比特币的功能类似于实物黄金，作为持有资产、通货膨胀对冲工具，并提供类似美元的货币面值，比特币正在重塑货币基础资产的概念。其透明的算法和固定的 2100 万单位供应确保了一种非自由裁量的货币政策。相比之下，传统的法定货币如美元依赖中央权威机构管理其供应，这引发了关于其在波动、不确定、复杂和模糊（VUCA）时代中的可预测性和有效性的问题。
By contrast, traditional legal currencies, such as the United States dollar, rely on central authorities to manage their supply, raising questions about their predictability and effectiveness in the era of volatility, uncertainty, complexity, and fuzzy (VUCA).
这种对比在诺贝尔奖得主 Friedrich August von Hayek 在其著作《知识的伪装》（The Prepense of Knowledge）中对集中货币决策的批评中尤为突出。比特币透明且可预测的货币政策与传统法定货币管理的不透明和潜在不可预测的特性形成了鲜明对比。
This contrast is particularly evident in Nobel laureate Friedrich August von Hayek’s criticism of centralized monetary decision-making in his book The Prepense of Knowledge. The transparent and predictable monetary policy of Bitcoins contrasts sharply with the opaque and potentially unpredictable nature of traditional legal currency management.
是否要利用比特币
Do you want to use bitcoin?
对于坚定的比特币支持者来说，2100 万的供应上限是神圣不可侵犯的。改变这一上限将从根本上改变比特币的本质，使其变得完全不同。因此，比特币社区普遍对杠杆化比特币持怀疑态度。许多人认为任何形式的杠杆操作类似于法定货币的做法，破坏了比特币的核心原则。
For the steadfast supporters of Bitcoin, the supply cap of 21 million is sacrosanct. Changing the cap would fundamentally change the nature of Bitcoin and make it completely different.
这种对杠杆化比特币的怀疑根植于路德维希·冯·米塞斯所概述的商品信用和流通信用之间的区别。商品信用基于真实储蓄，而流通信用则没有这样的支持，类似于无担保的借据。比特币支持者认为，杠杆操作创造「纸比特币」在经济上是有风险且不稳定的。
This suspicion of leveraging bitcoin is rooted in the distinction between commodity credit and liquidity as outlined by Ludwig von Mises. Commodity credit is based on real savings, while liquidity credit is not supported by such support, similar to unsecured borrowing. Bitcoin supporters argue that leveraging to create "paperbitcoin" is economically risky and unstable.
即使是社区内一些较为细致的观点，也对杠杆化比特币保持谨慎态度，与凯特琳·朗等人的立场一致。凯特琳·朗一直在警告杠杆化比特币的危险。2022 年，一些基于杠杆的比特币借贷公司如 Celsius 和 BlockFi 的倒闭，进一步强化了朗和其他人对杠杆化比特币风险的担忧。
Even with some of the more nuanced views in the community, caution about leveraging bitcoin is consistent with the position taken by Caitlin Lang and others. Caitlin Lang has been warning of the risk of leveraging bitcoin. In 2022, the collapse of some leverage-based bitcoin lending companies, such as Celsius and BlockFi, further reinforced Ron’s concerns about the risk of leveraging bitcoin and others.
Celsius 和其他公司证明了这一点
Celsius and other companies have proven this.
加密市场在 2022 年经历了一场类似于雷曼兄弟倒闭的重大动荡，引发了广泛的信贷紧缩，影响了加密借贷领域的多个参与者。与假设相反，大多数加密借贷活动并不是点对点的，且存在相当大的对手方风险，因为客户直接将资金借给平台，然后这些平台将这些资金投入到没有充分风险管理的投机策略中。
The encryption market experienced a major disruption in 2022, similar to the collapse of the Lehman Brothers, which triggered a widespread credit crunch that affected multiple players in the area of encryption lending. Contrary to assumptions, most encryption lending activities are not point-to-point, and there are considerable rival risks, as customers lend money directly to the platform, which then invests it in speculative strategies that do not adequately manage risk.
在 2020 年 DeFi 夏季期间，主要的 DeFi 协议的崛起提供了有前景的收益生成途径。然而，许多这些协议缺乏可持续的商业模式和代币经济学。它们严重依赖于协议代币的通货膨胀来维持吸引人的收益，导致了一个脱离基本经济原则的不可持续的生态系统。
During the summer of DeFi in 2020, the emergence of the major DeFi agreements provided promising revenue-generation pathways. However, many of these agreements lack sustainable business models and monetic economics. They rely heavily on agreement currency inflation to sustain attractive gains, leading to an unsustainable ecosystem that is away from basic economic principles.
2022 年的加密信贷紧缩暴露了集中化收益工具的各种问题，强调了关于透明度、信任以及流动性、市场和对手方风险的担忧。此外，它还突显了集中化和链下风险管理过程的缺陷，当这些过程应用于基于区块链的「银行服务」时，模仿了传统银行的缺陷。
The contraction of encrypted credit in 2022 exposed the problems of centralized revenue instruments, highlighting concerns about transparency, trust, and liquidity, markets, and counterparty risks. In addition, it highlighted deficiencies in the centralization and chain-based risk management processes, which mimic traditional bank failures when applied to block-based “banking services”.
尽管 2020 和 2021 年牛市带来了乐观情绪，但由于缺乏这些必要的流程，许多机构如 Voyager、Three Arrows Capital、Celsius、BlockFi 和 FTX 都倒闭了。无法透明和独立地实施必要的检查和平衡，常常导致过度监管以及不断出现的失败和欺诈，反映了传统银行系统的历史挑战。然而，缺乏监管也不是解决办法。
Despite the optimism generated by the cattle market in 2020 and 2021, many institutions, such as Voyager, Three Arrows Capital, Celsius, BlockFi, and FTX, have collapsed because of the lack of these necessary processes. The failure to implement the necessary checks and balances in a transparent and independent manner often leads to excessive regulation and ongoing failures and frauds, reflecting the historical challenges of the traditional banking system.
比特币收益不是可选项
Bitcoin is not an option.
那么我们该如何应对？鉴于 2022 年的这一事件，越来越多的比特币支持者提出了问题：我们是否应该接受比特币收益产品，还是它们存在过大的风险，类似于法定货币系统？虽然这些担忧是合理的，但指望比特币收益产品完全消失是不现实的。
So how do we deal with this? Given the events of 2022, a growing number of Bitcoin supporters have asked whether we should accept bitcoin earnings, or whether they have too much risk, similar to the legal monetary system? While these concerns are reasonable, it is unrealistic to expect that bitcoin gains will disappear altogether.
随着新兴比特币生态系统的发展，这个问题变得越来越突出。越来越多的项目正在建立或声称在比特币上直接开发金融基础设施和应用。这是否会再次引发我们在更广泛的加密领域已经见过的问题呢？
As the emerging Bitcoin ecosystem evolves, the problem becomes more acute. More and more projects are building or claiming to directly develop financial infrastructure and applications on bitcoin.
很可能会。因为这就是游戏的本质。由于比特币是一个无许可的协议，任何人都可以在其上构建，包括那些希望建立比特币驱动的金融体系的人。而金融体系不可避免地需要信贷和杠杆。
This is likely to happen. Because Bitcoin is an unlicensed agreement, anyone can build it, including those who want to build a bitcoin-driven financial system. And the financial system inevitably needs credit and leverage.
这是一个历史事实：在任何繁荣的社会中，信贷和收益的需求自然会出现，成为经济增长的催化剂。没有信贷，欠发达经济体难以摆脱生存状态。只有通过获得信贷，才能形成更复杂和高效的经济结构。
This is a historical fact: in any prosperous society, the demand for credit and returns naturally emerges as a catalyst for economic growth. Without credit, less developed economies cannot escape survival.
为了实现基于比特币的经济愿景，支持者认识到需要在比特币协议之上开发信贷和收益机制。虽然比特币作为一种货币的角色常被赞誉，但现实是，为了有效地作为货币运作，它需要一个本地经济来支持它。
In order to realize its vision of a bitcoin-based economy, supporters recognize the need to develop credit and revenue mechanisms on the basis of a bitcoin deal. While Bitcoin is often praised for its role as a currency, the reality is that, in order to operate effectively as a currency, it needs a local economy to support it.
这凸显了基于比特币的收益产品在促进以比特币为中心的经济增长中的重要性。这样的生态系统将利用比特币作为其数字基础货币，同时利用收益产品推动其采用和使用。
This highlights the importance of Bitcoin-based earnings in promoting Bitcoins-centric economic growth. Such ecosystems will use Bitcoins as their digital base currency, while using them to promote their adoption and use.
这都是一个信任范围，匿名
It's a trust area. It's anonymous.
比特币驱动的金融系统必然会分层构建。从系统角度来看，这与当前的金融系统并没有太大差别，在类似货币的资产中也存在着内在的层级。为了正确理解这些必然的权衡，我们需要一个高层次的框架来区分不同层次上的比特币实现。
From a systemic point of view, this is not so different from the current financial system, and there are inherent layers of assets in similar currencies. To properly understand these necessary trade-offs, we need a high-level framework to distinguish between different levels of Bitcoins.
在提供比特币收益时，必须理解这些选项可以沿着一个三重信任范围构建。主要要关注的是：
In providing Bitcoin gains, it is important to understand that these options can be constructed along a triple trust range.
· 共识
:: Consensus
· 资产
:: Assets
· 收益
:: Proceeds
根据比特币本土性的程度来评估比特币类资产和比特币收益产品，提供了一个有价值的框架来评估它们与比特币精神的一致性。在这个光谱上得分更高的资产和产品通常信任最小化，减少了对中介机构的依赖，转而依靠透明和有弹性的代码。
Assessing Bitcoin-type assets and bitcoin-earned products based on the degree of locality provides a valuable framework for assessing their consistency with the bitcoin spirit. Assets and products with higher scores in this spectrum tend to minimize trust, reducing reliance on intermediaries and relying instead on transparent and flexible codes.
这种转变减少了对手方风险，因为依赖从链外中介机构转移到了代码。代码的透明性相比需要信任的中介机构增强了弹性。
This shift reduces the risk to the counterparty, as reliance shifts from an out-of-chain intermediary to a code. The transparency of the code is more flexible than that of a trusted intermediary.
这是一个值得探索的发展方向，为比特币创建本土收益选项应该是比特币社区的黄金标准和最终目标。
This is a development that deserves to be explored, and the creation of a home-grown revenue option for Bitcoin should be the gold standard and ultimate goal of the Bitcoin community.
共识角度
Consensus perspective
根据比特币区块链的共识一致性，可以将比特币收益产品分为四类。
Based on consensus consistency in the Bitcoin block chain, it is possible to categorize the Bitcoin proceeds into four categories.
无共识：这一类别指的是基础设施仍然是链外的中心化平台。例如 Celsius 或 BlockFi 等中心化平台，这些平台完全掌控用户的资产，使用户面临对手方风险和对中介机构的依赖。尽管这些平台使用比特币，但它们的收益策略主要通过传统金融机制在链外执行。虽然这些平台是迈向比特币采用的一步，但它们仍然高度中心化，类似传统金融机构，但通常缺乏监管。
There is no consensus: this category refers to infrastructure that remains a centralised platform outside the chain. For example, centralized platforms such as Celsius or BlockFi, which have complete control over users’ assets, expose users to counter-risks and dependence on intermediaries.
独立共识：这一类别中，基础设施是去中心化的，由以太坊、BNB Chain、Solana 等公共区块链以及其他区块链代表。这些区块链有自己独立于比特币的共识机制，并不明确与比特币的共识挂钩。
Independent consensus: In this category, infrastructure is decentralized and is represented by public block chains such as Ether, BNB Chain, Solana, and others. These block chains have their own consensus mechanisms independent of Bitcoin and are not explicitly linked to Bitcoin’s consensus.
继承共识：这一类别中，基础设施是去中心化的，由比特币侧链或 Layer-2 解决方案的分布式共识代表。虽然这些侧链有自己的共识机制，但它们旨在与比特币区块链更加紧密地对齐。示例包括联邦侧链如 Rootstock、Liquid Network 或 Stacks。
Inheritance consensus: In this category, infrastructure is decentralized, represented by distributed consensus on the Bitcoin side chain or the Layer-2 solution. While these side chains have their own consensus mechanisms, they are designed to be more closely aligned with the Bitcoin block chain. Examples include federal side chains such as Rootstock, Liquid Network or Stacks.
本土共识：这一类别依赖比特币本身的共识机制作为基础的安全模型。它不使用独立的区块链或侧链，而是利用加密方式链接到比特币区块链的链外状态通道。闪电网络是这种方法的一个重要示例，通过完全依赖比特币的共识提供了高度的信任最小化。
Local consensus: This category relies on a security model based on the consensus mechanism of Bitcoin itself. It does not use a stand-alone block or side chain, but uses encryption to connect to the outer chain of the Bitcoin block chain. The Lightning Network is an important example of this approach, providing a high degree of minimum trust through consensus based entirely on bitcoin.
比特币收益产品与比特币本土共识越接近，其与比特币的契合度就越高，通常被认为信任最小化的程度也越高。然而，在独立共识和继承共识这两类中，基础设施的去中心化程度和安全性存在细微差别。
The closer the bitcoin gains are to the Bitcoin indigenous consensus, the higher their convergence with the bitcoin, and the higher they are generally perceived as minimizing trust. However, in the two categories of independent consensus and succession consensus, there are nuanced differences in the degree of decentralization and security of infrastructure.
总体来看，无共识的去中心化和信任最小化水平最低，而本土共识被认为提供了最高的信任最小化水平，尽管共识安全和去中心化的考虑仍需进一步分析。
Overall, non-consensual decentralization and minimum levels of trust are minimal, while indigenous consensus is considered to provide the highest level of minimum confidence, although consensus security and decentralization considerations need further analysis.
来源：Brick Towers
在考虑比特币收益产品所使用的资产时，可以将其与比特币的契合度分为三类。
When considering the assets used in the Bitcoin proceeds product, it may be divided into three categories of the extent to which they fit into bitcoins.
非 BTC：这一类别包括使用 BTC 以外资产的解决方案，导致与比特币的契合度较低。一个例子是 Stack 的叠加选项，在该选项中，Stack 的原生代币 STX 用于生成 BTC 的收益。
Non-BTC: This category includes solutions for the use of assets other than BTC, which results in a lower degree of compatibility with Bitcoin. An example is the Stack superposition option, in which Stack's original intergenerational STX is used to generate BTC returns.
代币化 BTC：在这里，所使用的资产是 BTC 的代币化版本，与非 BTC 资产相比，提高了与比特币的契合度。代币化 BTC 可以在公共区块链如 Ethereum（WBTC、renBTC、tBTC）、BNB Chain（wBTC）、Solana（tBTC）等上找到。此外，代币化 BTC 托管在具有继承共识机制的比特币侧链上，如 sBTC、XBTC、aBTC、L-BTC 和 RBTC。
Currency BTC: Here, the assets used are BTC's monetized version, which enhances the compatibility with Bitcoin compared to non-BTC assets. The monetization BTC can be found in public block chains such as Etheum (WBTC, RenBTC, tBTC), BNB Chain (wBTC), Solana (tBTC). In addition, the monetization BTC is hosted on the Bitcoin side chain with a succession consensus mechanism such as SBTC, XBTC, aBTC, L-BTC and RBTC.
本土 BTC：这一类别的资产是链上比特币（BTC），没有涉及任何代币化版本，提供了最高水平的比特币契合度。各种 CEX 解决方案和 Babylon 的比特币质押协议直接利用 BTC。Babylon 旨在通过为比特币质押适应权益证明机制来扩展比特币的安全性。此外，像 Stroom Network 这样的项目利用闪电网络实现流动质押，用户可以通过存入 BTC 并在基于 EVM 的区块链上铸造如 stBTC 和 bstBTC 这样的包装代币来获得闪电网络收入，用于更广泛的 DeFi 生态系统。
Native BTC: This category of assets is linked to the Bitcoin (BTC) and does not involve any monetization version, providing the highest degree of bitcoin convergence. Various CEX solutions and the Bitcoin pledge agreement of Babylon directly use BTC. Babylon aims to expand the security of bitcoins by providing proof-of-interest mechanisms for Bitcoins. In addition, projects such as Stroom Network use lightning networks to secure mobile pledges, which users can use by depositing them into BTC and creating packaging in the EVM-based block chain, such as stBTC and bstBTC, for use in the broader DeFi ecosystem.
来源: Brick Towers
在审视比特币收益产品的收益方面时，涉及到与比特币契合度的问题，导致与资产方面类似的分类：非 BTC、代币化 BTC 和本土 BTC。
When looking at the proceeds of a Bitcoin-earned product, the question of compatibility with bitcoin was raised, leading to a similar classification with respect to assets: non-BTC, monetization BTC and native BTC.
非 BTC 收益：Babylon 通过其权益证明（PoS）区块链的本地资产提供收益，通过 Babylon 的质押机制增强了区块链的安全性。
Non-BTC Proceeds: Babylon provided the proceeds through local assets in the PoS block chain and enhanced the security of the block chain through the Babylon pledge mechanism.
代币化 BTC 收益：Stroom Network 提供 lnBTC 代币形式的收益。在 Rootstock 上运行的 Sovryn 通过使用代币化 BTC（RBTC）作为收益，促进了比特币的借贷业务。在 Liquid Network 上，Blockstream Mining Note（BMN）在到期时提供 BTC 或 L-BTC 的收益，向合格投资者提供通过符合欧盟标准的 USDT 安全代币获得比特币算力的途径。
Currency BTC Gains: Stroom Network provides gains in the form of innBTC. Sovryn on Rootstock promotes Bitcoin lending by using the currency BTC (RBTC) as a gain. On Liquid Network, Blockstream Mining Note (BMN) provides BTC or L-BTC returns at maturity, providing eligible investors with a means of obtaining Bitcoin numeric power through USDT security indicia that meet EU standards.
本土 BTC 收益：Stacks 提供各种选项，包括在某些收益应用中以代币化 BTC 支付的收益，利用 sBTC。然而，对于 Stacks 的叠加选项，收益以本土 BTC 积累。同样地，一些 CEX 提供的中心化收益产品将本土 BTC 作为收益分发给用户。
Native BTC Proceeds: Stacks offers a variety of options, including the use of SBTC in some benefit applications, paid in monetized BTC. For Stacks, however, the proceeds are accumulated in native BTC. Similarly, some CEX centralized BTC products are distributed to users as proceeds.
来源: Brick Towers
考虑到理想的基于比特币的收益产品，黄金标准产品将结合以下三个特点：本土比特币共识、本土比特币资产和本土比特币收益。这样的产品将模仿接近完美的比特币契合度。
Taking into account the ideal Bitcoin-based earnings, the gold standard product will combine three features: the local bitcoin consensus, native bitcoin assets, and native bitcoins. Such a product will mimic the perfect bitcoins.
目前，这样的解决方案只是开始建设。一个正在积极开发的项目是 Brick Towers。他们对理想的基于比特币的收益产品的设想涵盖了通过融入本土比特币共识、资产和收益来实现接近完美的比特币契合度。Brick Towers 专注于将比特币作为长期储蓄解决方案，旨在为客户提供最小化信任依赖和本土化方法来利用比特币。
A project that is being actively developed is Brick Towers. Their vision of an ideal Bitcoin-based product encompasses the near-finishing of bitcoin by integrating local bitcoin consensus, assets, and gains. Brick Towers focuses on Bitcoin as a long-term savings solution, designed to provide clients with minimal trust dependency and localization to use bitcoin.
他们计划的解决方案围绕在比特币中生成本土收益展开，利用 Brick Towers 的自动化服务为闪电网络中的其他节点。通过优化算法解决经济效益，资本被战略性地配置以满足其他网络参与者的流动性需求，从而在最小化交易对手风险的同时优化资本效率。
They plan solutions around generating home-grown revenues in bitcoin, using Brick Towers’ automated services as other nodes in the lightning network. By optimizing algorithms, economic benefits are addressed, and capital is strategically configured to meet the liquidity needs of other network participants, thereby optimizing capital efficiency while minimizing the risk to rivals.
这种方法不仅促进了闪电网络的增长，还提升了比特币作为资产的实用性，同时为客户提供了一种无缝且安全地赚取比特币持有收益的方式。重要的是，Brick Towers 的解决方案避免使用包装币，进一步降低了交易对手风险，并强化了他们对比特币本土生态系统的承诺。
This approach not only boosts the growth of lightning networks, but also enhances the usefulness of Bitcoin as an asset, while providing customers with a seamless and safe way to earn Bitcoin’s earnings. What is important is that Brick Towers’ solution avoids the use of wrapping currency, further reduces the risk to rivals, and strengthens their commitment to the Bitcoin native ecosystem.
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