INTRODUCTION
Bitcoin network is, as is already known, peer-to-peer electronic cash system without native Smart contract functionalities, so Decentralized Finance (DeFi) in a way that is native to other networks is not straight-forward for it, nevertheless with surge in DeFi amounts locked in other networks, there are some developments to provide DeFi service on Bitcoin network as well
DEFINITION
Decentralized Finance, or DeFi, present term for all financial application within decentralized applications that have aim to disrupt financial intermediaries’ services from between user interaction. First thing when thinking on DeFi are Decentralized exchanges, that provide exchange services directly from the wallet, without intermediary, on pairs that are supported by Liquidity pools on those exchanges. Liquidity providers are rewarded for their involvement in the process, with transaction fees, same as centralized exchanges and possible incentive to provide liquidity on certain Decentralized exchange, which is not subject of this topic.
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At the moment, BTC holders can provide liquidity on other networks, through token wrapping, which is the process of wrapping BTC for equivalent amount of wrapped BTC’s in certain protocol, that can be used for liquidity provision and interest from transaction fees can be taken on this wrapped BTC.
Currently there is several options for wrapped BTC’s, with WBTC as most used and almost 250 million market capitalization, currently on top 2 spot on DeFi lists, just behind ChainLink, which puts it as most tokenized asset in DeFi, below is the graph for total BTC wrapped on Ethereum DeFi, and wBTC on DeFi.