Fun

BTCFi innovation to match Ethereum DeFi in the future — MerlinSwap co-founder

News Feed - 2024-04-05 05:04:00

Zoltan Vardai1 hour agoBTCFi innovation to match Ethereum DeFi in the future — MerlinSwap co-founderWhile Bitcoin-native DeFi used to be considered impossible, BTCFi is slowly emerging as a new blockchain paradigm, according to MerlinSwap’s co-founder.161 Total views6 Total sharesListen to article 0:00InterviewOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBitcoin decentralized finance (DeFi), or BTCFi, is a recent paradigm seeking to bring DeFi capabilities to the world’s first blockchain network. Provided that its current adoption rate continues, BTCFi could match the innovation of Ethereum-based DeFi in the future.


This is the view of Nash Lee, co-founder of MerlinSwap, who told Cointelegraph:“[Market appetite] is seeking expansive platforms capable of accommodating the surging volumes and expectations. DeFi stands out as the only sector with the potential to leverage this narrative, providing a sustainable ecosystem for Bitcoin’s evolving use cases. This dynamic sets the stage for Bitcoin DeFi to potentially match, if not exceed, the innovation and complexity seen in Ethereum’s DeFi ecosystem.”


Showcasing investor demand for Bitcoin-native DeFi applications, decentralized exchange (DEX) MerlinSwap raised 6,599 Bitcoin (BTC) worth $480 million during its initial DEX offering (IDO) on April 5. The IDO attracted over 52,000 participants.


The record IDO is a testament to the market’s demand and confidence in Bitcoin-native DeFi applications, says Lee.“It symbolizes the community’s eagerness to engage with and drive forward the DeFi revolution on Bitcoin’s platform. It underscores a significant shift toward recognizing the untapped potential of Bitcoin in the DeFi space, highlighting a broad-based demand for innovative, decentralized financial solutions built on the world’s first cryptocurrency.”


MerlinSwap is built on the Bitcoin layer-2 network Merlin Chain. It surpassed the $100 million in total value locked (TVL) on April 4, according to MerlinSwap.


Related:How high can Bitcoin go? New BTC price prediction sees cycle top at $180KBitcoin Ordinals were the first step to BTCFi


BTCFi emerged following the introduction of the BRC-20 token standard, which enabled the minting of nonfungible tokens (NFTs) on the Bitcoin blockchain for the first time.


Bitcoin-native NFTs, also known as Ordinals, are inscribed directly on satoshis (sats), giving them a permanent home on the Bitcoin network, unlike most NFT collections, to which the images and metadata are stored on centralized servers, creating potential vulnerabilities.


Showcasing the interest in Bitcoin-native NFTs, the network surpassed 64.1 million Ordinals inscriptions in less than one and a half years since the first Ordinal was inscribed in December 2022, according to Dune.Ordinals Inscriptions overtime chart. Source:Dune


Beyond Ordinals, the emergence of Bitcoin layer-2s is another significant element of BTCFi, which will ultimately give more use cases to Bitcoin. Lee said:“Before the advent of layer-2 solutions, Bitcoin native assets lacked practical applications, confining BTC’s role largely to that of digital gold. The emergence of Bitcoin layer-2 technologies has been a game-changer, unlocking a vast array of utilities for BTC assets.”


Related:Bitcoin’s 2028 halving price target is $435K, historical data suggests# Bitcoin# Bitcoin Industry# DeFi# Bitcoin OrdinalsAdd reactionRead morePrisma Finance eyes protocol restart with DAO supportParadigm leads $20M funding round for Ellipsis Labs’ DeFi expansionDogecoiners clone hyped Bitcoin Ordinals ‘Runestone’ airdrop

News Feed

Survey: 1 in 4 Senior Executives in Uruguay Have Used Cryptocurrencies
Survey: 1 in 4 Senior Executives in Uruguay Have Used Cryptocurrencies A survey made in Uruguay across different business sectors revealed that 24% of the 49 sen
Mark Cuban speculates Bitcoin may become a global reserve asset
Vince Quill4 hours agoMark Cuban speculates Bitcoin may become a global reserve assetThe entrepreneur and investor has a net worth of $5.4 billion as of 2024 and is no stranger to the world of digital assets.3129 Total v
This Bitcoin Hard Fork Is up Over 100% YTD & Still Looks Very Bullish
While the limelight continues to shine on bitcoin, there are other crypto tokens that might also deserve your attention. One, in particular, is Bitcoin Gold.The bitcoin hard fork cl
JP Morgan Gives 3 Reasons to Add Bitcoin to Investment Portfolios
JP Morgan Gives 3 Reasons to Add Bitcoin to Investment Portfolios JP Morgan has outlined three key reasons why investors should add bitcoin to their investment p
Bitoro launches perpetual futures on Injective protocol
Vince Quill3 hours agoBitoro launches perpetual futures on Injective protocolThe perpetual futures trading network is now available on five other ecosystems, including Avalanche, Base, Arbitrum, Optimism, and Mantle.1036
Retail Giant Newegg Confirms Shiba Inu ‘Coming Soon’ as AMC Theatres Gets Ready to Accept SHIB Payments
Retail Giant Newegg Confirms Shiba Inu "Coming Soon" as AMC Theatres Gets Ready to Accept SHIB Payments A major tech-focused e-commerce platform, Newegg, has announced that SHIB is
ADA Slips Below $0.3389 Level, Deeper Downtrend Looming?
Este artículo también está disponible en español. Cardano (ADA) has once more dropped below the crucial $0.3389 support level, sparking fears of an extended bearish phase
Federal Reserve Staff Sluiced Wall Street Bankers With Trillions From the Comfort of Their Mansions
Federal Reserve Staff Sluiced Wall Street Bankers With Trillions From the Comfort of Their Mansions While American citizens wait for bureaucrats to pass a new co
As Virtual Real Estate Gets Pricey Terrazero Technologies Provides Metaverse Mortgages
As Virtual Real Estate Gets Pricey Terrazero Technologies Provides Metaverse Mortgages While the metaverse has become very popular, virtual land sales have seen significant demand
Blockchain data-availability protocol Avail announces 600M token airdrop
Zhiyuan Sun3 hours agoBlockchain data-availability protocol Avail announces 600M token airdropThe airdrop was announced one year after Avail was spun-off from Polygon Labs.1815 Total views7 Total sharesListen to article
Crypto ATM Numbers Drop by 13.91% Since December 2022, Over 3,600 Went Offline in March
Crypto ATM Numbers Drop by 13.91% Since December 2022, Over 3,600 Went Offline in March According to data from the cryptocurrency automated teller machine (ATM) aggregation website
Bank of Ghana Selects German Technology Firm as Partner for CBDC Project
Bank of Ghana Selects German Technology Firm as Partner for CBDC Project The Bank of Ghana (BOG) says it has signed an agreement with Giesecke Devrient (GD) to i