Dear EVM devs, respectfully, this is why we:
- build Liquid on the bitcoin codebase
- use the UTXO model, avoiding the failed-execution fee problem
- rely on low-level, established cryptography so core functionality is as native as possible
- support native asset issuance, multisig and privacy without layering everything through external contracts
- provide privacy by default, helping reduce front-running and protect financial data
- use non-turing complete smart contracts with no recursion or unbounded loops
- avoid speculative utility tokens that attract scammers and create misaligned incentives
- generally choose to build with a low-time preference mindset: security > convenience
Ethereum did a great job courting young, talented devs and building a thriving ecosystem. I don't think anyone disputes that. The problem is that it was mis-designed and built on the wrong architectural foundation, and the market is finally starting to recognize that.
We've been waiting for these talented devs (who can teach the space a thing or two about UX) to shift to bitcoin, the most battle-tested and secure architecture in crypto.
We welcome you.
PSA: I now consider *all* of DeFi unsafe.
Coding agents are superhuman at finding vulnerabilities, and smart contract security is too asymmetric: defenders need to fix every bug while attackers need just one exploit to steal funds.