Here is the English translation of the text, with the specified terms translated as requested: "Bitcoin has never let us down." The 16-year history of the crypto industry has been the history of Bitcoin's value being constantly reinterpreted and driving the industry to new heights. In the four cycles so far, each time there have been people who have claimed that Bitcoin lacks innovation and cannot represent the cutting-edge trends of the industry, and each time there have been people who have predicted that some new rising star will replace or even surpass Bitcoin. But each time, it is Bitcoin, with its restrained, focused, and simple-minded spirit, that has continuously inspired new products and models, crushed the ice of conservatism and skepticism, and firmly and shockingly expanded the territory of crypto, leading the overall trends of the industry and the market. The reason why Bitcoin has always stood firm is that it carries the value attribute of a "digital hard currency", has the strongest global consensus, and is participating in the global financial system in a more proactive way. Therefore, in an industry that pursues extreme innovation, Bitcoin is actually the most stable and long-term influential "main force". Now, the wave of Bitcoin innovation is entering a new stage of acceleration. The financialization revolution driven by Bitcoin is quietly taking shape, and the rise of Bitcoin Finance represents a new trend of Bitcoin's evolution from a passive store-of-value asset to deeper financial applications. Solv is committed to standing at the forefront of this trend, promoting Bitcoin Finance to grow into a multi-trillion-dollar decentralized financial infrastructure, empowering a wider range of users and ecosystem development. The rise of Bitcoin Finance has not happened overnight, but has evolved through three key stages, gradually moving from the edge to the mainstream narrative. In September 2013, DCG created the Grayscale Bitcoin Trust (GBTC). Essentially, this is a Bitcoin custody and securitization service, primarily aimed at connecting with the operational system familiar to traditional institutions, greatly reducing the threshold for investors to enter the BTC market. The premium/discount mechanism of GBTC and its arbitrage opportunities further stimulated institutional demand for BTC. From GBTC to BTC ETF, the long journey reflects the ongoing game between regulation and innovation, and also marks the gradual acceptance of Bitcoin by traditional finance. This wave of practice has turned Bitcoin Finance into a small narrative of hundreds of millions of dollars by 2018, initially establishing a foothold. During the 2017-2018 bull market, centralized platforms such as exchanges quickly rose, and the financial needs of early BTC holders (especially miners) played an important role. Not only did major exchanges generally engage in diversified Bitcoin Finance businesses, but specialized Bitcoin Finance service platforms such as PayPal, Matrixport, and Genesis also emerged. These platforms' services such as collateralized lending and hedging met the needs of miners and institutions, driving the financialization application of BTC. Although the 2022 CeFi crisis has dealt a heavy blow to the CeFi model, the crisis has also prompted the industry to reflect deeply, strengthening risk management and compliance operations, and pushing Bitcoin Finance to grow into a multi-billion dollar mid-sized track. The "DeFi Summer" of 2020 is the event that has had the most far-reaching impact on the crypto industry after Bitcoin and Ethereum. DeFi provides a new paradigm for creating and operating financial services, offering huge room for imagination. Due to the functional limitations of Bitcoin's scripting language, most complex DeFi protocols are built on smart contract blockchains like Ethereum. But given Bitcoin's massive scale, the DeFi community has been committed to bringing BTC value into the DeFi ecosystem, driving the emergence of services like WBTC and renBTC. The higher transparency, more convenient operation, and richer yield opportunities of DeFi have attracted many users. The composability of DeFi has also brought new possibilities for Bitcoin Finance, such as decentralized lending and derivative trading based on BTC. By 2024, the practice of these three waves of Bitcoin Finance will have overlapped and resonated with each other. Driven by major favorable changes in the external environment, Bitcoin Finance will experience explosive growth and become a trillion-dollar track. The explosive growth of Bitcoin Finance in 2024 is actually the result of the superposition and resonance of the three waves of TradFi, CeFi, and DeFi. This growth is not accidental, but the result of the long-term evolution and accumulation in multiple fields, hiding multiple driving forces of market demand, technological innovation, and ecosystem expansion. In 2023, the crypto market will recover from the trough of 2022, injecting new vitality into the entire industry. As the core force of crypto innovation, the DeFi community naturally hopes to quickly restore the growth momentum that was hindered by the market crash. However, by this stage, the main resources and scenarios in the Ethereum ecosystem have been fully developed, and the DeFi community urgently needs to find new growth directions. Faced with greater liquidity needs and a richer asset base, the value of BTC is being re-recognized. As the largest cryptocurrency by market capitalization, Bitcoin has an incomparable asset scale and market base, and its transparent and censorship-resistant characteristics are highly consistent with the core philosophy of DeFi, naturally becoming a key pivot for DeFi's next stage of expansion. Financial innovation around BTC is beginning to advance at a faster pace. From early Bitcoin-wrapped assets like WBTC and renBTC, to decentralized lending combined with Layer2 scaling solutions, to BTC-integrated Staking and liquidity pools, the application scenarios of BTC in DeFi are gradually becoming richer. At the same time, the hot trends of BRC20, BRC420, and other on-chain innovations have also attracted the attention of a large number of users who hope to more efficiently integrate the value of Bitcoin into these emerging fields. It is this market demand that has driven the continuous expansion of BTC in the DeFi field, laying a solid foundation for its rapid growth. In addition, the advantages of DeFi in transparency and efficiency have further amplified the appeal of Bitcoin Finance. Users not only can enjoy more convenient and flexible financial services, but also can obtain high-yield opportunities related to BTC through decentralized means. The composability between DeFi protocols has also brought greater innovation space, allowing developers to create new derivative trading, lending protocols, and yield optimization tools based on BTC. These innovations superimposed and resonated, providing an endless stream of momentum for the explosion of Bitcoin Finance. CeFi platforms have played an important role in the rise of Bitcoin Finance, with their unique user base and platform advantages providing a powerful driving force for the financialization of Bitcoin. Exchanges and professional financial service platforms have rapidly grown Bitcoin Finance in the CeFi field by activating platform-deposited assets and innovating financial products. First, CeFi platforms have introduced Bitcoin into more application scenarios by issuing Wrapped BTC (such as Binance's BTCB and Coinbase's wrapped BTC products). These Wrapped BTC assets have made Bitcoin more liquid and usable in other blockchain ecosystems, thereby activating a large amount of deposited assets on CeFi platforms. This mechanism not only improves the utilization of Bitcoin, but also provides users with more investment options and yield opportunities, effectively enhancing user participation and platform stickiness.

Here is the English translation of the text, with the specified terms translated as requested:

Secondly, CeFi platforms are also constantly exploring new BTC financial products and services to meet the growing market demand. From the earliest BTC-backed lending services to the current more complex derivative trading, yield optimization products, and structured wealth management solutions, CeFi platforms are continuously enriching their service offerings, providing customized BTC financial solutions for individual and institutional investors. These products not only meet the diversified needs of miners, long-term holders, and institutional investors, but also lower the participation threshold for ordinary users.

At the same time, the improvements in compliance and risk management of CeFi platforms have further enhanced their appeal to users. Especially after the market crisis in 2022, the industry's focus on transparency and security has increased significantly, and CeFi platforms have regained user trust through stricter audits and robust operations. This trust lays the foundation for the long-term development of the platforms' BTCFi business.
Through asset activation and innovative products, CeFi platforms have successfully pushed the financialization of Bitcoin to new heights, contributing significantly to the explosive growth of BTCFi.

Thirdly, the rapid advancement of TradFi.

TradFi has played the role of pioneer and primary driver in promoting the development of BTCFi. From the approval of BTC ETFs to MicroStrategy's large-scale Bitcoin holdings, the continuous efforts of traditional financial institutions and enterprises have provided strong endorsement for the financialization of Bitcoin, attracting more institutional investors to the market.

The successful approval of the 2024 BTC ETF is a milestone event. The launch of the ETF greatly reduces the threshold for traditional institutions and individual investors to access Bitcoin, allowing more investors to incorporate Bitcoin into their investment portfolios through a compliant, secure, and convenient way. This not only brings more liquidity to the market but also enhances the acceptance of Bitcoin as an asset class, further consolidating BTC's position in the global financial system. The success of the ETF also lays the foundation for the development of BTCFi, such as promoting the launch of more BTC-based financial products (such as options, futures, and fixed-income products).

Among these, the demonstration effect of MicroStrategy has sparked corporate attention to Bitcoin asset allocation. Since 2020, MicroStrategy has adopted Bitcoin as its strategic reserve asset, not only improving the company's asset returns but also gaining widespread market attention through this decision. MicroStrategy's successful case has encouraged other traditional enterprises to follow suit, driving more capital into the BTC market. This corporate-level participation has injected new momentum into the market expansion and innovation of BTCFi.

Reinterpreting Solv: The Key Bridge Connecting the Three Forces of BTCFi

Established in 2020, Solv Protocol initially focused on infrastructure innovation for digital bonds and on-chain funds. However, with the rapid rise of BTCFi, Solv has gradually grown to become one of the important participants in the BTCFi field, and has worked with many partners to build an open and gradually maturing decentralized Bitcoin financial network.

Solv's core philosophy is "connection".

We believe that the future of BTCFi depends not only on the breakthrough of a single project, but also on the deep integration and resonance of the three forces of TradFi, CeFi, and DeFi. Solv's vision is to become one of the core driving forces of this trend, promoting the synergy and integration between different ecosystems through an open collaboration model and continuous financial infrastructure innovation, and building a more secure, convenient, and transparent BTCFi infrastructure for users, allowing everyone to easily participate in the BTCFi wave.

Solv is not an island, but a bridge.

Solv recognizes that the rapid development of BTCFi stems from the overlapping resonance of TradFi, DeFi, and CeFi, but this overlapping resonance is far from reaching its full potential due to the existence of many damping factors. These issues include:

· TradFi provides strong financial support and a global perspective, but the integration with the decentralized ecosystem is not smooth enough;

· DeFi has extremely high innovation and openness, but there are technical and cognitive barriers for ordinary users;

· CeFi is known for its user experience, but still needs to continuously improve in terms of transparency and trust mechanisms.

Therefore, the key to success lies in how to strengthen this resonance effect, allowing these three forces to complement each other. To this end, Solv's goal is to build bridges between the three, eliminate barriers, and create a seamless ecosystem to unleash the full potential of BTCFi.

Step 1: Consolidate Innovation and Optimize Experience with DeFi as the Foundation

DeFi is the foundation of Solv's rise and the main battlefield for BTCFi innovation. With the explosion of Bitcoin Layer2 and the popularity of tokenized Bitcoin assets, the DeFi Bitcoin finance field has presented a diverse yet relatively disorderly landscape in terms of yield forms. Solv was the first to propose the concept of a staking abstraction layer, unifying and standardizing the complex and diverse on-chain Bitcoin asset yields, and building a standardized staking and LST (Liquid Staking Token) asset model to provide users with a one-stop multi-channel yield channel and a simple and easy-to-understand operating experience. Currently, Solv has partnered with Babylon, Ethena, Core DAO, and Jupiter to launch four different LST products. Not only has it realized the tokenization of staking and re-staking yields, but it has also successfully tokenized trading strategy yields and funding rate yields, further enriching users' yield options.

Step 2: Integrate CeFi, Expand User Base, and Simplify Processes

CeFi platforms play an important role in the BTCFi ecosystem, especially in attracting mainstream users, which is an irreplaceable advantage. Contrary to the views of many people, Solv believes that CeFi is not a "transitional" mode in crypto, but a mainstream business model that will exist and evolve continuously. The reason is that the creation, management, and trading of crypto assets are becoming increasingly complex and professional, requiring professional division of labor. Therefore, as the industry scale continues to grow, it is necessary for professional intermediary institutions to help ordinary users simplify operations, share responsibilities, and manage risks. Specifically in the BTCFi field, many Bitcoin holders actually prefer CeFi services. Therefore, Solv has a long-term strategic focus on connecting with CeFi.

Solv is establishing strategic partnerships with top CEXs such as Binance, OKX, and Bybit, integrating its SolvBTC and LST product lines to simplify the process of Bitcoin staking and cross-chain asset management. Users can directly complete BTC wrapping, staking, and cross-chain asset management on the familiar operating interface, without the need for complex on-chain interaction experiences.

In addition, Solv will work with these platforms to launch exclusive products and services for BTCFi, such as BTC-based yield enhancement plans and staking reward programs, helping more users easily enjoy the dividends of DeFi, while also promoting the natural conversion of CeFi users to DeFi users, and expanding the adoption rate of the entire BTCFi ecosystem.

Step 3: Connect to TradFi, unleash the potential of Bitcoin in the real-world economy

Solv will further promote the tokenization of BTC ETFs and actively cooperate with more traditional financial institutions to connect traditional finance and DeFi.

By introducing traditional assets such as BTC ETFs into the on-chain ecosystem in the form of programmable digital assets, Bitcoin will no longer be just a "reserve asset", but will become a key hub for driving cross-market liquidity. This step not only provides traditional investors with more flexible asset allocation tools, but also injects deeper liquidity and capital efficiency into the DeFi ecosystem, helping Bitcoin become a core asset in the global financial system.

Promote BTCFi to become a trillion-dollar industry

Our three-step strategy is not only the growth path of Solv itself, but also a long-term vision for the future. We have always believed that only by connecting TradFi, DeFi and CeFi, and continuously focusing on technological innovation and excellent user experience, can we truly build an open, efficient and sustainable BTCFi ecosystem.

The realization of this vision requires the joint efforts of the entire industry, as well as Solv's continuous self-breakthrough. In the future, we look forward to cooperating with more ecosystem partners to promote the development of BTCFi, so that the value of Bitcoin can benefit every user, and BTCFi can grow into a trillion-dollar industry.

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