Defi on BTC | Bitcointalksearch.org

leea-1334

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Temporary forum vacation

Quote from: bitmover on September 09, 2021, 07:32:31 AM

DeFi is just a smartcontract that will execute some operations. There are people trying to do so in Bitcoin for some time, like RSK.

Bitcoin is more flexible than it looks like at first. For example, USDT was formerly a Bitcoin Token until a few months ago, when they move basically all stash to ethereum/tron network (you can still some usdt transactions in BTC chain here)

DeFi has some interesting implementations like Uniswap, a decentralized exchange. I would love to see some innovations similar to that in bitcoin network, although I don't know if that is possible. Maybe in a few years, with the lightning network.

Defi as the term most used now, probably not,,, I mean as you say there were already smart contract use and even tokens built on Bitcoin network years ago, even before most smart contract platforms did it. But they did not ever call this defi.

The defi now of lending staking farming nft and whatever they come up with, that is not what the "real" decentralized finance is just all about, so in that sense, for sure Bitcoin again will put out new paths.

Pbacala

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Quote from: pooya87 on September 10, 2021, 02:37:13 AM

Quote from: Pbacala on September 10, 2021, 12:15:04 AM

I see no mention of STX, is there something I don't know or they won't allow smart contracts via the btc blockchain? Maybe I missread about them.

You can't allow any new smart contracts on bitcoin blockchain without changing the bitcoin protocol. What these projects do is that they usually create a completely separate blockchain and create a link between their network and bitcoin blockchain by creating some bitcoin transactions that will remain in BTC blockchain. These are referred to as side-chains and STX seems to be in that category.

If you want my opinion, this is yet another vaporware.

Still the level of investment and interest given it's quite high. Obviously you can not add yet if no future fork might happen to bitcoin smart contracts, but following the current chain and somehow cross-chain them would be cool.

pooya87

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Quote from: Pbacala on September 10, 2021, 12:15:04 AM

I see no mention of STX, is there something I don't know or they won't allow smart contracts via the btc blockchain? Maybe I missread about them.

You can't allow any new smart contracts on bitcoin blockchain without changing the bitcoin protocol. What these projects do is that they usually create a completely separate blockchain and create a link between their network and bitcoin blockchain by creating some bitcoin transactions that will remain in BTC blockchain. These are referred to as side-chains and STX seems to be in that category.

If you want my opinion, this is yet another vaporware.

Pbacala

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I see no mention of STX, is there something I don't know or they won't allow smart contracts via the btc blockchain? Maybe I missread about them.

pooya87

legendary

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Quote from: leea-1334 on September 09, 2021, 03:16:28 AM

Everything is going well just means nothing bad has happened yet.

It depends on your definition of "something bad". In my book creating garbage and selling it to people is a scam and since from day one when they changed the name ICO to other abbreviations (such as DeFi) and continued scamming people a lot of "bad things" were happening.
In fact this is one of the reasons why the projects focusing on "smart contracts" as side-chains build on top of bitcoin blockchain are not popular despite being around a significant amount of time. In other words token creation, no matter what abbreviation is used to describe it, has no real world applications.

joniboini

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If you're interested in others "defi" stuff, maybe this will help https://defiprime.com/bitcoin. As far as I can remember, there is a project where you can lock your BTC on-chain as collateral to get some fiat, but I forgot the name of the project. It is quite popular though, just can't recall its name.

bitmover

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bitcoindata.science

Quote from: leea-1334 on September 09, 2021, 03:16:28 AM

Everything is going well just means nothing bad has happened yet.

Read about hacks and malicious takeovers in defi and understand for yourself that putting your BTC at risk on another bridge is NOT the same as securing your Bitcoin on chain itself.

There is a reason BTC defi has not taken off, simply said,,, there is no bridge yet that offers the same PoW security as BTC itself.

DeFi is just a smartcontract that will execute some operations. There are people trying to do so in Bitcoin for some time, like RSK.

Bitcoin is more flexible than it looks like at first. For example, USDT was formerly a Bitcoin Token until a few months ago, when they move basically all stash to ethereum/tron network (you can still some usdt transactions in BTC chain here)

DeFi has some interesting implementations like Uniswap, a decentralized exchange. I would love to see some innovations similar to that in bitcoin network, although I don't know if that is possible. Maybe in a few years, with the lightning network.

leea-1334

hero member

Activity: 2338

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Temporary forum vacation

Everything is going well just means nothing bad has happened yet.

Read about hacks and malicious takeovers in defi and understand for yourself that putting your BTC at risk on another bridge is NOT the same as securing your Bitcoin on chain itself.

There is a reason BTC defi has not taken off, simply said,,, there is no bridge yet that offers the same PoW security as BTC itself.

int03h

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Learn about the RSK Bitcoin network and SOVRYN. They are creating DEFI on Bitcoin. This project has been running for 9 months and everything is going well.

[ANN] Sovryn - Brings DeFi to Bitcoin
https://bitcointalksearch.org/topic/ann-sovryn-brings-defi-to-bitcoin-5314067

Rootstock (RSK) - Smart Contracts for Bitcoin
https://bitcointalksearch.org/topic/rootstock-rsk-smart-contracts-for-bitcoin-3189777

ajs316

newbie

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Hi all,

Not sure if this is the right place for this but I'm wondering what progress is/has been made on building defi infrastructure for BTC. Specifically things like collateralized loans and yield farming. I'm familiar with project like sovryn but I'm particularly curious about non-custodial collateralized loans and cross chain swaps. Are there any good resources for these things and what is the status on the security levels? I know atomic.loans had to shut down due to security flaws in their contracts but I'm unaware of any other platforms.

Topic: Defi on BTC (Read 201 times)