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- 📢 Gate Square #Creator Campaign Phase 2# is officially live!
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The rise of BTCFi, Bitcoin becomes a new force in Decentralized Finance.
The Rise of the BTCFi Ecosystem: Bitcoin's New Role in Decentralized Finance
Bitcoin is gradually becoming an important force in the DeFi field, starting to challenge Ethereum's long-standing dominance. By analyzing on-chain data, we can see that the combination of BTCFi( Bitcoin and DeFi ) is not only a technological shift but could also redefine the landscape of the entire DeFi sector.
Limitations of Bitcoin in Decentralized Finance
Bitcoin was originally designed as a peer-to-peer electronic cash system, and it has limitations in supporting complex Decentralized Finance applications:
These designs, while enhancing security and decentralization, also hinder the direct realization of Decentralized Finance functions.
Early attempts to introduce Decentralized Finance on Bitcoin
Despite facing limitations, developers are still exploring innovative solutions:
These early developments laid the foundation for the expansion of Bitcoin's functionality.
Key Innovations for Implementing Smart Contracts on Bitcoin
In recent years, multiple protocols aimed at introducing smart contract and Decentralized Finance functionalities have emerged:
Rootstock: The longest-running Bitcoin sidechain, supporting EVM-compatible smart contracts.
Core: EVM-compatible blockchain combined with Bitcoin, innovative dual staking model
Merlin Chain: A Bitcoin Layer 2 network that integrates ZK-Rollup and oracles.
BEVM: The first fully decentralized and EVM-compatible Bitcoin Layer 2 network
These protocols have brought innovations such as tokenized Bitcoin assets, smart contracts, and yield-bearing Bitcoin, driving rapid development in the BTCFi sector. As of September 2024, the total locked value of Bitcoin Layer 2 solutions and sidechains reached $1.07 billion.
The Current Situation of Bitcoin Decentralized Finance
Some key projects have become important participants in the BTCFi ecosystem:
These projects demonstrate the dynamic development in the Bitcoin Decentralized Finance field. Core leads in the number of projects, accounting for 25.2%. Pell Network has become the leading DeFi project with a TVL of 260.8 million USD.
Key Narrative of BTCFi
Comparison with Ethereum Decentralized Finance
Bitcoin primarily participates in Ethereum DeFi through wrapped assets like wBTC. The amount of BTC locked in Ethereum DeFi currently stands at (15.34 million ), far exceeding the (0.897 million ) in native Bitcoin DeFi. Although the scale of native Bitcoin DeFi is smaller, it avoids cross-chain risks.
Future Outlook
Bitcoin DeFi faces challenges such as scalability and regulation, but technological advancements and emerging growth areas also bring opportunities. Products that are expected to generate returns, DEX, and institutional DeFi services will attract more attention. Addressing regulatory and technical issues is crucial to maintaining growth momentum.
Overall, the future of Bitcoin DeFi is promising and has the potential to become a core participant in the DeFi ecosystem.