One of the key factors behind Ethereum's tremendous success is its thriving smart contract-driven Web3 ecosystem, which provides a range of decentralized platforms and applications. By building various smart contracts and token projects on top of Ethereum, it has offered cryptocurrency users an economical and permissionless way to interact.

Through decentralized platforms and peer-to-peer interactions, the evolving multi-chain Web3 ecosystem has given rise to the emergence of a circular crypto economy, spanning across multiple EVM-based blockchains. Decentralized exchanges (DEXs), decentralized finance (DeFi), and decentralized applications (DApps) enable users to engage in peer-to-peer transactions, lending, asset creation, and even passive income generation through tokens/NFTs.

Bitcoin, as the first and largest cryptocurrency by market capitalization, should logically be one of the pioneering projects in the Web3 ecosystem. However, strangely, Bitcoin has been absent from this Web3 circular economic system. The reason behind this is rooted in Bitcoin's design, which does not allow for Turing-complete smart contracts and the storage of related data on its base layer blockchain. While Bitcoin made attempts to implement smart contracts and tokenization through the Omni Layer protocol, it lagged behind in achieving Web3-style functionalities and use cases on a large scale. This is primarily due to the conservative design philosophies upheld by Bitcoin developers, rather than a lack of technical capability.

It was not until November 2021 that Bitcoin underwent the Taproot upgrade, which compressed complex transactions, reduced fees, and improved network efficiency. This upgrade changed the way transactions are verified in Bitcoin, making it possible to develop DeFi on the Bitcoin network. Since early 2023, the emergence of Schnorr, MAST, and Stamps has also posed challenges to Bitcoin's scalability. However, due to its limited native smart contract functionality, Bitcoin developers have shifted towards Layer 2 scaling solutions.

With the launch of several rapidly growing DeFi platforms on Bitcoin, Bitcoin sidechains, and Layer 2 development, more complex use cases are being implemented on Layer 2, which can handle logic, data, and off-chain throughput. These projects provide smart contract functionality, EVM compatibility, and other Web3 use cases, ensuring the scalability, security, and on-chain growth of Bitcoin.

In this article, we will explore the relationship between Bitcoin and DeFi, as well as the use cases brought to the network by Bitcoin DeFi.

Smart contracts enable parties to exchange value without the need for intermediaries, ensuring that every transaction is legal, transparent, and trustworthy. When smart contracts are executed, they are published on the blockchain, where completed transaction records are available for anyone to view.

The Bitcoin base layer is very simple, making it the most secure, decentralized, and censorship-resistant blockchain while lacking complete smart contract programming capabilities.

Due to the non-Turing completeness of Bitcoin's script, BTC holders would convert their assets to wrapped assets on other blockchains before launching DeFi applications on the Bitcoin network. An example is Wrapped BTC (wBTC) on the Ethereum network. wBTC is an ERC-20 token that allows BTC holders to participate in Ethereum-based DeFi protocols by locking their assets in smart contracts and receiving an equivalent amount of derivative assets, which they can then use for savings, lending, and earning passive income through liquidity mining on these platforms.

The Bitcoin network is not forever devoid of DeFi; in fact, Bitcoin's strong fundamentals position it as the most trustworthy final settlement layer for smart contracts.

After the Taproot upgrade was implemented in November 2021, it introduced enhanced capabilities in complex scripting, enabling the development of decentralized applications (dApps) on the Bitcoin blockchain. Specifically, the Taproot upgrade consists of three BIPs:

1. BIP340 (Schnorr Signatures): Schnorr signatures facilitate a faster and more secure way to verify transactions on the Bitcoin network. They allow multiple keys to be aggregated into a single key, completing an aggregate signature, thereby enhancing Bitcoin's privacy and reducing transaction size, enabling each block to accommodate more transactions.

2. BIP341 (Taproot): Taproot, built on the foundation of the SegWit upgrade, employs Merkelized Abstract Syntax Trees (MAST) to expand the transaction data volume on the Bitcoin blockchain. Taproot not only provides greater scalability and efficiency for the Bitcoin blockchain but also enhances user privacy.

3. BIP342 (Tapscript): Tapscript is an upgrade to the encoding language of Bitcoin scripts, facilitating the instructions for how transactions are executed, in conjunction with two other Bitcoin Improvement Proposals (BIPs). Tapscript enhances the flexibility and freedom of Bitcoin's smart contract capabilities by improving signature hashing, ultimately promoting the Bitcoin network's ability to support and create smart contracts in the future.

In summary, the Taproot upgrade has addressed the issue of native Bitcoin not supporting smart contracts by introducing Layer2 solutions and sidechains, making Bitcoin's DeFi development possible. With the use of Layer2 technology, users can establish a DeFi ecosystem based on the Bitcoin blockchain, expanding Bitcoin's utility for a wider range of use cases. Sidechains also enable smart contracts on the Bitcoin network, connecting it to other blockchains.

By adapting to DeFi, Bitcoin has increased its utility while attracting a broader user base. On the other hand, the security that Bitcoin brings is highly valued by most DeFi investors and users. DeFi on Bitcoin has addressed security concerns related to hacks and enhanced the credibility of various solutions, making the development of DeFi on Bitcoin a necessity.

Bitcoin's participation in DeFi on external chains required a process known as "wrapping" before the introduction of DeFi applications on the Bitcoin network. Wrapping involves creating synthetic assets on another network that represent BTC at a 1:1 ratio, such as wBTC, effectively simulating the value of the underlying asset. To create synthetic assets on Bitcoin, DeFi platforms lock a certain amount of Bitcoin as collateral. This collateral is then used to mint new tokens representing the value of the underlying asset. Subsequently, synthetic tokens can be traded on decentralized exchanges (DEXs) or used as collateral for other loans or financial products. When synthetic tokens are redeemed, the collateral is returned to the owner.

However, wrapping comes with its set of challenges and risks. Since the Bitcoin blockchain cannot react to external events, the process of locking and unlocking Bitcoin is challenging and requires human intervention. The process works as follows:

1. Holders first deposit their Bitcoin into the custodian on the Bitcoin blockchain.

2. The custodian confirms the receipt on the target blockchain and mints "wrapped BTC" tokens on the target chain at a 1:1 ratio.

3. To redeem these tokens, users must send the wrapped BTC back to the custodian on the target network, who then sends back the equivalent BTC to their Bitcoin wallet.

4. Finally, the wrapped BTC is burned by the custodian, who can be an individual, a group (multi-signature), or a smart contract (enforced through consensus).

This process introduces complexities and risks associated with custodianship, which can impact the security and decentralization of these DeFi applications.

Nearly all wrapped BTC relies on centralized solutions controlled by trusted intermediaries or exchanges, necessitating that users of these solutions relinquish some of Bitcoin's decentralization features. Consequently, Bitcoin developers have been continuously exploring methods to build technology, applications, and infrastructure on top of the Bitcoin blockchain to advance native DeFi applications within the Bitcoin ecosystem.

With the release of the Bitcoin Taproot upgrade, DeFi can gradually be realized on the Bitcoin network. While the native Bitcoin blockchain still doesn't support smart contracts, Taproot introduced second-layer solutions that enhance the functionality and scalability of the Bitcoin blockchain. Currently, four prominent projects in the Bitcoin DeFi space are unique in their approach to connecting with the Bitcoin base network and bringing additional utility to the network.

Bitcoin DeFi on the Lightning Network

The Lightning Network is a Layer 2 scaling solution that enables fast, secure, and cost-effective peer-to-peer payments. It inherits Bitcoin's security while providing high-speed, real-time transaction processing off-chain. The Lightning Network creates "channels" between two parties, allowing many transactions to occur off-chain. This system significantly alleviates the load on the Bitcoin base network and is critical for the scalability of Bitcoin payments.

Since the end of 2020, the usage of the Lightning Network has seen significant growth. As of September 6th, there were approximately 4,742 BTC in the Lightning Network, with around 16,000 nodes operating on the network.

Bitcoin DeFi on RSK

RSK is an intelligent contract platform that runs on the Bitcoin blockchain. It achieves faster transaction speeds and scalability while supporting decentralized applications and smart contracts on the Bitcoin network.

The RSK smart contract platform is compatible with the Ethereum Virtual Machine (EVM). This enables developers to create dApps on RSK using the programming language Solidity, which is commonly used for developing Ethereum smart contracts.

RSK uses its native cryptocurrency called Smart Bitcoin (RBTC) as the fuel for its platform, similar to how Ethereum uses ETH. Additionally, RSK features a two-way peg mechanism, allowing Bitcoin to be locked in contracts and used on the RSK platform.

Bitcoin DeFi on Stacks

Stacks is a protocol built on the Bitcoin blockchain with the explicit purpose of enabling smart contracts, decentralized applications, and programmability within the Bitcoin ecosystem. By allowing the development of new blockchain-based applications and the execution of smart contracts, it maintains the security, functionality, and stability of the Bitcoin blockchain.

Stacks employs a unique mining mechanism called Proof of Transfer (PoX), where Bitcoin can be sent to smart contracts on the Stacks blockchain in exchange for mining Stacks tokens (STX). This process enables Bitcoin miners to participate in the validation of Stacks transactions and receive STX rewards.

Stacks also features a native programming language called Clarity, designed for security, predictability, and auditability, making it well-suited for building decentralized applications and smart contracts.

Bitcoin DeFi on Mintlayer

Mintlayer is a second-layer solution for Bitcoin that supports smart contracts, enabling the implementation of DeFi projects on the Bitcoin blockchain. Founded in 2019, Mintlayer aims to provide infrastructure and essential tools for building the future of Bitcoin projects. Mintlayer offers a sustainable architecture for DeFi, inheriting the security model of Bitcoin, and facilitating truly decentralized, trustless, and transparent transactions. Mintlayer seeks not only to expand Bitcoin's capabilities but also to support other developers in creating and launching innovative solutions to further enhance its utility.

While Ethereum is one of the most widely used and popular blockchains for DeFi, Bitcoin is also emerging as a viable choice. Bitcoin's dominant position in the cryptocurrency market makes it a compelling option for DeFi projects seeking to attract a broader audience. There are several advantages to building DeFi on Bitcoin.

Strong Foundation

Bitcoin is the world's most stable, secure, and decentralized blockchain. Since the release of its first block in 2009, the network has continuously demonstrated its durability through limited protocol modifications and near-zero downtime. This makes Bitcoin an ideal foundation for developers to build the next generation of financial products and services.

Network Effects

Bitcoin is the cryptocurrency with the largest market capitalization, mining infrastructure, and user base. The vast user base makes it easier for DeFi projects to reach a wider audience. While Ethereum has a thriving developer community, its user base is relatively smaller compared to Bitcoin. The world is increasingly seeing Bitcoin as the digital asset standard for investors.

Wide Range of Use Cases

Bitcoin's fixed supply and scarcity make it an attractive asset for DeFi projects. By using Bitcoin as collateral, DeFi platforms can create new financial products that are safer and more reliable than traditional financial products. As the demand for Bitcoin use cases grows, creating DeFi applications on Bitcoin will bring innovation and substantial utility to the asset and the network.

Despite the many use cases of Bitcoin DeFi and the advantages of building DeFi on Bitcoin outlined above, there are still some challenges to achieving widespread adoption in the future.

One of the biggest challenges is the limited capacity of the Bitcoin blockchain. It can process approximately seven transactions per second, compared to Ethereum's capacity of around 25-30 transactions per second. This limited capacity can result in slow transaction times and high fees during periods of high demand.

Furthermore, the Bitcoin network's base layer lacks smart contract functionality, which hinders the composability of Bitcoin. This necessitates the use of Layer 2 solutions to support DeFi applications. While these second-layer blockchains rely on Bitcoin's security foundation, they still introduce security risks similar to other dApps.

Lastly, regulatory uncertainty and the unclear legal status of Bitcoin DeFi can pose challenges to the development and adoption of these applications.

Bitcoin, as the first cryptocurrency introduced in 2008, designed a secure, decentralized, and censorship-resistant network, earning widespread trust from the public. Over the years, it has remained the most significant blockchain, with a current market capitalization exceeding $500 billion, firmly establishing itself as a leading digital store of value—a remarkable achievement.

As more people recognize the importance of secure cryptocurrency investments over the potential for high returns, Bitcoin is becoming increasingly attractive to DeFi developers and investors. Bitcoin doesn't have to remain a niche currency asset; as the most trusted blockchain, it has the potential to unlock more value through the development of Bitcoin DeFi. Bitcoin may evolve into a cornerstone of the future financial system, with its technology, applications, and infrastructure ushering in a new era of DeFi.

https://finbold.com/guide/bitcoin-DeFi-guide/

https://hackernoon.com/the-future-of-DeFi-for-bitcoin

One of the key factors behind Ethereum's tremendous success is its thriving smart contract-driven Web3 ecosystem, which provides a range of decentralized platforms and applications. By building various smart contracts and token projects on top of Ethereum, it has offered cryptocurrency users an economical and permissionless way to interact.

Through decentralized platforms and peer-to-peer interactions, the evolving multi-chain Web3 ecosystem has given rise to the emergence of a circular crypto economy, spanning across multiple EVM-based blockchains. Decentralized exchanges (DEXs), decentralized finance (DeFi), and decentralized applications (DApps) enable users to engage in peer-to-peer transactions, lending, asset creation, and even passive income generation through tokens/NFTs.

Bitcoin, as the first and largest cryptocurrency by market capitalization, should logically be one of the pioneering projects in the Web3 ecosystem. However, strangely, Bitcoin has been absent from this Web3 circular economic system. The reason behind this is rooted in Bitcoin's design, which does not allow for Turing-complete smart contracts and the storage of related data on its base layer blockchain. While Bitcoin made attempts to implement smart contracts and tokenization through the Omni Layer protocol, it lagged behind in achieving Web3-style functionalities and use cases on a large scale. This is primarily due to the conservative design philosophies upheld by Bitcoin developers, rather than a lack of technical capability.

It was not until November 2021 that Bitcoin underwent the Taproot upgrade, which compressed complex transactions, reduced fees, and improved network efficiency. This upgrade changed the way transactions are verified in Bitcoin, making it possible to develop DeFi on the Bitcoin network. Since early 2023, the emergence of Schnorr, MAST, and Stamps has also posed challenges to Bitcoin's scalability. However, due to its limited native smart contract functionality, Bitcoin developers have shifted towards Layer 2 scaling solutions.

With the launch of several rapidly growing DeFi platforms on Bitcoin, Bitcoin sidechains, and Layer 2 development, more complex use cases are being implemented on Layer 2, which can handle logic, data, and off-chain throughput. These projects provide smart contract functionality, EVM compatibility, and other Web3 use cases, ensuring the scalability, security, and on-chain growth of Bitcoin.

In this article, we will explore the relationship between Bitcoin and DeFi, as well as the use cases brought to the network by Bitcoin DeFi.

Smart contracts enable parties to exchange value without the need for intermediaries, ensuring that every transaction is legal, transparent, and trustworthy. When smart contracts are executed, they are published on the blockchain, where completed transaction records are available for anyone to view.

The Bitcoin base layer is very simple, making it the most secure, decentralized, and censorship-resistant blockchain while lacking complete smart contract programming capabilities.

Due to the non-Turing completeness of Bitcoin's script, BTC holders would convert their assets to wrapped assets on other blockchains before launching DeFi applications on the Bitcoin network. An example is Wrapped BTC (wBTC) on the Ethereum network. wBTC is an ERC-20 token that allows BTC holders to participate in Ethereum-based DeFi protocols by locking their assets in smart contracts and receiving an equivalent amount of derivative assets, which they can then use for savings, lending, and earning passive income through liquidity mining on these platforms.

The Bitcoin network is not forever devoid of DeFi; in fact, Bitcoin's strong fundamentals position it as the most trustworthy final settlement layer for smart contracts.

After the Taproot upgrade was implemented in November 2021, it introduced enhanced capabilities in complex scripting, enabling the development of decentralized applications (dApps) on the Bitcoin blockchain. Specifically, the Taproot upgrade consists of three BIPs:

1. BIP340 (Schnorr Signatures): Schnorr signatures facilitate a faster and more secure way to verify transactions on the Bitcoin network. They allow multiple keys to be aggregated into a single key, completing an aggregate signature, thereby enhancing Bitcoin's privacy and reducing transaction size, enabling each block to accommodate more transactions.

2. BIP341 (Taproot): Taproot, built on the foundation of the SegWit upgrade, employs Merkelized Abstract Syntax Trees (MAST) to expand the transaction data volume on the Bitcoin blockchain. Taproot not only provides greater scalability and efficiency for the Bitcoin blockchain but also enhances user privacy.

3. BIP342 (Tapscript): Tapscript is an upgrade to the encoding language of Bitcoin scripts, facilitating the instructions for how transactions are executed, in conjunction with two other Bitcoin Improvement Proposals (BIPs). Tapscript enhances the flexibility and freedom of Bitcoin's smart contract capabilities by improving signature hashing, ultimately promoting the Bitcoin network's ability to support and create smart contracts in the future.

In summary, the Taproot upgrade has addressed the issue of native Bitcoin not supporting smart contracts by introducing Layer2 solutions and sidechains, making Bitcoin's DeFi development possible. With the use of Layer2 technology, users can establish a DeFi ecosystem based on the Bitcoin blockchain, expanding Bitcoin's utility for a wider range of use cases. Sidechains also enable smart contracts on the Bitcoin network, connecting it to other blockchains.

By adapting to DeFi, Bitcoin has increased its utility while attracting a broader user base. On the other hand, the security that Bitcoin brings is highly valued by most DeFi investors and users. DeFi on Bitcoin has addressed security concerns related to hacks and enhanced the credibility of various solutions, making the development of DeFi on Bitcoin a necessity.

Bitcoin's participation in DeFi on external chains required a process known as "wrapping" before the introduction of DeFi applications on the Bitcoin network. Wrapping involves creating synthetic assets on another network that represent BTC at a 1:1 ratio, such as wBTC, effectively simulating the value of the underlying asset. To create synthetic assets on Bitcoin, DeFi platforms lock a certain amount of Bitcoin as collateral. This collateral is then used to mint new tokens representing the value of the underlying asset. Subsequently, synthetic tokens can be traded on decentralized exchanges (DEXs) or used as collateral for other loans or financial products. When synthetic tokens are redeemed, the collateral is returned to the owner.

However, wrapping comes with its set of challenges and risks. Since the Bitcoin blockchain cannot react to external events, the process of locking and unlocking Bitcoin is challenging and requires human intervention. The process works as follows:

1. Holders first deposit their Bitcoin into the custodian on the Bitcoin blockchain.

2. The custodian confirms the receipt on the target blockchain and mints "wrapped BTC" tokens on the target chain at a 1:1 ratio.

3. To redeem these tokens, users must send the wrapped BTC back to the custodian on the target network, who then sends back the equivalent BTC to their Bitcoin wallet.

4. Finally, the wrapped BTC is burned by the custodian, who can be an individual, a group (multi-signature), or a smart contract (enforced through consensus).

This process introduces complexities and risks associated with custodianship, which can impact the security and decentralization of these DeFi applications.

Nearly all wrapped BTC relies on centralized solutions controlled by trusted intermediaries or exchanges, necessitating that users of these solutions relinquish some of Bitcoin's decentralization features. Consequently, Bitcoin developers have been continuously exploring methods to build technology, applications, and infrastructure on top of the Bitcoin blockchain to advance native DeFi applications within the Bitcoin ecosystem.

With the release of the Bitcoin Taproot upgrade, DeFi can gradually be realized on the Bitcoin network. While the native Bitcoin blockchain still doesn't support smart contracts, Taproot introduced second-layer solutions that enhance the functionality and scalability of the Bitcoin blockchain. Currently, four prominent projects in the Bitcoin DeFi space are unique in their approach to connecting with the Bitcoin base network and bringing additional utility to the network.

Bitcoin DeFi on the Lightning Network

The Lightning Network is a Layer 2 scaling solution that enables fast, secure, and cost-effective peer-to-peer payments. It inherits Bitcoin's security while providing high-speed, real-time transaction processing off-chain. The Lightning Network creates "channels" between two parties, allowing many transactions to occur off-chain. This system significantly alleviates the load on the Bitcoin base network and is critical for the scalability of Bitcoin payments.

Since the end of 2020, the usage of the Lightning Network has seen significant growth. As of September 6th, there were approximately 4,742 BTC in the Lightning Network, with around 16,000 nodes operating on the network.

Bitcoin DeFi on RSK

RSK is an intelligent contract platform that runs on the Bitcoin blockchain. It achieves faster transaction speeds and scalability while supporting decentralized applications and smart contracts on the Bitcoin network.

The RSK smart contract platform is compatible with the Ethereum Virtual Machine (EVM). This enables developers to create dApps on RSK using the programming language Solidity, which is commonly used for developing Ethereum smart contracts.

RSK uses its native cryptocurrency called Smart Bitcoin (RBTC) as the fuel for its platform, similar to how Ethereum uses ETH. Additionally, RSK features a two-way peg mechanism, allowing Bitcoin to be locked in contracts and used on the RSK platform.

Bitcoin DeFi on Stacks

Stacks is a protocol built on the Bitcoin blockchain with the explicit purpose of enabling smart contracts, decentralized applications, and programmability within the Bitcoin ecosystem. By allowing the development of new blockchain-based applications and the execution of smart contracts, it maintains the security, functionality, and stability of the Bitcoin blockchain.

Stacks employs a unique mining mechanism called Proof of Transfer (PoX), where Bitcoin can be sent to smart contracts on the Stacks blockchain in exchange for mining Stacks tokens (STX). This process enables Bitcoin miners to participate in the validation of Stacks transactions and receive STX rewards.

Stacks also features a native programming language called Clarity, designed for security, predictability, and auditability, making it well-suited for building decentralized applications and smart contracts.

Bitcoin DeFi on Mintlayer

Mintlayer is a second-layer solution for Bitcoin that supports smart contracts, enabling the implementation of DeFi projects on the Bitcoin blockchain. Founded in 2019, Mintlayer aims to provide infrastructure and essential tools for building the future of Bitcoin projects. Mintlayer offers a sustainable architecture for DeFi, inheriting the security model of Bitcoin, and facilitating truly decentralized, trustless, and transparent transactions. Mintlayer seeks not only to expand Bitcoin's capabilities but also to support other developers in creating and launching innovative solutions to further enhance its utility.

While Ethereum is one of the most widely used and popular blockchains for DeFi, Bitcoin is also emerging as a viable choice. Bitcoin's dominant position in the cryptocurrency market makes it a compelling option for DeFi projects seeking to attract a broader audience. There are several advantages to building DeFi on Bitcoin.

Strong Foundation

Bitcoin is the world's most stable, secure, and decentralized blockchain. Since the release of its first block in 2009, the network has continuously demonstrated its durability through limited protocol modifications and near-zero downtime. This makes Bitcoin an ideal foundation for developers to build the next generation of financial products and services.

Network Effects

Bitcoin is the cryptocurrency with the largest market capitalization, mining infrastructure, and user base. The vast user base makes it easier for DeFi projects to reach a wider audience. While Ethereum has a thriving developer community, its user base is relatively smaller compared to Bitcoin. The world is increasingly seeing Bitcoin as the digital asset standard for investors.

Wide Range of Use Cases

Bitcoin's fixed supply and scarcity make it an attractive asset for DeFi projects. By using Bitcoin as collateral, DeFi platforms can create new financial products that are safer and more reliable than traditional financial products. As the demand for Bitcoin use cases grows, creating DeFi applications on Bitcoin will bring innovation and substantial utility to the asset and the network.

Despite the many use cases of Bitcoin DeFi and the advantages of building DeFi on Bitcoin outlined above, there are still some challenges to achieving widespread adoption in the future.

One of the biggest challenges is the limited capacity of the Bitcoin blockchain. It can process approximately seven transactions per second, compared to Ethereum's capacity of around 25-30 transactions per second. This limited capacity can result in slow transaction times and high fees during periods of high demand.

Furthermore, the Bitcoin network's base layer lacks smart contract functionality, which hinders the composability of Bitcoin. This necessitates the use of Layer 2 solutions to support DeFi applications. While these second-layer blockchains rely on Bitcoin's security foundation, they still introduce security risks similar to other dApps.

Lastly, regulatory uncertainty and the unclear legal status of Bitcoin DeFi can pose challenges to the development and adoption of these applications.

Bitcoin, as the first cryptocurrency introduced in 2008, designed a secure, decentralized, and censorship-resistant network, earning widespread trust from the public. Over the years, it has remained the most significant blockchain, with a current market capitalization exceeding $500 billion, firmly establishing itself as a leading digital store of value—a remarkable achievement.

As more people recognize the importance of secure cryptocurrency investments over the potential for high returns, Bitcoin is becoming increasingly attractive to DeFi developers and investors. Bitcoin doesn't have to remain a niche currency asset; as the most trusted blockchain, it has the potential to unlock more value through the development of Bitcoin DeFi. Bitcoin may evolve into a cornerstone of the future financial system, with its technology, applications, and infrastructure ushering in a new era of DeFi.

https://finbold.com/guide/bitcoin-DeFi-guide/

https://hackernoon.com/the-future-of-DeFi-for-bitcoin