What I am still concerned about is how the fee (I mean the transaction fee) of bitcoin could be while making transactions (I mean the onchain fee), when BSC is already existing which people can make use of with very low fee, including ethereum which its fee is though high but bitcoin fee will be slightly higher.
OP already pointed that out and mentioned sidechains and/or layer 2 solutions. I also read an article about how Taproot will improve privacy, scalability, and even open the possibility for smart contracts.
Regardless of the technical aspects, however, I am wondering if Bitcoin DeFi will be able to draw similar liquidity to what we are seeing in ETH & BSC. Will Bitcoin DeFi be able to compete?
Maybe yes, maybe no. It all depends on how the greater crypto community thinks of it.