æ°æïŒIOSG Ventures
1. ćŒèš
äžșä»äčéæ© BTC-LSTïŒ
éç Babylon çèŻçïŒćźéèżæäŸäžç§ç§°äžșæ¶éŽæłçćźć šæćĄïŒäžș BTC ćąć äșéąć€çæ¶çăèżç§ć莚æŒæćĄéèżæé«æ»ć»ææŹïŒäżæ€ć»șç«ćš Babylon äčäžçćèźźïŒćč¶éèżæ¶éŽéæșć¶äœż BTC ç莚æŒæäžșćŻèœă
èœç¶ćšçŹŹäžé¶æź”æČĄæćźé ç莚æŒć„ć±ïŒèæŻç»äș积ćïŒäœ BTC æ¶ççæœćć·Čæżćäșäžæłą BTC æ”ćšæ§ć莚æŒä»ŁćžïŒBTC-LSTïŒçæ”ȘæœźïŒäŸćŠ LombardăbabypieăFBTC ć SolvBTC çă
äžć ćœćç BTC è·šéŸèĄšç€șçć èŁ BTC çžæŻïŒBTC LST ć©çš Babylon ćèźźćŒć „äș枊ææ¶ççè·šéŸ BTC èĄšç€șă
æȘèłæ°ćæŹææ¶ïŒBTC LST ćžćșć·ČèŸŸć° 10.7 äșżçŸć ( äžć æŹä»„ć€Șćäžç 9BWBTC è”äș§ )ăćžćșäž»èŠç± SolvBTC ć Lombard äž»ćŻŒïŒćąéżćżć€ŽæČĄææŸçŒçèżčè±Ąă
SourceïŒ@yandhii , dune dashboard
ćŠäžæčéą,èźžć€ä»„ć€Șćäžç DeFi æéæ°èŽšæŒćčłć° ( ćŠ SymbioticăKarak ç ) çć°äș枊ææ¶çç BTC è”äș§æ¶ć „枊æ„çæșäŒïŒćŒć§ć°èżäșè”äș§æŽćć°ä»ä»ŹçćèźźäžïŒä»„ćŒćŻŒæ»éćźä»·ćŒ (TVL) ćäș€æéă
èżç§ç°è±Ąæć ¶çć„œïŒć äžșè”äș§çæ”ć „ćŻä»„ć ćŒș仄ć€Șćäœäžș DeFi éąćæ”ćšæ§äžćżçć°äœïŒćč¶æç»ćé ç»æ”掻ćšçæ”ă
éç BTC èą«æșæćć ŹäŒæŽć æ„ć,ä»æèżçæ°é»ćŠ BTC ETFăcbBTC ćŻä»„è§ćŻć°,æŽäžçšæ BTC çäž»ćŻŒć°äœ ( çșŠ 58%)ïŒéąèźĄ BTC çéçšć°æç»ćąéżïŒçŽć°æ°çćæ°ćșç°ăć æ€ïŒæž æ„äșè§Łćœć BTC LST-fi çæ Œć±æŻćż èŠçă
Source: Henry
æŹç 究æšćšć šéąæąłçç°æç BTC-LRTăBTC ć èŁ ćšä»„ćèżœé仄ć€Șćäž BTC æ”Șæœźèżäžæ°ć Žè¶ćżç DeFi ćèźźïŒä»„äŸżäșæȘæ„æŽćźčæć°èżèĄćŻŒèȘă
2. BTC-LST çæ
Source: IOSG
Bitcoin LST Wrapper æŻèżäžćšæçăæ°æćăïŒäžäžșè§Łéćš BTC ć莚æŒćèźź Babylon äžèŽšæŒä»Łćžçæ”ćšæ§èèźŸèźĄă
BTC æ”ćšć°èŁ éćžžæäžç§ćœąćŒïŒ
äžç§æŻććè·šéŸ wrapperïŒä»„ 1:1 çæŻäŸç± Babylon ćš BTC äž»çœäžèŽšæŒç BTC æŻæăćš ETH äžéžé çăäș§çæ¶çç代ćžăäœäžșèŽšæŒ BTC çæ¶æźă
ç€șäŸïŒLBTCăpumpBTCăbabypie ç mBTC çă
éçš LBTC ææźé BTCïŒćŠ WBTCïŒäœäžșæ”æŒćïŒćč¶ć°è”äș§ć莚æŒć° Symbiotic ć Karak çć莚æŒćčłć°ç wrapperăćšä»„ć€ȘćäžïŒæ LBTC ææźéç BTCïŒWBTCïŒäœäžșæ”æŒç©ïŒç¶ćć°èżäșè”äș§éæ°èŽšæŒć° Symbiotic ć Karak çèżæ ·çć莚æŒćčłć°äžă
ç€șäŸïŒEtherfi ç eBTCïŒSwell ç swBTC
ăććæšĄćŒăïŒćš ETH äžä»„ WBTC äœäžșæ”æŒćïŒćč¶éèżéąèšæșć Bitgo äŒ é莚æŒèŻæïŒć èźžä» Bitgo è§Łéç BTC èą«èŽšæŒèż Babylon 仄äș§çæ¶çăăććæšĄćŒăçšæ·ćŻä»„äœżçš WBTC äœäžșæ”æŒïŒè§Łéäž»çœïŒMainnetïŒäžçćç BTCïŒćč¶ć°ć ¶èŽšæŒć° Babylon ćčłć°ăä»ä»Źéèżéąèšæșć°èŽšæŒèŻæäŒ éç» BitgoïŒBitgo ç±æ€è§Łé BTC ćč¶ć°ć ¶çšäșćš Babylon äžèżèĄèŽšæŒïŒä»èè·ćŸæ¶çă
ç€șäŸïŒBedrock
èœç¶ć䞀ç§ç±»ćäžæłšäșä» BTC äž»çœæĄ„æ„æè§ŁéæŽć€ BTC è”äș§ć° ETH çæçł»ç»ïŒćäžç§ç±»ććä» ETH æć WBTC è”äș§ïŒćč¶ć°è”äș§ăććă莚æŒć° Babylon ćèźźăćšæ¶ææčéą,èżäșć èŁ ćšçäžäžȘć ±ćçčæŻ,BTC ććšćš BTC äž»çœäžçæ知æčïŒćŠ Cobo æ CopperïŒéŁé,仄äżæ€ć ¶è”äș§,èżæŻæäŸżćźäžææčäŸżçæčćŒăäžșäșæŽæž æ°ć°ć±ç€șæŽäžȘ BTC LST / LRT çæ Œć±,äžéąæŻćŻčäžäș BTC LST / LRT ćŠäœèżäœçæ»ç»ïŒ
Source: Henry
BTC LST ćžćșè§æšĄ
æȘèłæ°ćæŹææ¶ïŒLBTC 仄 37% çćžćș仜éąć æźäž»ćŻŒć°äœïŒć ¶æŹĄæŻ solvBTC ç 26% ć pumpBTC ç 9.5%ă79.6% ç BTC LST ćšä»„ć€Șćäž»çœäžïŒèć©äœç 21.4% ćæŁćš BNB éŸăArbitrumăAvalanche ççœç»äžă
BTC LST ćžćșç䞀性ç©ćź¶éćäșäžćçæčæłăLombard äžæłšäș仄ć€ȘćïŒè SolvBTC éćäșć€éŸæčæłïŒćŒæŸäșć æŹ BNBăARB çćšć çćç§çœç»ă
SourceïŒ@yandhii , dune dashboard
2.1 ETH BTC èĄçćïŒWrapper äžćæćïŒ
ETH BTC èĄçćæŻä» BTC äž»çœæĄ„æ„ć° ETH çœç»çć°èŁ BTCïŒéćžžéèżæ知äșșćźç°ăèżäș Wrapper äžæŻ BTC LST çç«äșćŻčæïŒèæŻäœäžșæšćš LST ćąéżçć łéźć çŽ ă
äž BTC LST äžćïŒèżäșèĄçćæČĄæèą«èŽšæŒć° Babylon ćèźźäžïŒäčäžćșæć°äș§çæ¶çăçžćïŒćźä»Źćš ETH ćșćéŸäžäœäžș BTC çæźéèĄšç°ăć°œçźĄæŹèŽšäžäžæŻäș§çæ¶ççè”äș§ïŒETH BTC èĄçćć·Čæäžșćœä» ETH DeFi æŻè§çć łéźç»æéšćă
性ć€æ° DeFi ćć莚æŒćčłć°æ„ć WBTCïŒć äžșïŒ
ćźä»Źç»èżćźææ”èŻ
ćš 2024 ćšæäžć æźé«ćžćșæŻé ć°äœ
æȘèłæ°ćæŹææ¶ïŒèȘ 2018 ćčŽä»„æ„ïŒbitgo ç WBTC ć·Čç»ä» BTC æĄ„æ„ć° ETH è¶ èż 90 äșżçŸć çè”äș§ăć ¶äž 21.5%ïŒçșŠ 19 äșżçŸć ïŒèą«ćć „ Aave èżèĄèŽ·æŹŸïŒçșŠć Aave ćš ETH äžæ»è”äș§ç 20%ă
性ć€æ° DeFi ćéæ°èŽšæŒćčłć°æ„ć WBTCïŒć äžș:
ćźä»Źç»èżäșćźææŁéȘ
ć€ćčŽæ„äžçŽäżæçćŸé«çćžćșäž»ćŻŒć°äœ
SourceïŒ@yandhii , dune dashboard
ćŠäžæčéąïŒæ°äžä»Ł Wrapper (E.g.ïŒ FBTC)ïŒäčćš ETH äžçŽŻèźĄè¶ èż 1.52 äșżçŸć ïŒæ čæź DeFillama çæ°æźïŒćźçæćąéżçäžș 38%ăćŠäžç§ć°èŁ ćš SolvBTCïŒćš BSC ć BTC L2 ćŠ Merlin äžäčćžćŒäșè¶ èż 8 äșżçŸć ç TVLă
èżäșæ°ćäžä» ć±ç€șäș BTC è”äș§ćš ETH çæäžçéèŠæ§ïŒèżçȘæŸäș ETH DeFi ć©çšèżäžæșäŒç淚性æœćă
æŁćŠäžææèż°ïŒWBTC çäž»èŠéźéąćšäșćŻčæ知æčç俥任ă
æèżïŒäșș仏è¶æ„è¶æ ćż WBTC äž Justin Sun çć łçł»ïŒćŻŒèŽ Sky( ć Maker) èèä»ä»ä»Źçäżé©ćșäžç§»é€ WBTC ćç§ăBA Lab æŠèż°äșäž»èŠæ 濧ïŒäž»èŠćŽç» Justin Sun ćŻèœćŻč知ç WBTC çćè”äŒäžæéć€§ćœ±ćææ§ć¶æçèźșçčăç¶èïŒJustin Sun æŹäșș棰称ä»ćŻč WBTC æć ¶ææçè”äș§æČĄæä»»äœæ§ć¶æăèżç§èœŹç§»äčćșèŻ„èą«è§äžș WBTC çäžäžȘéŁé©ă
2.2 BTC ć莚æŒ
BTC ć莚æŒæçæŻćš ETH äžäž BTC çžć łçè”äș§ïŒä»„ć°èŁ BTC æ BTC LST çćœąćŒïŒïŒèżäșè”äș§ć·Čèą«ć莚æŒä»„äș§çæ¶çă
äžèĄšć±ç€șäșæŻäžȘćšèŽšæŒćčłć°æ„ćçè”äș§ććèȘç TVLïŒ
Source: Henry
æ»çæ„èŻŽïŒETH äžć€§çșŠæ 1.5 äșżçŸć ç BTC æŁć莚æŒïŒć ¶äžć€§éšć莚æŒć±äș SymbioticïŒèäžéšććć „ SatLayerăSymbiotic çŹèȘææä»·ćŒ 1.24 äșżçŸć BTC äș§ćïŒć æŹ WBTC ć tBTCïŒä»„ćä»·ćŒ 1000 äžçŸć çèŽšæŒ BTC LSTăè Karak ç BTC è”äș§ćȘæ性çșŠ 10 äžçŸć ăèżäș BTC è”äș§ć ±ćäžș Symbiotic ç TVL èŽĄçźäș 7%ă
ćŠäžæčéąïŒPell Network æććžćŒäș性é BTC LST éèżćç§ BTC 珏äșć±è§ŁćłæčæĄïŒćŠ Bitlayer ć B2networkïŒèżèĄéæ°èŽšæŒăèżäșè”äș§ć°çšäșæäŸć ±äș«ćźć šæćĄćč¶äș§çæ¶çïŒç±»äŒŒäș Babylon Finance ć Eigenlayer éçšçæšĄćă
èœç¶ BTC LST ć·Čç»ä» Babylon è·ćŸäș珏äžć±æ¶çïŒäœäžäșćèźźïŒćŠ EtherFiïŒéèżć° LST éæ°èŽšæŒć°ć ¶ä»éæ°èŽšæŒćčłć°ïŒćŠ EigenlayerăSymbiotic ć KarakïŒæ„ć©çš BTC-LSTïŒä»„äș§ç珏äșć±æ¶çă
ć°œçźĄèżç§çç„ć èźžèŽšæŒè äș«ćæ æćæ¶çćč¶æ性ććäžè”äș§çè”æŹæçïŒäœä»ä»ŹäčéąäžŽäž ETH LST çžćçéŁé©ïŒćłćæ¶èą«ć€äžȘćčłć°ććïŒBabylonăSymbiotic ććïŒă
ć Slashing æżçćŻä»„éČæą ETH äžäžćźçšćșŠçććïŒäœć łäș Babylon çèżäžæ„俥æŻć°äžæž æ„ă
2.2.1 BTC-DeFi
æŻ«æ çéźïŒDeFi äžçŽæŻæšćšćșćéŸç»æ”掻ćšçæéèŠçéąćäčäžăéç ETH äžä»·ćŒ 95 äșżçŸć ç BTC è”äș§ćžćșçćąéżïŒETH äžç DeFi ćŻä»„ä» BTC æäŸççšłćźæ§ăæșæèź€ćŻä»„ćæœćšæ¶çäžè·çă
æ»çæ„èŻŽïŒé€äșäș€æąć€ïŒBTC / BTC-LST çžć łç DeFi ćŻä»„ćäžș䞀性䞻èŠéąćïŒ
莧ćžćžćș & ć©çäșæą: Morph blueïŒ AaveïŒ PendleïŒ ZerolendïŒ Curve
BTC èŽšæŒ / 积ćçç„: CornïŒ MesoïŒ GearboxïŒ Mellow
Source: IOSG
2.2.2 Money Market
BTC äœäžșæăćźć šăçè”äș§ïŒćš ETH DeFi æŻè§äžćžžçšäœæ”æŒćăAave æŻæć€èăææ棰æç莧ćžćžćșïŒæ„æè¶ èż 20 äșżçŸć ç WBTC ćæŹŸïŒäœćȘæ 2.18 äșżçŸć çćæŹŸéąïŒçžćŻčäșçšłćźćžïŒ86.7%ïŒæ WETHïŒ85%ïŒïŒć ¶ć©çšççžćŻčèŸäœïŒ7.69%ïŒă
Source: @KARTOD, Dune dashboard
ćŠäžæčéąïŒMorpho Blue èœç¶ćæŹŸćșæ°èŸć°ïŒAave ç 20%ïŒïŒäœćŽćźç°äșæŽé«çć©çšçăMorpho Blue äžæćæŹąèżçćžćșæŻ WBTC / USDCïŒć ¶ć©çšçé«èŸŸ 90%ă
Source: WBTC/USDC Vault, Morphblue
ć°çźćäžșæąïŒAave ć Morph ćȘæ„ć WBTCăäžșäșćšç«äșæżççć获ćžćșäžè±éąèćșïŒzeroland æŻçŹŹäžäžȘäžéšéćŻč BTC LST 代ćžćč¶æŻæ PT-eBTC çćžćșăèżä»äžșæąïŒä»ä»Źć·Čæä»·ćŒ 1700 äžçŸć ç eBTC äŸćșïŒçșŠæ 328 äžçŸć èą«ććșïŒć©çšçäžș 20%ă
ćŠć€ïŒCurve äžä» æŻçšłćźćžäș€æąçéżéŁæžŻïŒäčæŻ BTC çžć łè”äș§ćæŸè”äș§ççéšçźçć°ăćš Curve äžïŒBTC äŸćșććŻä»„ć䞀件äșïŒéŠć ïŒä»ä»ŹćŻä»„äžșäžæ± æäŸæ”ćšæ§ăć ¶æŹĄïŒä»ä»ŹćŻä»„äœżçš tBTC ć WBTC äœäžșæ”æŒćć „ crvUSDă
æȘèłæ°ćæŹææ¶ïŒçșŠæä»·ćŒ 5000 äžçŸć ç BTC è”äș§èą«ćć „çšäșćć „ crvUSDăćŠäžæčéąïŒćšćŻçšçæ± äžïŒtBTC - WBTC æ± ä»„ 2500 äžçŸć çè”äș§ć 224 äžçŸć çæ„äș€æéè±éąèćșăäžćčžçæŻïŒć°œçźĄ BTC çžć łè”äș§ćš Curve äžæŽ»è·ïŒäœć°æȘæäŸ $CRV æżć±ä»„ćžćŒçšæ·ă
2.2.3 Interest Rate Swap (IRS) äș€æą
é€äș莧ćžćžćșć€ïŒPendle æäŸçć©çäșæąïŒIRSïŒäș§ćäčæŻ BTC LST DeFi çæćæŹąèżçć°æčäčäžă
Pendle ć©çš BTC LST çæȘæ„æ¶çććŻč积ćçææșæ„ćć»șć€äžȘäžçšćžćșïŒSolvBTC.BBNăLBTC ć eBTC çç PT / YTăèżäșćžćșæ»ć ±ćžćŒäșè¶ èż 1.36 äșżçŸć çè”éïŒćšç§Żććæżć±ćäžçæšćšäžïŒçŻæŻćąéż 150%ă
æ°äžèœźçæç„šæżć±äčæ ćżçäșș仏ćŻč BTC LRT è¶æ„è¶æć Žè¶ŁăäŸćŠïŒCorn äžç SolvVBTC èą«éäžșä» Pendle ćžćŒæć€ Emissionăć æ€ïŒéąèźĄćšäžäč çć°æ„ïŒBTC LRT è”äș§çäŸćșć°æç»ćąéżïŒèèć°ææŸæżć±ă
Source: Pendle Dashboard
2.2.4 TVL Bootstrapping éćș / 积ćçç„
èœç¶ Money Market ć IRS äș§ććșäș BTC ćš ETH äž»çœäžçéæ±ćäŸćșäžș BTC è”äș§äș§çéąć€æ¶çïŒäœ TVL ćŒćŻŒéćșäŒć äœżçš BTC æ„æćć ¶ćèȘéŸç TVLïŒä»„äżèżçæçł»ç»çćąéżăæ€ć€ïŒäžäșéćșéèżćŸȘçŻæćć „ BTC æäŸæ æćç积ćććșçç„ïŒä»„ćæ ·çè”æŹæ性ćæ¶çă
Gearbox æäŸäșé«èŸŸ 27 ćç lombard çčæ°éèżæ æćć „ WBTCïŒæé« 7 ćïŒăç¶èïŒèżéĄčæćĄćč¶äžćæŹąèżïŒć äžșćš gearbox äžçäŸćșéćžžæéïŒä» çșŠ 300 äžçŸć ïŒă
Source: gearbox.fi
é€äș积ćçç„ć€ïŒäžäșäșć±çœç»ïŒćŠ Thesis ç Mezo ć Binance Labs æŻæç CornïŒæŁéèżć èźžèçčć°æĄ„æ„ç BTC LSTs äœäžșæ”æŒç©ă莚æŒăïŒä»èć©çš BTC çä»·ćŒïŒäœäžșćæ„ïŒèçčéèżćäžéȘèŻèżçšè”ć $BTC èŽčçšïŒèżæŻć©çš BTC ćč¶ćŒćŻŒèżäșçœç»ç TVL 仄äżèżæȘæ„çæçł»ç»ćąéżçć„œć°èŻăć°çźćäžșæąïŒmezo ć·ČćžćŒäș 1.21 äșżçŸć äž BTC çžć łçè”äș§ć 2000 äžçŸć ç cornă
ć°çźćäžșæąïŒćŸææŸïŒć€§ć€æ°äž BTC LSTs çžć łç DeFi 掻ćšäž»èŠæŻç±æżć±é©±ćšçăèœç¶ BTC çéçšæŁćšćąéżïŒäœä»éżèżæ„çïŒçæ BTC LSTs çćźé éæ±ć°é«ćșŠäŸè”äș Babylon çæ¶çèĄšç°ïŒèżćŻèœäœż BTC LSTs æäžșæŻ ETH æŽæćžćŒćçè”äș§ă
2.2.5 æ”ćšæ§éźéą
ć°œçźĄæ„æ 3 äșżçŸć ç TVLïŒäœææ·±çæ± ććš Uni v3 æ± äžçæ”ćšæ§ä» çșŠ 1000 äžçŸć ïŒæ čæź nansenïŒăć° 345ïŒ000 çŸć ç ETH æąæ LBTC ć°ćŻŒèŽ 1.06% çæ»çčïŒèżæŻ WBTC ç 4 ćïŒçșŠ 0.4%ïŒăèżç§ć·źćŒćæ äș BTC LSTs ćż éĄ»ć æçäžäžȘć łéźéźéąïŒćœä» LBTC 怎毞性è§æšĄéćșæ¶çæ”ćšæ§éźéąă
Source: Uniswap
3. æ»ç»
æĄ„æ„ BTC äž»èŠćŻä»„éć䞀ç§ćœąćŒïŒæźé BTCïŒćŠ Wrapped BTCïŒWBTCïŒïŒä»„ććš Babylon äžć莚æŒç BTCïŒç§°äžș BTC-LSTă
BTC LST/LRT-Fi çæ Œć±ć°ć€äșćæé¶æź”ïŒäœæŸç€șćșć°æŽć€ç TVL ä» BTC æĄ„æ„ć° ETH DeFi çæçł»ç»çć„ćș·èżčè±Ąă
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