Author: @pStakeFinance; Compiler: Plain Language Blockchain
"BTCfi is not just about making Bitcoin work better and bring benefits. You can think of it as an upgrade, essentially Bitcoin 2.0." - @eli5_defi
Welcome to the 11th issue of our "X Talks Bitcoin" series, where Bitcoin enthusiasts and builders share their valuable insights ?. Today, we invited @eli5_defi (an explainer who is good at simplifying complex crypto concepts), who will share his straightforward views on the BTCfi narrative and why we need Bitcoin staking.
1. Can you explain what BTCfi is in an easy-to-understand way?
"BTCfi is a new paradigm to improve the productivity of Bitcoin as an asset."
2. What is Bitcoin staking? If the Bitcoin network already exists, why do we need it?
@eli5_defi explained: "I used to think that the Bitcoin network was out of reach, like it was isolated in an ivory tower. This idea stems from its design and its high emphasis on security, which may make it appear exclusive.
However, it is intended to be open to everyone. The openness here means that its security should not only serve itself, but also be used by other blockchains, which is why Bitcoin staking exists. Its goal is to share the security of the Bitcoin network and allow Bitcoin users and other systems to grow together.
This is a solution that benefits everyone and brings positive results to the blockchain ecosystem."
The emergence of BTCfi not only redefines the function of Bitcoin, but also opens up new paths for collaboration in the blockchain ecosystem.
3. What do you think of BTCfi’s narrative and the current Bitcoin ecosystem?
"I think BTCfi is more than just making Bitcoin work better or bringing in yield. Its goal is to unlock the full potential of Bitcoin as the first cryptocurrency. You can think of it as an upgrade, essentially Bitcoin 2.0. Right now, the Bitcoin ecosystem is primarily focused on building infrastructure, which is indeed important. However, I would like to see more projects that are consumer-facing, easy to accept, and obviously make better use of Bitcoin."
The Bitcoin ecosystem and BTCfi as a narrative still seem to be in their early stages.
4. Which BTCfi projects are you excited about?
“I admire @pStakeFinance for their strategic transition to BTCfi, fully recognizing its huge potential, and applying their expertise in staking protocol development very well. Another project worth watching is @SolvProtocol, which provides a liquid staking solution for Bitcoin that uses multiple strategies to generate returns. In addition, @CryptoEternalAI is developing a comprehensive artificial intelligence agent that integrates the capabilities of leveraging the Bitcoin network. Finally, @layeredge, as the first decentralized network, extends the functionality of Bitcoin through ZK and BitVM technology, ensuring the security of all layers of Bitcoin and its Rollup.”
