Binance Research, the research arm of the world's largest cryptocurrency exchange Binance, has published a new report on Bitcoin (BTC). The report, written by Binance Research analyst Moulik Nagesh, stated that Bitcoin (BTC) is no longer just a store of value and its role in the decentralized finance (DeFi) field has increased. The analyst said the Bitcoin network is “evolving into a broader decentralized finance ecosystem with the emergence of Bitcoin DeFi.” According to the analyst, the DeFi sector could enable Bitcoin HODLers to make more money on their investments. Noting that the use of Bitcoin in DeFi applications is a huge and untapped opportunity, the analyst said that with DeFi applications, BTC holders have increasing opportunities to use Bitcoin, including options such as using Bitcoin as collateral and lending for yield. The Binance report stated that only 0.8% of the Bitcoin supply is currently used in DeFi, which is very low, and that DeFi offers a huge untapped opportunity for Bitcoin. “Once primarily a store of value, Bitcoin is evolving into a broader decentralized financial (DeFi) ecosystem with the emergence of Bitcoin DeFi (BTCFi). Bitcoin DeFi is a sector that aims to unlock the capital efficiency of Bitcoin through financial applications such as lending, staking, stablecoins, and decentralized exchanges (DEXs). “With only ~0.79% of BTC currently being used in DeFi, BTCFi could present a huge untapped opportunity. Even a single-digit penetration rate of Bitcoin's idle supply could lead to billions of inflows, creating new avenues for financialization.” *This is not investment advice. Continue Reading: Bitcoin (BTC) Report from Binance!
