• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Changes in Bitcoin-Based DeFi Market

user avatar

by Giorgi Kostiuk

a year ago

  1. New Prospects for wBTC
  2. Alternatives to wBTC in DeFi
  3. The Future of Bitcoin DeFi


    4. The Bitcoin-based DeFi industry is expecting changes following the news that BitGo is working with new custodians in Hong Kong and Singapore.

    New Prospects for wBTC

    wBTC provides users with an easy way to utilize Bitcoin, the world’s most popular cryptocurrency, in various DeFi protocols. Since its launch in 2019, wBTC has become popular among investors looking to earn yields on their BTC. However, the main issue with wBTC is the necessity to trust the custodian, BitGo. The company has recently announced shifting to a multi-custodian model by partnering with BiT Global in Hong Kong and Singapore.

    Alternatives to wBTC in DeFi

    Beyond wBTC, there are many other ways to use BTC in DeFi. One of these is dlcBTC by DLC.Link, which does not require custodians and uses Taproot-based multisig. Another example is Zeus Network, which has created a decentralized protocol for moving BTC to Solana's DeFi ecosystem. Projects like Stacks and Rootstock also exist, allowing the minting of sBTC and rBTC, while Babylon offers a mechanism to enhance the security of PoS chains.

    The Future of Bitcoin DeFi

    BitGo's decision to bring more custodians may stimulate the development of new projects that offer alternative ways to use BTC in DeFi. With the growth of the Bitcoin DeFi ecosystem, a new bull run for the most valuable digital currency might commence.

    The Bitcoin DeFi industry is rapidly evolving and may become a key narrative in the crypto world. With the emergence of new projects and alternatives to wBTC, the future of Bitcoin-based DeFi looks promising and exciting.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

The Infrastructure Problem in DeFi: A Barrier to Financial Inclusion

chest

The unbanked face an infrastructure problem rather than a product problem, as DeFi assumes conditions that many do not have. DeFi's reliance on stable internet, identity, and legal recourse creates barriers for those without reliable access, making it abstract and inaccessible for the unbanked.

user avatarAisha Farooq

WazirX Issues Recovery Tokens to Users Following Court-Approved Restructuring Plan

chest

WazirX has confirmed the issuance of Recovery Tokens to eligible users as part of its restructuring plan after the 2024 hack.

user avatarLeo van der Veen

Tornado Cash Processes $25 Billion Despite Regulatory Challenges

chest

Tornado Cash, a cryptocurrency mixer, processed approximately $25 billion worth of Ethereum tokens in 2025, despite being under regulatory sanctions until March 2025.

user avatarTenzin Dorje

Legal Challenges Persist for Tornado Cash Founders

chest

The founders of Tornado Cash are facing legal challenges, with one founder sentenced to prison and another awaiting sentencing.

user avatarBayarjavkhlan Ganbaatar

India's Tax Authorities Raise Concerns Over Crypto Transactions

chest

Indian tax officials express concerns about the challenges in taxing cryptocurrency transactions due to their anonymity and borderless nature.

user avatarMohamed Farouk

Solana Surpasses $8 Billion in Open Interest

chest

Solana's open interest has crossed the $8 billion mark, indicating increased trader activity and risk appetite.

user avatarDiego Alvarez

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.