Will BTC Become a DeFi Powerhouse?
Recently, a group of developers launched Uniswap smart contracts directly onto the BTC blockchain, establishing it as a smart chain for the first time. Trustless Market, a new BTC-based DEX, allows users to swap "Smart BRC-20 tokens," provide liquidity, and earn a 2% transaction fee.
“They run exactly as programmed without any possibility of fraud and can be issued for a cryptocurrency, a share in a company, voting rights in a DAO, and more”, — the protocol added.
The BRC-20 token standard enables users to write data into each satoshi, the smallest unit of BTC value. Trustless Market had already seen over $500,000 in trading volume three days after the protocol's launch on BTC, while the market cap of (regular) BRC-20 tokens recently reached $1 billion. Layer-2 scaling solutions such as Stacks could be critical to improving DeFi power on BTC.
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