Chainfeeds Introduction:
Lao Bai, investment research partner of ABCDE, reviewed the development of the BTC ecosystem from the birth of Ordinals to the present, and focused on the progress of representative projects in the Staking/Restaking track.
Source:
https://x.com/Wuhuoqiu/status/1826149606876705007
Article author:
Lao Bai
Viewpoint:
Lao Bai: Since Ordi made the BTC ecosystem popular, BTC has actually quickly compressed the route that ETH has taken - first the on-chain assets (ERC20), then the expansion plan (Rollup), and then Staking/Restaking. The expansion plan is too complicated because the technology stack is even more complicated than the assets, so it is hard to say who will come out in the end. We can only say that each has its own advantages and disadvantages, and it is up to time and the market. It is not impossible to make a pessimistic argument in this direction, and it may be all falsified in the end. After all, the current main narrative of BTC "electronic gold" does not actually need expansion. Expansion is more for the service of "on-chain assets". If the on-chain asset route does not take off, expansion will naturally lose its meaning. Finally, let's talk about the third stage (Staking/Restaking). This route is actually more solid than the previous two routes, because it does not conflict with the electronic gold narrative at all, and it is even a perfect supplement - releasing the liquidity of gold and turning gold into an interest-bearing asset! The most important project at this stage is undoubtedly Babylon. The other two worth mentioning in this route are Solv and DLC.Link. Back to the topic, back to Babylon and Lorenzo, Babylon is undoubtedly benchmarking the ecological niche of EigenLayer, so there will naturally be an asset entrance. Babylon has Solv, Lombard, and Lorenzo competing for the entrance. In addition to Babylon, Solv also has income on CeFi, and DeFi also has income from cooperation with Ethena, Merlin, Arb, etc. Lombard has an advantage in capital and circle resources, and its issued LBTC is also the most secure one. Lorenzo directly integrates the principal and interest separation function of Pendle, the liquidity pledge token stBTC for the BTC principal part, and the liquidity pledge token YAT for the interest part. Lorenzo is also the only project on the market that provides users with YAT and points dual incentive system LST.
Content Sources 
