In November 2021, Bitcoin underwent an upgrade that could make DeFi on Bitcoin a more viable & attractive prospect. Could this be set to expand considerably in the coming months and years? 👀
To put this into perspective, it took Ethereum just three years to grow its DeFi TVL from $100 million to $100 billion. Should Bitcoin take a similar path, it could see substantial growth in its DeFi ecosystem and TVL over the coming years, reaching $100 billion in approximately 2025.
But Bitcoin on DeFi doesn’t work as it does on Ethereum and other smart contract platforms. Instead, most Bitcoin DeFi platforms are either independent layer-1s connected to Bitcoin via a bridge-like system or simply settle/record transaction receipts on Bitcoin like a regular layer 2. This can make development more challenging while preventing the Cambrian explosion of DeFi apps that EVM platforms like Avalanche, Fantom and BNB Chain saw due to developer migration and DApp porting.
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