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在一个闲置比特币代表未开发潜力的金融环境中，机构配置者越来越寻求在不牺牲安全性或控制权的情况下为BTC生成收益。站在这一演变的前沿的是Maple Finance，该公司推出了一款BTC收益产品，提供直接以原生BTC支付的5.13%年收益率（APY）——在Maple Finance管理的任何策略中没有损失的历史记录。
Maple Finance成立于2019年，通过将机构级贷款与链上金融的透明度和创新结合，重新定义了资产管理。如今，该公司正在将比特币从被动的价值储存转变为积极产生收益的资产。
在比特币上生成原生收益的理由
比特币在加密市场的主导地位在2025年初超过了65%，突显了其作为机构投资者首选数字资产的持久角色。然而，尽管有这种主导地位，约99%的BTC仍然闲置在自我保管的钱包中。这种低效导致对安全、机构级策略的需求不断增长，使比特币持有者能够获得可靠的收益。
Maple Finance的BTC收益产品直接满足了这一需求，使配置者能够在不包裹、桥接或将资产暴露于DeFi协议风险的情况下，获得稳定的以BTC计价的回报。
Maple Finance的BTC收益产品的主要特点
Maple Finance的BTC收益产品提供了一系列旨在满足寻求安全和可靠的以比特币计价回报的机构配置者需求的功能。主要亮点包括：
- 稳定收益： 提供稳定的5.13%年收益率（APY）以原生BTC计价，截止2025年上半年已有超过1,500 BTC被分配。
- 经过验证的安全性： 由BitGo和Copper两家在数字资产领域最受信任的合格保管人处理保管。BTC保持在冷存储中，永远不会被移动、包裹或部署到不安全的智能合约中。
- 无记录损失： 自成立以来，Maple在所有管理策略中报告零损失，展示了其风险管理和运营流程的稳健性。
- 机构框架： 配置者受益于完全符合传统金融标准的机构级产品，同时利用区块链技术的透明性。
Maple的BTC收益策略如何运作
BTC收益产品的策略始于比特币存款保持在机构保管中。Maple利用这些BTC持有作为抵押，通过其基础设施借入USDC。借入的USDC随后用于获取CORE代币和CORE对冲，使Maple能够参与Core Network的双重质押，使用CORE和BTC。
策略中的关键步骤：
- 双重质押： Maple通过直接从合格保管中贡献BTC和CORE代币，获得最高级别的CORE奖励。
- 奖励转换： CORE奖励通过结构化的风险管理方法转换回BTC，确保稳定的表现。
- BTC收益分配： 配置者直接以BTC支付收益，其本金永远不会离开安全保管。
为了对齐激励，Maple对BTC存款收取0.40%的管理费，并对超过5%阈值的任何收益收取20%的业绩费。
风险管理：保守、透明的方法
有效的风险管理是Maple Finance的BTC收益产品的核心。该平台利用多层保护措施来保护配置者的资产并确保稳定的表现。关键的风险考虑因素包括：
- CORE风险管理： Maple积极对CORE代币头寸进行对冲，采用保护性策略，确保在市场波动期间的韧性。
- 保管安全： 资产在整个过程中保持在BitGo和Copper的冷存储中，提供行业内最安全的风险调整回报配置之一。
- 与Core生态系统的合作： Maple与Core团队紧密合作，保持对Core生态系统前景和发展的直接了解。这一合作关系支持可预测的收益生成，并能够主动调整以应对不断变化的网络动态。
Maple的保守规模和严格的风险监控确保BTC收益产品保持可持续和安全。
BTC收益市场的竞争定位
详细的市场比较显示，Maple的BTC收益产品提供了安全性和稳定回报的独特组合。像SolvBTC和LBTC这样的竞争对手通过DeFi集成专注于高收益机会，但使用户面临更高的技术和流动性风险。同时，像Coinbase比特币收益基金这样的产品模仿传统金融方法，但要求高额的最低投资和较长的锁定期。
Maple的BTC收益产品通过提供以下优势而脱颖而出：
- 直接以原生BTC支付的收益，而不是替代代币或积分。
- 无需包裹或桥接风险的机构级保管。
- 通过即将推出的流动版本lstBTC提供流动部署计划，使配置者在保留灵活性的同时获得收益。
表现与未来展望
自推出以来，BTC收益产品已吸引了1.4亿美元的管理资产。尽管取得了早期成功，该产品的潜力仍然显著，Maple的目标是在年底前实现15亿美元的BTC管理资产。
Maple稳定的5.13%年收益率和安全的机构基础设施使其BTC收益产品成为寻求闲置比特币持有收益的配置者的未来行业标准。
今天体验安全的BTC收益
Maple Finance邀请机构配置者和资产管理者探索为现代金融环境设计的产品——提供稳定的以比特币计价的回报，而不妥协安全性或流动性。要了解更多信息或开始配置，请访问Maple Finance的官方网站。
结论
通过将竞争力的5.13%收益与不妥协的安全性和透明度结合起来，Maple Finance的BTC收益产品弥合了比特币作为价值储存潜力与资本效率需求之间的差距。作为唯一提供原生BTC收益的机构级产品，而无需包裹或暴露于DeFi风险，Maple Finance正在为比特币资产管理设定新的标准。
体验比特币收益的下一次演变——与Maple Finance一起。
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