August 20, 2022

The perfect match? Both Bitcoin and DeFi push and pull crypto markets

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The past year has been a crazy journey for the blockchain industry. Between the crippling effects of the COVID-19 pandemic across various sectors and Bitcoin’s marathon bull run, the year has been great for some and catastrophic for many.

Decentralized finance is at the epicenter of most of the hype surrounding blockchain today. From the rise of mainstream decentralized exchanges to the overwhelming demand for liquidity mining, DeFi hasn’t just raised a lot of dust — it’s brought billions of dollars onto blockchains.

On June 15, DeFi platform Compound started distributing its COMP token to users, handing governance control of its protocol to the people. By Aug. 15, over $1 billion worth of Wrapped Bitcoin (WBTC) had been sold, allowing even Bitcoin holders to access the world of Ethereum-based DeFi applications.

Now, some DEXes even rival centralized exchanges, and the term “vampire mining” will always remind us of blockchain instead of pale bloodsucking creatures with pickaxes and safety helmets. But while DeFi lit the fireworks last year, it was Bitcoin (BTC) that made everyone stop and stare. Its unprecedented rise to nearly $40,000 makes it one of the mostTitle: The perfect match? Both Bitcoin and DeFi push and pull crypto markets
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Published Date: Mon, 25 Jan 2021 17:47:00 +0000