THELOGICALINDIAN - Can Bitcoin become DeFis accessory of choice
Bitcoin is entering DeFi, with now over 10,000 BTC bound in Ethereum. Could this advance arresting a new role for BTC, as the primary best of accessory in DeFi?
Big Win for Bitcoin Interoperability
Bitcoin’s role as crypto’s assets bill is able-bodied known. Now, it may aloof become the arch money on Ethereum.
Over 10,000 BTC currently exists on Ethereum, 72% of which is captivated Bitcoin (WBTC).
RenBTC is a cogent contributor to this boom, with its accumulation accretion from 125 RenBTC to 926 RenBTC in the aftermost ten days. The addition of BTC on DeFi added allows speculators to booty leveraged positions on BTC application permissionless platforms.
The addition of a BTC clamminess pool with bristles incentives on Curve Finance has been a above agitator for the arrival of BTC on Ethereum.
Other crypto assets like ZCash and Bitcoin Cash can additionally be brought to Ethereum with the advice of the RenVM (Ren Virtual Machine). But there is little appeal for these cryptocurrencies on Ethereum.
Bitcoin may be a airy asset in the macro context, but it is far beneath airy than added forms of accessory in DeFi, such as BAT and ZRX. One could accomplish a case for BTC acceptable a basic anatomy of DeFi collateral.
The acceleration of BTC on Ethereum is in no way an impediment for ETH. Without ETH, one cannot assassinate any affairs on Ethereum. Moreover, ETH is still the built-in asset of the Ethereum blockchain and accrues value as Ethereum attracts new users and assets.
BTC can, however, outdistance ETH as DeFi’s admired accessory asset.
