Changes in Bitcoin-Based DeFi Market

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  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.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Hut 8 Wins Bid for Poolin's Texas Datacenter Sites

Hut 8 has successfully bid $140 million for two datacenter sites owned by the bankrupt mining company Poolin.

user avatarLucas Weissmann

Senate Banking Committee Democrats Request Hearing on Prediction Markets

Democratic members of the Senate Banking Committee request a public hearing to examine the growing issue of prediction markets and their regulatory implications.

user avatarFilippo Romano

Crypto Economic Activity Remains Strong Despite Market Downturn

Crypto economic activity has shown resilience despite a significant drop in market capitalization, indicating a shift in market dynamics.

user avatarEmily Carter

Visa's Research Highlights Trust as a Barrier to Stablecoin Adoption

Visa's research highlights that trust and fraud protection are essential for stablecoin adoption, with 36% of US respondents considering their use, especially with bank-level protections.

user avatarTomas Novak

Cardano's Onchain Governance Approves New Treasury Allocations

Cardano's governance system has approved a new round of treasury allocations aimed at infrastructure and ecosystem development.

user avatarKaterina Papadopoulou

Galaxy Invests $100 Million in Onchain Credit Infrastructure

Galaxy has invested $100 million in Sky Protocol's yield-bearing sUSDS, integrating it into its corporate treasury and allowing it as collateral for institutional trading.

user avatarMaya Lundqvist

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.