• 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

Figure Technology Confirms Data Breach Due to Social Engineering Attack

chest

Figure Technology has confirmed a data breach caused by social engineering, resulting in the theft of customer files and exposure of sensitive personal information.

user avatarZainab Kamara

Shiba Inu SHIB Creates Millionaires in 2021 Bull Run

chest

Shiba Inu SHIB generated several millionaires during the 2021 bull run, but its price has significantly decreased since then.

user avatarAyman Ben Youssef

Investing in Shiba Inu SHIB Today: Can It Still Create Millionaires?

chest

Investing in Shiba Inu SHIB today may still lead to millionaire status, but requires significantly larger investments than in the past.

user avatarSon Min-ho

Cumulative Value Days Destroyed Indicates Bitcoin's Market Bottom

chest

Market analyst Ali Martinez highlights that the Cumulative Value Days Destroyed (CVDD) metric suggests Bitcoin's price bottom is at 45,225.

user avatarTando Nkube

Russia Advances Digital Ruble Initiative to Boost BRICS Trade

chest

Russia is advancing the digital ruble initiative to enhance trade among BRICS nations and reduce reliance on the US dollar.

user avatarKofi Adjeman

X Takes Action Against Spam and Automation

chest

X's leadership is taking steps to combat spam and automation on the platform.

user avatarNguyen Van Long

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.