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Cryptocurrency News Articles

3 Leading DeFi Platforms Built on Bitcoin

Nov 01, 2024 at 01:03 am

Bitcoin DeFi is a relatively new concept that leverages Bitcoin layers and smart contracts to build decentralized financial applications.

3 Leading DeFi Platforms Built on Bitcoin

Bitcoin DeFi, or decentralized finance on Bitcoin, is a recent development that combines Bitcoin layers with smart contracts to build decentralized financial applications. These DeFi platforms offer a range of financial services, such as lending, borrowing, trading, and more.

Unlike traditional finance, Bitcoin DeFi operates on a decentralized network, eliminating the need for banks, brokers, and other centralized institutions. This allows anyone with an internet connection and a digital wallet to participate in the crypto markets.

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Bitcoin doesn’t natively support smart contracts, but layer 2 solutions like Rootstock (RSK), Build on Bitcoin (BoB), and Stacks bring smart contract capabilities to Bitcoin.

These platforms integrate Bitcoin’s robust security with the flexibility of decentralized applications (dApps), enabling DeFi functionality like those found on Ethereum. This enables consumers to access services like lending, borrowing, and trading. They can even buy runes tokens and other new tokens built on Bitcoin through these platforms.

While DeFi platforms built on Bitcoin perform different functions based on why the platform was built, they fill vital consumer needs or gaps in the ecosystem.

Let’s look at the three leading Bitcoin DeFi platforms to see what the market leaders in the ecosystem have to offer.

Sovryn

Sovryn is a decentralized finance platform built on Rootstock (RSK) and Build on Bitcoin (BoB). The platform provides a broad suite of DeFi services to Bitcoin users, empowering them to trade, earn interest, and access liquidity using BTC directly.

Sovryn offers users several core DeFi services, including:

  Pros

Cons

ALEX

ALEX is a DeFi platform built on the Stacks blockchain, a layer 2 protocol that connects to Bitcoin. ALEX seeks to build a comprehensive DeFi ecosystem where users can trade, lend, and borrow Bitcoin-based assets on Stacks.

The platform’s DeFi services include:

Pros

Cons

Velar

Velar is a newcomer to the Bitcoin DeFi scene, aiming to bring advanced decentralized finance functionality to Bitcoin users in a seamless and scalable way. 

Built on Stacks, Velar offers decentralized trading, token launches and more.

Velar’s key features include:

Pros

Cons

Wrapping Up

Bitcoin DeFi is still in its early stages, but platforms like Sovryn, ALEX, and Velar are proving that decentralized financial services can thrive on Bitcoin.

Whether you’re looking for non-custodial trading, decentralized lending, or even exposure to synthetic assets, each of these platforms brings something unique to the stack.

Whether you’re a long-time Bitcoin holder or new to DeFi, these platforms are worth exploring as you dive into the future of decentralized finance on Bitcoin.

News source:businesspost.ng

Disclaimer:info@kdj.com

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Other articles published on Nov 23, 2024