Are you ready to join DeFi on Bitcoin?

[Faisal2202]

What are your thoughts on storing BTC?

This Babylon project seems good to me as well, I don't used to be an investor but I spend time in airdrop hunting, and when I saw this project at first, I thought its another project that I wanted to pave the way of DeFi on BTC blockchain just like many other projects like sovryn, StoshiVm Particle network etc. But I did not realize it have enough potential, it runs a test net, but I was unfortunate enough that I missed to join the testnet and they selected 100,000 testnet users for NFTs and as you know NFTs would be of great value. The point is Binance investment in this project made him unique and attractive.

Do you believe DeFi represents an evolution for Bitcoin?

I didn't think it was possible, but if there is any way, then what's bad in it, more BTC will be in holding, thus more value will be added in it as well.

Are you interested in participating in DeFi with your Bitcoin?

I will if it will be attractive.

[Gideon99]

Just about a year ago, BTC was still only being used as a means of payment (as Satoshi had hoped) or a reserve asset. Even in 2020, Bitcoin almost did not participate in the DeFi summer. Even when combining "Bitcoin" with "DeFi" in 2021, many investors will immediately think of a scam project taking advantage of the Bitcoin and DeFi trend. However, it seems things are different as technology evolves and Layer-2 solutions are providing more use cases for BTC. For example, Stacks and Rootstock again introduced smart contracts, allowing more applications to be built based on Bitcoin, including DeFi Dapps^[1].

Bitcoin's TVL has reached 2.34B USD^[2], ranking 6th among all chains, surpassing Polygon, Avalanche and Optimism^[3]. Tron is also planning to launch a Bitcoin Layer-2 solution to connect and power DeFi on Bitcoin^[4].

Recently, Binance Labs, the venture capital arm of crypto titan Binance, invested in a novel project called Babylon. This innovative protocol paves the way for Bitcoin staking on PoS blockchains, offering exciting possibilities for both Bitcoin holders and PoS ecosystems. BTC holders will earn additional income from their existing Bitcoin holdings without relying on complex solutions^[5].

I am a Bitcoin's fan, and I have been actively continuing DCA BTC. Honestly, I would feel better having my BTC stored in my personal wallet, rather than being sent to some DeFi protocols whose safety I don't really understand and trust. I know that DeFi summer may be coming this year thanks to the wave of staking and restaking trends, the profits from DeFi could be huge and I will have more income from my BTC, but I still don't have enough motivation and reason to join DeFi on Bitcoin. Perhaps because my risk appetite is so bad, I worry about the fate of my BTC in the fledgling DeFi protocol under the eyes of increasingly professional hackers.

I would like to know your views on Defi on Bitcoin:

• What are your thoughts on storing BTC?
• Do you believe DeFi represents an evolution for Bitcoin?
• Are you interested in participating in DeFi with your Bitcoin?

Refenrences:
[1] Bitcoin’s Expanding Ecosystem: Layer-2, DeFi, NFT
[2] DefiLlama: Bitcoin Total Value Locked
[3] DefiLlama: Total Value Locked All Chains
[4] Tron founder unveils Bitcoin layer-2 solution as BTC DeFi breaks $1.2 billion in TVL
[5] Binance Backs a Bitcoin Staking Solution: The Next Big Thing in Crypto?
Note:

• My opinion was posted first in that topic, on Bitcointalk
• I leave the source link to avoid plagiarism accusation.
• I excluded/ included minor things from an original thread ^{if necessary}.

Well I'm excited to see what the future holds for Bitcoin and Defi, Bitcoin has made strides in it Blockchain technology, it still have way to catch up with the Ethereum smart contract capability. With the ingenuity of crypto community, we could see some solution brought that bring Bitcoin into the defi fold. Time will tell but for now let's keep watching the Bitcoin journey and cheering on the folks phishing for decentralized boundaries.

[KryptoBull]

Well I'm excited to see what the future holds for Bitcoin and Defi, Bitcoin has made strides in it Blockchain technology, it still have way to catch up with the Ethereum smart contract capability. With the ingenuity of crypto community, we could see some solution brought that bring Bitcoin into the defi fold. Time will tell but for now let's keep watching the Bitcoin journey and cheering on the folks phishing for decentralized boundaries.

I hope that Defi on Bitcoin will be completed carefully to ensure the safety of users' assets. I would be happy if the Bitcoin network could be used for more diverse and useful purposes, not just an Inscription wave with a few BRC-20 tokens without any value. But honestly, if I believed in DeFi on Bitcoin, I would invest in STX tokens instead of entrusting my BTC to new and unproven protocols in the long term.

[Trongduy]

I would like to know your views on Defi on Bitcoin:

• What are your thoughts on storing BTC?
• Do you believe DeFi represents an evolution for Bitcoin?
• Are you interested in participating in DeFi with your Bitcoin?

1. I used to store BTC in Coin98 Wallet but sold it to have money to buy a laptop for work. It's a pity but I still had to sell it. If I had kept it until now, I would have made more profit.

2. I think DeFi should only be for Altcoins, BTC should be the standard of stored value. DeFi is only deployed on Layer-2 of Bitcoin with many associated risks.

3. If I have BTC, I will only store in my personal wallet, not send it to any protocol. I will wait for the protocols to be implemented and tested over a long period of time before thinking about participating.

[pacar_tiri]

I hope that Defi on Bitcoin will be completed carefully to ensure the safety of users' assets. I would be happy if the Bitcoin network could be used for more diverse and useful purposes, not just an Inscription wave with a few BRC-20 tokens without any value. But honestly, if I believed in DeFi on Bitcoin, I would invest in STX tokens instead of entrusting my BTC to new and unproven protocols in the long term.

When you invest in STX I hope you can be careful because no one can provide a guarantee of making a profit. Trusting and putting all your assets in Bitcoin is a smart consideration because as you have said, Bitcoin is better and has been used. many people so it has the potential to provide a lot of profit.

[KryptoBull]

1. I used to store BTC in Coin98 Wallet but sold it to have money to buy a laptop for work. It's a pity but I still had to sell it. If I had kept it until now, I would have made more profit.

2. I think DeFi should only be for Altcoins, BTC should be the standard of stored value. DeFi is only deployed on Layer-2 of Bitcoin with many associated risks.

3. If I have BTC, I will only store in my personal wallet, not send it to any protocol. I will wait for the protocols to be implemented and tested over a long period of time before thinking about participating.

Congratulations on profiting from the BTC DCA strategy and being able to upgrade your work equipment to work more efficiently, create more value, earn higher income, and buy more BTC. As long as the crypto market exists, there will be opportunities for us, as long as we have capital and income, we will always be able to create opportunities to change our financial position.

Layer-2 is seen as a major step forward for blockchain, but users still only trust BTC, not any Layer-2 solution. If they want to invest in Layer-2, they have chosen to invest in the STX token of Stacks, which has created strong price growth without the need to risk BTC on DeFi protocols.

When you invest in STX I hope you can be careful because no one can provide a guarantee of making a profit. Trusting and putting all your assets in Bitcoin is a smart consideration because as you have said, Bitcoin is better and has been used. many people so it has the potential to provide a lot of profit.

Here is one possibility that I can consider: buying STX tokens and getting profit from its price increase instead of depositing my BTC into DeFi protocols that are not really reliable yet. I am currently only focusing on DCA BTC and have not invested in STX yet, even though STX was once on my watchlist and I regret missing the opportunity to buy it at a low price.