Why is Bitcoin Missing at the DeFi Party?

Decentralized Finance (DeFi) applications are now the primary focus within the crypto space. Many believe this might be the killer use case of blockchain technology—an opportunity to deliver all financial services on a peer-to-peer arrangement, and not just payments. The volumes in the DeFi markets are already telling a story of possible massive success in a short time. For example, Uniswap, the most used of the DeFi exchanges, facilitates over US$ 400 million worth of transactions daily. Meanwhile, over US$ 3 billion value of assets is held on Compound Finance at any time. According to CoinMarketCap, the total DeFi market cap is over US$15 billion. Some reports have indicated that while the amount of Bitcoin-related transactions reduced in the third quarter of 2020, those related to DeFi increased significantly. This could be an indicator of what to come. Indeed, investors are buying, HODLing, lending, and borrowing on the many platforms…

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