DAI Now Holds Five Times More Bitcoin Than the Lightning Network

tokenized bitcoin defi ethereum july 2020

That a dapp on ethereum would be bitcoin’s scaling solution is something few thought during the great scaling debate, but the market has spoken. MakerDAO’s dai producing dapp currently holds about 5,000 bitcoins, worth about $45 million. Bitcoin’s own Lightning Network (LN) instead, despite it being hailed as the solution to solve all of bitcoin’s problems, has only 1,000 bitcoins which are worth circa $9 million. Even Aave, launched only a few weeks ago, has more bitcoin than the Lightning Network. As does Curve, which is even newer, with both having just over 1,000 btc, while LN took more than two years to get to that 1,000 bitcoin line. As you might know, amid significant debate on how to accommodate more bitcoin users with initially the preferred choice being to just increase the blocksize, Blockstream devs argued there was no need as all transactions could happen on this amazing second…

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