I think we’ll expand more and more with the use cases with adoption.”Related: Bitcoin volatility hits 3.6% amid heightened market uncertaintyBitcoin DeFi is yet to take offMeanwhile, Dominik Harz, the co-founder of hybrid layer-2 Build on Bitcoin (BOB), told Cointelegraph that Bitcoin layer-2s should be seen as a long-term play. “Looking at Bitcoin Layer-2s through a short-term lens misses the point.
Hype cycles come and go, but lasting developments in crypto, like Bitcoin itself, are inherently long-term plays,” Harz said. The executive also believes that Bitcoin DeFi has not yet reached its full potential.“Bitcoin DeFi hasn’t even really taken off yet.We’re very early.Only 0.3% of Bitcoin’s market cap is active in DeFi right now compared to 30% for Ethereum,” Harz told Cointelegraph. Harz pointed out this was a 100x discrepancy, saying it would decrease rapidly as Bitcoin DeFi explodes.
The executive also said layer-2s are necessary technological advancements for Bitcoin DeFi to hit the market. Max Sanchez, the chief technology officer of layer-2 protocol Hemi Labs, also believes that Bitcoin layer-2s are not losing steam. He told Cointelegraph that the space is entering a maturation phase where fundamentals matter.
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Author / Journalist: Cointelegraph by Ezra Reguerra
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