Bitcoin DeFi projects have been a huge focus for companies like Square. Jack Dorsey has been working with his team to create a DeFi business built on Bitcoin's rails.
It has been reported that there are around 26 active Bitcoin-related DeFi projects. That is just what Square is doing.
As we are all aware, DeFi projects have been primarily dominated by the likes of Ethereum & Binance Smart Chain. Projects like Aave, Uniswap, Compound, and PancakeSwap already have tens of billions of dollars locked up in their network. This will grow exponentially.
It seems rather clear these DeFi projects will take place on sidechain/layer-2 solutions. The on-chain network is currently not fit for these projects.
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?
Will we be able to offer the same yields?
Will it be as effective/efficient as DeFi on other networks?
Could Bitcoin DeFi be superior?
Assuming Bitcoin devs (not just Square's) are able to create a system that is both efficacious and secure, I believe that it could become the primary DeFi network.
This is much easier said than done, however, and is certainly an uphill battle.
Then again, maybe the goal isn't to be #1 in DeFi.
What do you folks think a Bitcoin DeFi network would look like? Do you think we would see anything truly unique?
I think the era of DeFi has just begun, and there is still a long way to go. The functions and applications are only used by a small group of people. A large part of the population has not really understood DeFi. In addition, I think the reason why Ethereum DeFi is popular now is Because he has a center to promote forward development, and Bitcoin DEFI has almost no one or more influential people to push forward. I still look forward to the launch of Bitcoin DeFi, because it will be able to leverage more funds, I look forward to it. I will also do my best to do something for it.It has been reported that there are around 26 active Bitcoin-related DeFi projects. That is just what Square is doing.
As we are all aware, DeFi projects have been primarily dominated by the likes of Ethereum & Binance Smart Chain. Projects like Aave, Uniswap, Compound, and PancakeSwap already have tens of billions of dollars locked up in their network. This will grow exponentially.
It seems rather clear these DeFi projects will take place on sidechain/layer-2 solutions. The on-chain network is currently not fit for these projects.
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?
Will we be able to offer the same yields?
Will it be as effective/efficient as DeFi on other networks?
Could Bitcoin DeFi be superior?
Assuming Bitcoin devs (not just Square's) are able to create a system that is both efficacious and secure, I believe that it could become the primary DeFi network.
This is much easier said than done, however, and is certainly an uphill battle.
Then again, maybe the goal isn't to be #1 in DeFi.
What do you folks think a Bitcoin DeFi network would look like? Do you think we would see anything truly unique?