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BTC 硬件钱包厂商推出比特币抵押贷款：无需出售或放弃资产控制权
据 Decrypt 和 crypto.news 报道，Ledger 已在其钱包应用中直接推出了基于比特币的贷款功能。该功能利用 Morpho 借贷协议，让用户能够以持有的比特币作为抵押品进行借款，而无需出售这些资产。
Ledger 以其硬件钱包闻名，这类设备旨在将私钥离线存储，使其远离交易所。通过在自有钱包软件中集成借贷选项，该公司将其产品范围从单纯的存储扩展到了对自托管资产的主动金融运用。
这一机制遵循了去中心化金融（DeFi）中常见的有抵押借贷模式。用户将比特币锁定为抵押品并获得贷款，通常以稳定币或其他资产计价，且无需清算其头寸。Morpho 是支撑该功能的协议，它是一个借贷基础设施层，被多个 DeFi 应用程序用于匹配借款人和贷款人。
为何选择抵押借贷而非出售？
对于比特币持有者而言，此类产品的吸引力显而易见。在许多司法管辖区，出售比特币以获取现金可能触发应税事件，并导致投资者错失未来的价格上涨收益。相比之下，通过抵押借款可以让持有者在保持底层仓位完整的同时获取流动性。
自我托管 vs. 中心化机构
此举也反映了自我托管平台试图与提供多年加密货币抵押贷款的中心化贷款机构和交易所竞争的趋势。那些中心化的服务记录参差不齐，在 2022 年市场低迷期间，由于管理不当抵押品或流动性，一些知名贷款机构相继崩溃。采取“自我托管优先”的方法——即用户保留密钥控制权而非将资产存入托管方——被视为对这一历史的回应。
用户体验与市场影响
Ledger 的整合使用户体验保持在自家应用内，而无需使用单独的 DeFi 界面。这种设计选择旨在让习惯于使用硬件钱包但对直接与智能合约或协议前端交互不太熟悉的持有者更容易参与去中心化借贷。
初始报道未完全指定贷款条款、支持的抵押率、利率以及地理可用性等信息。与任何有抵押的加密货币贷款一样，如果其比特币抵押品的价值低于所需阈值，借款人将面临清算风险。
此次发布使 Ledger 加入了越来越多尝试内置借贷功能的钱包和托管提供商行列。这一趋势可能会加剧硬件钱包制造商在 DeFi 相关收入方面的竞争。如果采用率高，可能会鼓励其他自我托管平台寻求与成熟的借贷协议进行类似整合，而不是从头构建专有系统。
Looking at the broader Bitcoin market, products that allow holders to gain liquidity without selling may reduce the incentive to sell coins during periods of demand for funds, although the scale of the impact will depend on the popularity of the feature and applicable borrowing restrictions.
Ledger's move marks the continued integration of hardware wallet infrastructure and decentralized finance, providing Bitcoin holders with another way to maintain control of their assets and gain liquidity.
FAQs
What features does Ledger launch?
Ledger has added a feature to its wallet app that allows users to borrow money using their Bitcoin positions as collateral, which relies on the Morpho lending agreement.
Do users need to give up control of Bitcoin when borrowing money?
It is reported that the feature was originally designed to allow holders to borrow money without selling Bitcoin, which is in line with Ledger's self-custody model. However, the specific collateral processing mechanism was not detailed in the initial report.
What is Morpho?
Morpho is a decentralized lending protocol that Ledger is using to support new lending capabilities in its wallet app.
What are the risks of borrowing with Bitcoin as collateral?
Like other secured cryptocurrency loans, if the value of Bitcoin falls below the required threshold set in the loan agreement, the borrower risks having his Bitcoin collateral liquidated.
