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Binance Research sees high potential for Bitcoin DeFi
Bitcoin's role in decentralized finance (DeFi) is growing, Binance Research analyst Moulik Nagesh reports. The Bitcoin DeFi ecosystem allows users to conduct various financial transactions with the largest cryptocurrency without a third party.
Currently, only 0.8% of BTC tokens is used in DeFi. However, even such a small share of tokens in the ecosystem could provide a major boost to the industry's growth. It could reach $1 trillion in the future, Julian Love of Franklin Templeton Digital Assets believes.
However, this will require the development of the Bitcoin network, namely Layer 2 solutions, which can enhance performance while reducing transaction fees. With the right approach to this issue, the potential of Bitcoin DeFi is huge, Nagesh notes.
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