Bitcoin’s Taproot Upgrade and the Possibility of DeFi on Bitcoin 🔥 Taproot promises greater transaction privacy by redefining how the network handles complex transactions. But what does that mean for DeFi on Bitcoin?
that were all the craze back in 2016 and 2017 on Ethereum? Bitcoin Token Offerings are similar in that you can buy new projects’ tokens using Bitcoin as the base token. Thus, these emerging projects get crowdfunded in Bitcoin. And the promise that RSK gives here is that the crowdfunding is made possible in Bitcoin, which again is one of the most secure cryptocurrencies.Lending is one of the most popular ways of generating yield in DeFi .
There are several other applications that RSK references in their whitepaper. The promise of creating an entirely new DeFil ecosystem on Bitcoin is certainly appealing. However, it would all depend on thethat RSK has for Bitcoins. It cannot establish the peg in such a way that all the coins are transferred to RSK as this could lead to centralization.
While the Taproot upgrade offers scalability and efficiency to transactions on the Bitcoin network, its primary focus is just that. DeFi is native to Ethereum primarily, and it’s hard to tell if such ground-level changes to the Bitcoin network will possibly change that.coin This article contains links to third-party websites or other content for information purposes only . The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site.
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