#大户持仓动态 【Bitcoin Layer2 Stablecoin Protocols: How to Design Them?】

The recent excitement around the Bitcoin ecosystem over the past couple of years is quite interesting. The underlying foundation of BTC as a store of value and settlement tool is becoming more solid, while the application ecosystem built on top is starting to become more complex—Layer2 networks are running, DeFi applications are active, and cross-chain bridges are in operation. A question gradually emerges: what kind of stablecoin infrastructure do these upper-layer applications actually need?

One approach is to build a truly "open-source" protocol stack. Instead of being dominated by a single exchange or foundation, it would be a modular system that allows developers to freely assemble and iterate.

Specifically, it might include these components:

✨ **Trust Layer**: Over-collateralization model. For example, on-chain transparent reserves of over 130%, so that even with market fluctuations, the protocol itself has enough buffer. Users can verify directly, without blindly trusting centralized institutions.

✨ **Value Layer**: Algorithmic peg. A 1:1 USD stability mechanism maintained through code rather than manual intervention, providing a unified "value API" for applications within the ecosystem to call.

✨ **Interoperability Layer**: Native integration into Bitcoin Layer2 networks. Making the protocol no longer an isolated component but capable of seamless connection with the mainnet and other execution environments.

✨ **Growth Layer**: Built-in yield generation design. The protocol can automatically generate value-added logic for applications that invoke it, providing ongoing incentives for participants.

This open-source protocol ecosystem's key is—encouraging forking and collaborative development rather than locking in users. Sharing rewards, participating in governance, and prioritizing integration can all serve as incentive mechanisms.

The future of Bitcoin is likely to be built this way: an open financial network stacked from countless small "Lego protocols." So, the question is—

👉 Do you think this path should lean more towards **community-driven high modularity** (a hundred flowers bloom but with potential duplication), or **core developer-led strong integration** (a smoother experience but with concentrated risks)? What are the pros and cons of each approach?