解析BounceBit:如何为BTC原生资产打造Restaking收益闭环?

币圈资讯 阅读:31 2024-04-22 09:17:27 评论:0
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眼下,以太坊Restaking赛道如火如荼,Eigenlayer巧妙把“以太坊安全共识”包装成商品向外输出,形成了一条POS链再质押收益闭环,那POW链BTC该如何实现Restaking闭环呢?

昨天 @bounce_bit  完成了由Blockchain Capital领投的6M融资,引人瞩目。它如何实现BTC原生资产Restaking呢?接下来,谈谈我的理解。

原本BTC资产作为有绝对共识地位的主流资产,会以Wrapped形式跨链到以太坊等主流公链,出现在MakerDAO、AAVE等借贷平台的可选质押品列表中。通常用户质押BTC给受信任的中心化托管机构生成WBTC ERC20代币再作用到以太坊的DeFi生态系统中。 这也算一种流动性共享解决方案,但存在两个问题: 1)受信任中心化主体权利过大,资产跨链的安全性依附于中心化平台,这使得这种Wrap类资产在以太坊系统中的权重受到限制,用户天然偏好DAI、ETH等以太坊原生资产,而对外来资产会抱有警惕; 2)原生BTC资产在原来POW原生环境下,没有任何原始收益,将其跨链到其他生态相当于掠夺他链的生态溢出收益,很难衍生出丰富的收益模型,收益小+信任成本大,限制了用户资产跨链的积极性。 基于此,我们可以推论一个原生BTC POW链想要衍生出一个可靠且能实现多元收益的资产闭环增益模型,需要具备两个条件: 1)该POW链要转型成POS链或拥有一条专属的POS链,节点Validators质押原生资产转变成投票权进而巩固POS链的安全性,这会给原生资产带来基础”挖矿“收益; 2)Staking的LSD凭证可以在自身广泛的DeFi生态内流通,获取各种额外收益,如果能打破本链限制,把流动性溢出到全链甚至链下环境获得收益更佳。 理解到这个层面,再来看BounceBit提供的再质押解决方案很容易了。简单来说:BounceBit构建了一条并行于BTC的layer1 POS链,它更聚焦在资产后续的流通和收益问题,不受目前BTC主网技术限制,以及BTC  layer2发展瓶颈等问题的影响,目标为BTC原生资产带来丰富多元的收益模型,给BTC Holder一种可选的持币理财可能。

How it works?

1) BounceBit没有在BTC原生资产跨链“中心化”问题上遮掩,直接明牌中心化,只不过,它选择了合规的CeFi平台,用户可以将资产托管给Mainnet Digital 和Ceffu等拥有合规资质的托管服务平台。 托管后1:1 获得WBTC或BTCB等Wrapped资产,且这类合规托管机构在资产透明度和财务审计等方面设计都更完善,为后续的POS链提供资产入口的信任保障。 按理说,BTC Holder也可以直接通过MPC跨链桥等技术方式直接将资产跨链到BounceBit POS链上,这是目前二层链主流的资产跨链方式,但这类跨链方式本质上也受限于多签名主体的中心化,和合规托管机构的中心化问题没啥两样。 2)用户可以将Wrapped资产以及BounceBit代币质押到BounceBit链的POS Validator验证系统中,相当于用双代币质押模型为该POS链提供网络安全性,获取稳定的年化挖矿收益,同时LSD凭证可以在该POS链衍生的一系列DeFi协议中获得其他挖矿收益。 Staking年化收益相对很固定,而链生态后续发展的可能性收入想象空间则会很大,比如其他DeFi协议、预言机、跨链桥等都可以再质押该LSD获取新收益,这意味着原生Token会受益于整个POS链后续生态的增长过程中。 为了能快速构建生态,BounceBit支持与其他EVM链编程级连通,开发这可以轻松低门槛迁移应用过来。当然,有了这层链抽象的打通,相当于也为LSD溢出到其他生态获取收益提供了技术可能。 3)Eigenlayer在以太坊链上创新性提出了一个很性感的叙事,链上的活跃节点(AVS)可以参与其他链的网络治理,向其他链输出以太坊安全共识,进而获取链外再质押收益,这是这一波以太坊Restaking疯狂又让大家并不惧怕共识过载的核心原因。 Eigenlayer抓住了模块化大潮下,越来越多的新锐链在试图在”安全共识“上快速落地诉求,直接把以太坊溢出的Validator验证能力包装成以太坊安全共识商品向外输出。 BounceBit则抓住了BTC资产 Holder的稳固的持币需求,同时BTC目前相当于一条孤链,尚无有效和其他全链环境进行流动性渗透。 针对此,BounceBit创造出了一个DeFi+CeFi的新鲜叙事,用户质押在托管平台的LSD凭证可以在原始CeFi托管服务平台上获得增量收益。这背后其实锚定了一个可观的链外金融市场的收益可能,这在BTC ETF获得通过后的大环境下,还真算个性感且有想象空间的叙事。别忘了,合规的CeFi托管平台本身也可以获得大量的场外增益,比如,质押挖矿、借贷服务、投资产品等等,通常为了避免系统性安全,这部分资产都会有透明化公开披露机制和必要的资产使用权授权阈值等等。 在我看来,这算是BounceBit做POS链为BTC原生资产再质押带来的核心创新。BTC Holder需要一个可以获得多样收益的渠道,BounceBit以合规CeFi平台为核心,引入了POS链质押挖矿机制,同时在用Restaking把LSD延展到了一个想象空间无限大的CeFi原始收益市场。

一套为BTC资产输入可预期收益模型的Restaking闭环久形成了。

换个角度思考,BTC ETF本身不也是一个庞大的链外增益Restaking解决方案?这种把Web3链上原生收益环境(POS质押)+Web2链外增量收益(托管收益)结合起来的方案,尤为适合当下的BTC生态,称其是BTC再质押赛道的首个创新协议并不为过。

宏观面可接轨ETF潜在增长机会,技术面则可打通BTC Restaking 市场的后续爆发机会,经济面确实可为BTC Holder带来三重收益,为推进BTC这类POW链实现POS收益模型提供了可能。


At present, the Ethereum track is in full swing, cleverly packaging the Ethereum safety consensus into commodities for export to form a chain, and then pledging the closed loop of income. How can the chain realize the closed loop? Yesterday, the financing led by the investment was remarkable, and how can it realize the original assets? Next, let's talk about my understanding that the original assets, as the mainstream assets with absolute consensus status, will cross the chain to the mainstream public chain such as Ethereum in the form and appear in the list of optional pledges of lending platforms, and usually users pledge them to trusted centralization. Tokens generated by the custodian will act on the ecosystem of Ethereum, which is also a liquidity sharing solution, but there are two problems: the right of the trusted centralized subject is too large, and the security of assets crossing the chain is attached to the centralized platform, which limits the weight of such assets in the Ethereum system. Users naturally prefer native assets such as Ethereum, but foreign assets will be wary. Native assets do not have any original income in the original native environment, and crossing the chain to other ecosystems is equivalent to plunder. Based on this, we can infer that a primary chain needs two conditions to derive a reliable closed-loop gain model of assets that can realize multiple benefits. The chain needs to be transformed into a chain or have a dedicated chain node to pledge the primary assets into voting rights, thus consolidating the security of the chain, which will bring basic mining income to the primary assets. If we can break the restriction of this chain and overflow the liquidity to the whole chain or even the offline environment to obtain the benefits, it is easy to understand the re-pledge solution provided at this level. Simply put, we have built a parallel chain, which focuses more on the subsequent circulation and benefits of assets, and is not affected by the current main network technology restrictions and development bottlenecks. The goal is to bring rich and diverse income models to the primary assets and give an optional currency holding theory. Finance may not cover up the direct winning numbers centralization on the issue of cross-chain centralization of primary assets, but it only chooses a compliant platform, and users can trust assets to escrow service platforms with compliance qualifications such as Hehe to obtain or wait for assets, and such compliant escrow institutions are better designed in terms of asset transparency and financial audit, providing trust guarantee for subsequent chains, and it is reasonable to say that assets can also be directly cross-linked to the chain through cross-chain bridges and other technical means, which is the second one at present. The mainstream asset cross-chain mode of hierarchical chain is limited by the centralization of multi-signature subjects and compliance custodian institutions. It is no different that users can pledge assets and tokens into the chain verification system, which is equivalent to providing network security for the chain with a double token pledge model to obtain stable annualized mining income, while vouchers can obtain other mining income in a series of agreements derived from the chain. The annualized income is relatively fixed and the chain ecology is likely to develop later. There will be a lot of room for income imagination. For example, other protocols can predict that machines across the chain bridge can be pledged to obtain new income, which means that the native will benefit from the whole chain. In the process of subsequent ecological growth, in order to quickly build ecological support and connect with other chain programming levels, it can be easily migrated and applied at a low threshold. Of course, the abstract opening of this chain is equivalent to providing technology for spilling over to other ecosystems to obtain income. It is possible to innovatively put forward a very sexy narrative chain on the Ethereum chain. The active nodes can participate in the network governance of other chains, export the Ethereum security consensus to other chains, and then obtain the benefits of off-chain re-pledge. This is the core reason why this wave of Ethereum madness makes everyone not afraid of consensus overload. More and more new chains are trying to quickly land on the security consensus and directly package the verification ability of Ethereum overflow into Ethereum security consensus products, which captures the stable demand for holding money of assets, and at present it is equivalent to one. There is no effective liquidity infiltration between the isolated chain and other full-chain environments, and a new narrative has been created for this. The vouchers pledged by users on the custody platform can gain incremental income on the original custody service platform, which actually anchors a considerable income from the off-chain financial market. This may be a sexy and imaginative narrative in the big environment after it is passed. Don't forget that the compliant custody platform itself can also gain a lot of off-site gains, such as pledging mining and lending services. Generally, in order to avoid systematic security, these assets will have transparent public disclosure mechanism and necessary threshold of asset use right authorization, etc. In my opinion, this is the core innovation brought by making chain for the re-pledge of primary assets, and it needs a channel to obtain diversified income. At the same time, the chain pledge mining mechanism is introduced with the compliance platform as the core, and it is extended to an original income market with unlimited imagination, and a closed-loop model for inputting predictable income for assets has been formed for a long time. Thinking from another angle is not a huge off-chain gain solution in itself. This scheme, which combines the original income environment on the chain with the incremental income custody income outside the chain, is particularly suitable for the current ecology. It is called the first innovation agreement of the re-pledge track, and it is not too macroscopic to connect with the potential growth opportunities, but the technical aspect can open up the subsequent outbreak of the market. The economic aspect can indeed bring triple benefits and provide the possibility for promoting this kind of chain to realize the income model. 比特币今日价格行情网_okx交易所app_永续合约_比特币怎么买卖交易_虚拟币交易所平台

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