2025-11-03
As the BTCFi (Bitcoin Finance) wave sweeps the crypto market, a fundamental question faces all builders: Are we merely "copying" Ethereum's Lego bricks on Bitcoin's ancient, solid ground, or are we "rebuilding" Bitcoin's native financial order?
While the market buzzes about L2s, sidechains, and cross-chain bridges, the BTCFi track is rapidly becoming a red sea. Yet, beneath this prosperity lie structural flaws: most projects rely on asset mapping, lacking nativeness; incentive models are homogenous, leading to node monopolization; and security boundaries are compromised for interactive experience.
In the cracks of this macro-narrative, BTM (Bitcoin Trust Machine) was born.
BTM is not a reinventor of Bitcoin, but an emancipator of its "undefined value." It has chosen the most difficult, yet most native path—directly confronting Bitcoin's heart: PoW hashrate. By building natively on Taproot and the Lightning Network, BTM is constructing a new "Computational Asset Layer," transforming Bitcoin's hashrate foundation from a static means of production into a programmable and composable financial anchor.
Before BTM, the Bitcoin ecosystem was long isolated by an invisible hashrate barrier:
Miner Side (Producers): Possessing vast hashrate, they operate a heavy-asset business. Equipment depreciates quickly, and capital lock-up is severe. Beyond selling the mined BTC, they lack sustainable, low-friction financing channels to unlock the value of their dormant assets.
User Side (Investors): Unable to directly access real hashrate production. They can only passively hold volatile Bitcoin assets, unable to financially participate in the most fundamental value creation of the Bitcoin network—mining.
This structural divide—"producers lacking liquidity, investors lacking entry"—is the core pain point BTCFi urgently needs to solve.
BTM's solution isn't to build "castles in the sky" outside of Bitcoin, but to dig inward, proposing a new financial primitive: the "Computational Power Certificate (CPC)."
The CPC mechanism is BTM's cornerstone. It maps miners' real hashrate resources into on-chain tradable and verifiable assets. Each certificate represents a share of hashrate, and holders can, through smart contracts, directly receive dual returns: BTC mining pool revenue and BTM on-chain rewards.
The revolutionary nature of this mechanism lies in:
For Miners: Without selling expensive mining rigs, they can "exchange" their hashrate for CPCs, obtaining immediate liquidity and optimizing their balance sheets.
For Users: The entry barrier is lowered significantly (e.g., starting from 1U). Users don't need to understand complex mining operations; they can achieve fractionalized participation in real mining by holding certificates, sharing in the native BTC output.
For the Ecosystem: The distribution of mining revenue is automatically executed by on-chain contracts, completely eliminating the trust risks of traditional centralized mining pools.
Through CPC, BTM gives hashrate a clear "capitalization path" for the first time, and for the first time, allows users to financially participate in real hashrate production on the BTC mainnet.
BTM rejected the convenient path of EVM, choosing Taproot and the Lightning Network instead. This "back-to-the-source" architectural choice establishes BTM's four native advantages over other BTCFi protocols:
Nativeness: No cross-chain bridges, no asset mapping. All financial activities are completed within the Bitcoin mainnet's closed value loop. This is true Bitcoin Native Finance.
Composability: The "Computational Power Certificate" is itself a foundational BTCFi asset. It can be freely referenced by future hashrate fractionalization, DEXs, and even derivatives protocols, becoming the ecosystem's "hashrate credit base layer."
Incentive Elasticity: BTM has designed a sophisticated economic model. Through an "Alpha Reward Weighting," a "Cooldown Quota Mechanism," and a "Cluster Incentive System," BTM focuses on supporting small and medium-sized nodes, preventing structural monopolies by large nodes, and forming a healthy game-theoretic structure with potential for excess returns.
Deflationary Engine: Every exchange and withdrawal action in the protocol triggers the redistribution and burning of on-chain fees. This builds a long-term value stabilization mechanism, making scarcity an endogenous attribute of the protocol.
BTM's founding team—cross-chain expert Leo, community governance expert Fiona, and security expert Han—established a core principle from the experiment's start: "Do not rely on EVM, do not chase imitations; start from Bitcoin, rebuild trust."
BTM is not just a financial protocol; it's a social experiment concerning "hashrate, consensus, and a decentralized economy."
It through its "PM99 Ranking Mechanism," it makes "liquidity as governance power" a reality. Every exchange action reshapes governance weight; liquidity participation itself becomes a language of on-chain voting. At the same time, the "Alpha Reward Factor" allows fragmented hashrate to aggregate, replacing traditional centralized mining pools with hashrate democratization.
This composite attribute of (DAO + Mining Pool) gives BTM's ecosystem governance both decentralized idealism and the value backing of real-world hashrate, thereby forming a powerful "consensus siphon effect."
In the past, Bitcoin's liquidity was dependent on CEXs. Now, BTM fundamentally changes this logic—hashrate itself becomes the new liquidity anchor asset.
The financial value of BTC no longer just comes from its "Scarcity," but is beginning to come from the "Reusability" of its hashrate production.
If Inscriptions were Bitcoin's cultural breakthrough, solving the problem of asset issuance;
Then BTM is Bitcoin's structural financial reconstruction. It solves the problems of asset (hashrate) pricing, liquidity, and incentives.
BTM does not rely on hype-driven narratives. It starts from Bitcoin's foundation, using hashrate as the financial unit, consensus efficiency as the incentive, and deflation as scarcity, building a new, native hashrate financial execution layer. What it is unleashing is Bitcoin's vastest, undefined value.
