BTCFi explained: How Elastos uses Bitcoin’s security to power DeFi

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Coin Telegraph 13h ago

BTCFi explained: How Elastos uses Bitcoin’s security to power DeFi - Coin Telegraph

Quick Summary:

BTCFi is an emerging sector that transforms Bitcoin (BTC) from a passive store of value into an actively utilized asset in DeFi. A new report by Cointelegraph Research and Elastos delves into how Bitcoin’s security helps to create trustless, scalable financial ecosystems.

Elastos’ innovations, particularly through BeL2 and its decentralized identity (DID) framework, aim to enhance the security, scalability and institutional adoption of Bitcoin in DeFi. With Bitcoin-secured finance projected to expand significantly, Elastos’ infrastructure provides a robust foundation for the next wave of decentralized financial applications.

BeL2 leverages zero-knowledge proofs (ZKPs) to verify Bitcoin transactions on the Elastos and Ethereum networks without relying on centralized custodians. This mechanism allows Bitcoin to be used in DeFi protocols without synthetic assets or intermediaries and addresses a long-standing challenge in BTCFi.