BItcoin should become the foundation for DeFi. More single-sided liquidity pools would be a step in the right direction.
landscape, with the blockchain serving as the destination of choice for many of the most innovative projects serving up their take on decentralized finance. More recently, however, DeFi projects have started to crop up across multiple ecosystems, challenging Ethereum’s hegemony. And, as we look to a future in which the technical problem of interoperability is solved, one unlikely contender for the role of DeFi power player emerges — Bitcoin .
An argument in favor of harmonizing Bitcoin with DeFi may come as a surprise. Commentators often pit the incumbent Bitcoin blockchain against its more agile and functional counterpart, Ethereum. The real “flippening,” however, Despite the arrival of challengers, Ethereum native projects still dominate DeFi, which remains a fragmented ecosystem of smart contract-driven applications facilitating an open peer-to-peer financial system. Global networks of developers work tirelessly to bring this arrangement of decentralized applications into cohesion, largely without success, although atomic swaps have emerged as one viable option.
A by-product of this development would likely be the consolidation of decentralized exchange aggregators. A saturation of aggregators splits up the available liquidity, which correlates with an increase in transaction costs. On that note, there are thousands of cryptocurrencies on the market, meaning more assets, more chains and more layers to account for. While modularity can be great for specialization, it is high time for a “less is more” countermovement.
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