without connecting to the Bitcoin network, and no credibility settings are required. Compared with SNARK, security is enhanced.
By integrated decentralized Bitcoin liquidity, Chakra provides a more secure and smooth settlement experience.Users can easily pledge Bitcoin with one click, and use Chakra’s advanced settlement network to participate in more liquidity income opportunities including LST/LRT projects including Babylon ecology.
Solv protocol
The core highlight of the Bitcoin pledge agreement is to provide a variety of income scenarios in cooperation with various ecological leadership.
The SOLVBTC launched by this project is the first BTC product that allows its own income. Through pledge, it creates a safe basic income for the original idle Bitcoin in the wallet.SOLVBTC captures Staking income from BTC Layer2, RESTAKING income, and DEFI income of ETH LAYER2, and seamlessly integrates various types of applied layers to provide Bitcoin holders with rich income opportunities.Three strategies are generated.
We can understand it as a unified Bitcoin liquidity matrix, aiming to uniformly disperse the trillion dollars of liquidity decentralized by SolvbTC.Equivalent to the income polymer of a Bitcoin asset, whether it is BTCB, FBTC, MBTC … different BTC assets on different chains can cause SolvbTC to simplify user asset management experience.
This is also equivalent to integrating liquidity opportunities for different Bitcoin assets. A solvbtc walks through the chain to form a unified asset pool, bringing more diverse income opportunities to the holder.
Bedrock
BEDROCK is a multi -asset liquidity re -pledge protocol.
In terms of BTCFI, it uses UNIBTC supported by Babylon for re -pledge. In Babylon War, Bedrolk’s performance is prominent, and the 297.8 BTC pledge quota is successfully grabbed, accounting for nearly 30%of the initial pledge of BABYLON.
Use this product to use WBTC on the ETH chain to pledge on Babylon. After pledged their WBTC pledge, they will get a 1: 1 voucher -UNIBTC, and the user’s Unibtc can be converted to WBTC at any time.Babylon provides core technical support in the middle.Users pledge WBTC and hold Unibtc to get BEDROCK and BABYLON points.In cooperation with BABYLON through UniBTC, Bedrock provides liquidity pledge service to support Babylon’s POS chain.By casting Unibtc, the Babylon chain is ensured, and the stability and security of the Babylon chain will be further expanded to the BEDROCK product to the BTC chain.
Bounterbit
Deliven to create income infrastructure for Bitcoin, provide institutional -level income products, re -pledged application scenarios, and CEDEFI services. The specific business includes:
Bouncebit protocolTheUsers deposit assets such as BTC, which can receive the corresponding liquid Custody token. Assets are managed by the security custody account and mirror mechanism calculated by multi -party computing, and they will generate income feedback users.
Bounter chainTheThe Layer1 blockchain, which uses the consensus mechanism of the equity entrustment service to the consensus mechanism and is completely compatible with the Ethereum virtual machine. The user can entrust the tokens to the verification node for pledge. The obtained pledge certificate can be used in the DAPP on the chain.
Share Security ClientTheIts logic is consistent with Eigenlayer and allows the security of Bouncebit Chain to be leased to support applications such as Bridge, Oracle, SideChain and other applications.
BoundceBit was launched in early 2024 and raised a total of $ 7.98 million.In May 2024, its native token was launched on BB.
Lorenzo Protocol
A BABYLON -based modular Bitcoin L2 infrastructure aims to provide Bitcoin liquidity financial layers.
Through Babylon’s Bitcoin pledge and timestamp protocol, it lays the foundation for scalable and high -performance Bitcoin application layers, enhance the scalability of Bitcoin, and enable the execution of smart contracts.
The project has an innovative token system, including the mobile principal tokens (LPT, such as STBTC) and the cumulative tokens (YAT).STBTC and the pledged BTC 1: 1 anchor, unify the liquidity of different ecosystems, the holder can redeem the principal after the pledge is over; YAT has its own pledge plan, starts and end time, and can be before expiration.Transaction transfer, holders can receive POS chain rewards, YAT, the same pledged plan, can also be swapped. Its value comes from cumulative income and speculation on future income.
The project supports a variety of pledge methods, such as loop and leverage pledge.Circular pledge uses the external DEX partnership to allow users to pledge BTC, borrow more BTCs and increase pledged rewards; leverage pledge can use the internal liquidity simplification process, users can use the maximum leverage, which improves capital efficiency and optimizes it.Pickup income.
at presentBTCFIExisting problem
The current projects are not small. In 2024, its total TVL has also grown out, but the Circuit of BTCFI itself has not really caused a trend in the industry.
At present, there are still many problems in the development of the track. First of all, the core problem is that the internal discussion of some technological upgrades and innovation plans within the Bitcoin community is often difficult to reach consensus.Project advancement difficulties.
At the technical level, there are also great difficulties. First of all, Bitcoin’s own block expansion is insufficient, and it cannot realize automated financial transactions and complex business logic like Ethereum.In addition, the interoperability between Bitcoin and other blockchain is limited. Most solutions depend on centralized institutions to achieve cross -chain interaction.
Moreover, the transaction cost of the BTCFI project is also high, which greatly increases the cost of participants. For example, Babylon exposes high transaction costs during the pledge, including the soaring mining expenses caused by the FOMO effect, and unlocking after pledged after pledgesThe handling fee of withdrawal operations is also high.
Insufficient liquidity is also a universal problem existing in the track. On the one hand, the liquidity risk of the Wrapped version of the BTC still exists. For example, in the Babylon protocol, the WRAPPD BTC provided by the pledged node and the native BTC liquidity of the aggregation of it is not completely matched with it., It is necessary to rely on the reputation guarantee of each aggregation platform to maintain.On the other hand, the liquidity provision of financial activities such as Bitcoin pledge lending is relatively single, which mainly depends on capital lending. It has not yet formed a diversified and efficient liquidity provision mechanism as the traditional financial market.
It is in this case that the total lock value of the BTCFI project is still smaller than the mainstream public chains such as Ethereum. The market does not have high acceptance and participation in its acceptance and participation.
Look forward to the future
At present, exchanges of Binance, OKX, and other exchanges have cooperated with Babylon, Chakra, Bedrolk, B², Solv Protocol and other activities.A very convenient way.
Looking at these projects mentioned above, these projects will find that in addition to the BTC itself, the current BTCFI ecology already has a very rich type of assets to participate in BTCFI.For example, inscriptions, runes, etc. are based on BTC -based assets; RGB ++, TAPROOT Asset, etc., such as BTC networks based on BTC networks; WBTC on ETH chains, Wrap/Stake assets such as WBTC, various representative BTC LST or LRT vouchers; theseAsset liquidity has expanded the category of BTCFI, and also makes the scene of BTCFI richer and richer.
Looking forward to the future, with the development of technology, such as Layer2 technology will continue to develop and improve, Rollups and other solutions will be more mature, bringing significantly improvement of Bitcoin’s transaction processing capabilities.
With the emergence of reliable cross -chain bridges, it will also make the safer and efficient asset transfer and interaction between Bitcoin and other blockchain networks.Bitcoin can participate in DEFI applications on different chains.
With the help of RSK, AVM, BITVM and other solutions, Bitcoin’s smart contract function will be enhanced, which can support more complex financial business logic and applications.
The advancement of these technologies will provide more powerful technical support for decentralized financial services in the Bitcoin ecosystem, and achieve more flexible financial products such as pledge, lending, and derivatives.
With the revival of DEFI, we may be able to see that the connection between BTCFI and real finance has become closer. For example, the application of stablecoins in the BTCFI ecosystem will continue to expand, which will provide more efficient and more efficient and more efficient and international trade in cross -border payment and international tradeLow -cost solution.For example, RGB ++ supports USDI stablecoin, its 1: 1 anchor US dollar design and AML/KYC compliance requirements make it an important tool in the international payment field.Large -scale landing, this will promote Bitcoin to be widely used in the global financial system.
