#BTC资金流动性 [The Evolution of Bitcoin from a Store of Value to an Income-Generating Asset]

As the trillion-dollar market value of Bitcoin is gradually recognized by the global financial market, a new question arises: Can these Bitcoins locked in wallets further unlock their financial attributes, upgrading from a mere store of value to an asset that can sustainably generate cash flow?

Some DeFi protocols are trying to achieve such breakthroughs. The core idea is not complicated: by transforming the globally recognized scarcity of Bitcoin into a credit base, users can act as collateral to generate stablecoins while retaining full ownership of their Bitcoin. This is not traditional staking mining, but a form of credit monetization — the price exposure of Bitcoin is retained, but an additional independent cash flow in USD is generated.

Three key aspects of technical design are worth paying attention to:

First is the native credit monetization. Bitcoin directly enters the protocol as the core collateral, minting a stablecoin pegged to the US dollar. The key to this process is risk management - ensuring system stability through over-collateralization and multi-layered risk control mechanisms.

Secondly, there is the automatic compounding of returns. Converting stablecoins into interest-generating versions, the latter produces real returns through diversified trading strategies (such as cross-exchange arbitrage, market liquidity provision, etc.), achieving passive compound interest on assets. The source of returns here does not arise out of thin air, but is captured from real arbitrage opportunities and efficiency gaps in the market.

The third is the risk hedging mechanism. The exposure to Bitcoin price fluctuations is fully retained by the user, while the risks at the stablecoin level are isolated through systematic hedging. This design allows participants to gain both the long-term appreciation potential of Bitcoin and a stable income stream in USD.

From a governance perspective, token holders typically gain three types of rights: the right to vote on core parameters, the ability to share in the revenue generated by the system, and priority access to new products developed in collaboration with the ecosystem.

The significance of this direction lies in its redefinition of Bitcoin's role in the DeFi ecosystem—from a static store of value to a dynamic financial asset, allowing holders to generate cash flow while maintaining price exposure. Of course, this also introduces new complexities and risks, requiring a sufficiently mature risk control system to support it.