Bitcoin DeFi will have 300M users, beating Ethereum and Solana: Exec
The first decentralized finance (DeFi) company to create a user-friendly suite of products on Bitcoin is expected to dominate the market of 300 million Bitcoin users. Alexei Zamyatin, co-founder of Build on Bitcoin, emphasizes that Bitcoin's larger retail user base presents significant opportunities for DeFi growth compared to Ethereum and Solana. Build on Bitcoin aims to merge Bitcoin's security with Ethereum's DeFi capabilities through its BitVM platform. Demand for Bitcoin yield and stablecoin products is increasing, driven by institutions seeking returns on their Bitcoin holdings. Bitcoin staking has emerged as a primary DeFi use case, with the Babylon Protocol leading the market. Bitcoin's total value locked (TVL) in DeFi remains significantly lower than Ethereum's. Zamyatin highlights concerns over blockchain bridge security, noting that many hacks stem from poor private key management rather than smart contract flaws. Institutions are cautious about using bridges due to anonymity issues and prefer trusted custodians for transactions.
