While Bitcoin-native DeFi used to be considered impossible, BTCFi is slowly emerging as a new blockchain paradigm, according to MerlinSwap’s co-founder.
Bitcoin decentralized finance (DeFi), or BTCFi, is a recent paradigm seeking to bring DeFi capabilities to the world’s first blockchain network. Provided that its current adoption rate continues, BTCFi could match the innovation of Ethereum-based DeFi in the future.
This is the view of Nash Lee, co-founder of MerlinSwap, who told Cointelegraph:
Showcasing investor demand for Bitcoin-native DeFi applications, decentralized exchange (DEX) MerlinSwap raised 6,599 Bitcoin (BTC) worth $480 million during its initial DEX offering (IDO) on April 5. The IDO attracted over 52,000 participants.
