Did you see what DeFi did to ETH fees? What do you think would happen on Bitcoin blockchain? And what exactly would be the benefits of making it on Bitcoin blockchain, because I do not see them (or rather to be precise, there would be much more problems, than there would be benefits of doing it).
Bitcoin Network was created to be a secure and decentralize way for people to store value, thus possessing limited scripting language capabilities. This limits the type of applications that developers can build on top of Bitcoin network. Proof-of-Transfer enables developers to innovate on Bitcoin with Clarity smart contracts which eliminate a whole class of smart contract bugs and provides for greater predictability.
Benefits would be that, developers can now leverage on Bitcoin network, which is the most secure network. While shifting all the heavy lifting workload, outside of bitcoin network.
The idea came about when I read the Proof of Transfer whitepaper.
Proof of Transfer whitepaper:
https://uploads-ssl.webflow.com/5e7b1a27d160ce49af1c24e1/5f1596b12bcc0800f3dcadcd_pox.pdf