J'Mariano
@cryptfi-mariano
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523 Followers
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BOB is bringing Bitcoin into the world of DeFi.
Explore with me👇🏻
In the early days, DeFi mostly grew on Ethereum.
Why? Because Ethereum introduced smart contracts, that allow developers to build Dapps like lending platforms, decentralized exchanges, and more. Bitcoin, while being the first and most secure cryptocurrency, wasn’t built with smart contracts in mind. So despite being the largest and most recognized digital asset, it couldn't natively participate in the growing DeFi ecosystem.
In 2018, Oct 26, wBTC was launched by BitGo, Kyber & Ren to bring BTC into Ethereum’s DeFi.
Users locked BTC and received wBTC (an ERC-20 token) to use on apps like @uniswap, @aave-tools & more.
This opened up possibilities for Bitcoin holders to lend, borrow, and trade within DeFi.
But there was a catch: trust. Users had to rely on custodians to hold their BTC, risking hacks or mismanagement. Even with proof-of-reserves, custodial risk remained. 1 reply
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