Babylon co-founder and chief technology officer Fisher Yu said that DeFi on Bitcoin can evolve faster than other ecosystems by learning from the mistakes of the broader DeFi space.
Babylon’s co-founder explained how the Bitcoin staking protocol attracted billions of dollars in BTC as decentralized finance (DeFi) started on the world’s largest cryptocurrency network.
At the Bitcoin MENA event in Abu Dhabi, Babylon co-founder and chief technology officer Fisher Yu told Cointelegraph that true Bitcoin (BTC) DeFi “did not exist” until recently. While BTC can be staked or wrapped and used in different decentralized applications (DApps), the executive argued that there was still a trust requirement.
“You have to trust someone else,” Yu said. “If you do lending, you have to give your Bitcoin to someone else and then keep your fingers crossed that the borrower can return your Bitcoin. If you want to do some smart contract things, then you need to bridge your Bitcoin to another smart chain,” he added.
