• 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

2 years 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

Bitcoin's Safehaven Potential Amidst Global Instability

chest

Bitcoin is viewed as a potential safehaven asset due to its unique characteristics, but it still behaves like a risk asset during uncertain times.

user avatarAyman Ben Youssef

Emerging Patterns in Meme Coins Highlight Market Coordination

chest

Analyst LSTrader outlines a broader strategy for Dogecoin, noting similar technical setups emerging across multiple meme coin projects.

user avatarTando Nkube

US Treasury Freezes $344 Million in Iranian Cryptocurrency

chest

The US Treasury Department has frozen over $344 million in cryptocurrency linked to Iranian military and political groups as part of efforts to cut off financial resources amid rising tensions.

user avatarNguyen Van Long

Ethereum Foundation Completes 10,000 ETH Sale to BitMine

chest

The Ethereum Foundation has completed a sale of 10,000 ETH to BitMine in an over-the-counter deal.

user avatarKofi Adjeman

AI Chatbots Linked to Reinforcement of Harmful Beliefs

chest

Researchers from Stanford University have raised concerns that prolonged interactions with AI chatbots can lead to the reinforcement of harmful beliefs and delusions.

user avatarJesper Sørensen

AI Models Show Varied Responses to Mental Health Prompts in New Study

chest

A recent study tested five leading AI models on their responses to mental health prompts, revealing varied levels of safety and risk behavior.

user avatarSatoshi Nakamura

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.