Speaking to crypto.news in an interview, Andy Fajar Hardika, CEO of Loka Mining, discussed the evolution of decentralized finance (DeFi) on the Bitcoin network.

Loka Mining 首席执行官 Andy Fajar Hardika 在接受 crypto.news 采访时讨论了比特币网络上去中心化金融（DeFi）的演变。

On April 19, 2024, Bitcoin mining rewards were slashed in half. Mining a block will now generate only 3.125 BTC, compared to the previous 6.25 BTC. Although the Bitcoin halving happens every four years or so, this year, it's really got industry participants talking about how the reduced rewards will affect the mining economy.

2024 年 4 月 19 日，比特币挖矿奖励减半。开采一个区块现在仅产生 3.125 BTC，而之前为 6.25 BTC。尽管比特币减半每四年左右发生一次，但今年，行业参与者确实开始讨论奖励减少将如何影响挖矿经济。

With each halving event, mining firms have to adapt to a lower-margin environment. Cash-strapped firms usually exit the market or merge with bigger firms. Unlike the earlier halving events in 2016 and 2020, the 2024 halving event may result in a slew of consolidation and defaults.

每次减半事件，矿业公司都必须适应利润率较低的环境。现金短缺的公司通常会退出市场或与更大的公司合并。与 2016 年和 2020 年的减半事件不同，2024 年的减半事件可能会导致大量整合和违约。

Enter Runes and Ordinals, concepts that are revolutionizing the DeFi landscape on the Bitcoin network.

符文和序数这些概念正在彻底改变比特币网络上的 DeFi 格局。

Runes, like Ethereum's ERC-20 standard, introduce fungible tokens to the Bitcoin blockchain, while Ordinals bring NFTs directly onto the network. As the premiere cryptocurrency, this goes a long way in broadening the possibilities of what Bitcoin can offer beyond simple transactions.

Runes 与以太坊的 ERC-20 标准一样，将可互换代币引入比特币区块链，而 Ordinals 将 NFT 直接引入网络。作为首屈一指的加密货币，这在拓宽比特币超越简单交易的可能性方面大有帮助。

With Runes and Ordinals, Bitcoin is finding new ways to close the gap with Ethereum, which has largely been hailed as the king of DeFi. However, nothing is without its challenges. Scalability issues and concerns over blockchain bloat loom large, echoing past impediments in the industry.

通过符文和序数，比特币正在寻找新的方法来缩小与以太坊的差距，而以太坊在很大程度上被誉为 DeFi 之王。然而，没有什么是没有挑战的。可扩展性问题和对区块链膨胀的担忧日益凸显，这与该行业过去的障碍相呼应。

Still, the birth of protocols like Runes and Ordinals shows that Bitcoin can support more diverse decentralized applications. Miners, in return, are able to offset the halving's effect on revenue.

尽管如此，像 Runes 和 Ordinals 这样的协议的诞生表明，比特币可以支持更多样化的去中心化应用。作为回报，矿工能够抵消减半对收入的影响。

Hardika, who leads a cryptocurrency mining firm, shared his insights on the matter.

领导一家加密货币挖矿公司的哈迪卡分享了他对此事的见解。

How do you perceive Bitcoin's evolving role in the DeFi space, given its recent advances like the Runes protocol and the impact it's had on miner revenues and transaction fees?

鉴于 Runes 协议等最新进展及其对矿工收入和交易费用的影响，您如何看待比特币在 DeFi 领域不断演变的角色？

Bitcoin lacks programmability but has the strongest Lindy effect and has proven to become the de facto store of value. I personally believe these characteristics are driving Bitcoin to be the "mother chain," attracting new protocols that are blooming on Bitcoin's L2 or sidechain.

比特币缺乏可编程性，但具有最强的林迪效应，并已被证明成为事实上的价值储存手段。我个人认为，这些特征正在推动比特币成为“母链”，吸引新协议在比特币的 L2 或侧链上蓬勃发展。

In your opinion, can Bitcoin position itself as a competitor to Ethereum in decentralized finance, or do you foresee a different outcome?

在您看来，比特币能否将自己定位为去中心化金融领域以太坊的竞争对手，或者您是否预见到不同的结果？

I think what we will see in the end is not rivalry, but rather collaboration — where chains will be "fused" and abstracted away to a point that regular users don't really care or need to understand which chain they're currently using.

我认为我们最终看到的不是竞争，而是合作——链将被“融合”并抽象到普通用户并不真正关心或需要了解他们当前正在使用哪条链的程度。

With Runes driving transaction fees to new heights, how do you think Bitcoin can balance rewarding miners with keeping transactions affordable and accessible? Are high fees hindering Bitcoin's adoption for smaller transactions?

随着符文将交易费用推向新的高度，您认为比特币如何在奖励矿工与保持交易负担得起且易于访问之间取得平衡？高额费用是否阻碍了比特币在小额交易中的采用？

As Bitcoin transitioned from a P2P e-cash system to a Store of Value, I believe the high transaction fee on Bitcoin L1 is important. It serves as a trade-off for the security budget the network needs to maintain. This is where L2s take part in scaling the network and adding programmability to Bitcoin. From a user's perspective, solutions like Lightning or ICP with their ckBTC enable Bitcoin transaction fees to be reduced to just a few cents.

随着比特币从 P2P 电子现金系统转变为价值存储系统，我认为比特币 L1 的高交易费很重要。它是网络需要维护的安全预算的权衡。这就是 L2 参与扩展网络并为比特币添加可编程性的地方。从用户的角度来看，闪电网络或 ICP 等解决方案及其 ckBTC 可以将比特币交易费用降低至几美分。

Historically, Bitcoin has lagged behind Ethereum in DeFi applications. How likely is it that innovations like Runes and Ordinals will help Bitcoin close this gap? What are Bitcoin's advantages or challenges in this space?

从历史上看，比特币在 DeFi 应用方面一直落后于以太坊。像符文和序数这样的创新有多大可能帮助比特币缩小这一差距？比特币在这个领域的优势或挑战是什么？

Ordinals is basically fully on-chain NFT, parallel to ERC721, while Runes is essentially Fungible Tokens on Bitcoin, parallel to ERC-20. These are just early building blocks for Bitcoin programmability. While it's now possible to build an L1 primitive dApp, it's still very limited. I believe the actual use case would be like anchor points for the L2s to provide a full-blown DeFi app on Bitcoin. One significant advantage would be that we can unlock the massive Bitcoin TVL that is currently sitting in their holders' wallets.

Ordinals 基本上是完全链上的 NFT，与 ERC721 平行，而 Runes 本质上是比特币上的同质代币，与 ERC-20 平行。这些只是比特币可编程性的早期构建块。虽然现在可以构建 L1 原始 dApp，但它仍然非常有限。我相信实际的用例就像 L2 的锚点一样，在比特币上提供成熟的 DeFi 应用程序。一个显着的优势是我们可以解锁目前持有者钱包中的大量比特币 TVL。

Some critics argue that protocols like Runes and Ordinals could lead to blockchain bloat and slower transaction times. What are your thoughts on these drawbacks, and how do they compare to Ethereum's scalability challenges?

一些批评者认为，像符文和序号这样的协议可能会导致区块链膨胀和交易时间变慢。您对这些缺点有何看法？它们与以太坊的可扩展性挑战相比如何？

History tends to repeat itself. A few years back, we had CryptoKitties, the first gamified NFT on the Ethereum network, consuming 13% of all transactions in the Ethereum network. This ignited the discussion about network scalability and eventually sparked many upgrades and the rise of L2s on Ethereum.

历史往往会重演。几年前，我们推出了 CryptoKitties，这是以太坊网络上第一个游戏化的 NFT，消耗了以太坊网络中所有交易的 13%。这引发了有关网络可扩展性的讨论，并最终引发了以太坊上的许多升级和 L2 的兴起。

Do you expect a similar trend?

您预计会出现类似的趋势吗？

I believe we see parallels between Runes and Ordinals, which are now taking significant block space and contributing a significant amount to the network's security budget. As an indirect result, there are now more than 50 Bitcoin Layers or sidechains trying to solve Bitcoin's scalability. And of course, just like startups, most of them will eventually die down or become dormant — but those with strong utility and actual use cases will survive.

我相信我们看到了 Runes 和 Ordinals 之间的相似之处，它们现在占用了大量的区块空间，并为网络的安全预算做出了很大的贡献。作为间接结果，现在有超过 50 个比特币层或侧链试图解决比特币的可扩展性。当然，就像初创公司一样，大多数公司最终都会消亡或休眠——但那些具有强大实用性和实际用例的公司将会生存下来。