The next question for many who get Bitcoin is now what? I don't want to sell it, but what can I do with it?
Unlocking its value securely is a multi-trillion $ challenge. Previous lending platforms like Celsius Network and BlockFi let you take $ loans against your Bitcoin as collateral. But these services overleveraged users deposited BTC, invested badly and blew up, representing the very centralized banking problem BTC is trying to fix.
Alternatively, we began seeing lending services on smart contracts, a great step forward, however, Bitcoin isn't like Ethereum with deeper programming logic, it's very simple. So, users need to send their BTC to a centralized custodians wallet on Bitcoin, who then mints a new BTC asset on Ethereum, Wrapped BTC (WBTC), which can then be used in these lending services, presenting a huge custodian risk, waiting to unfold.
So we need to keep advancing innovation into decentralized, non-custodial solutions. The formula to avoid wrapping Bitcoin whilst interacting with smart contracts is found in our latest
@ElastosInfo SmartWeb update, and it's in motion, you can read here:
elastos.info/news/bel2-lendi…
BeL2 Arbiter Nodes are now integrated into BeL2 Lending dApp 🚀
We're not stopping here; we're also introducing one-click deployment for the Arbiter Nodes 👩🏻💻
Borrow with Native BTC, earn fees as an Arbiter, & fuel the unstoppable
#BTCFi narrative 🔥
🔗
bit.ly/BeL2-Lending