Binance Research Institute: Decentralized financial solutions built around Bitcoin will also emerge in the future

Binance Research Institute recently released a report that DeFi is booming, but has not yet become mainstream. In a comprehensive report, Binance Research tracked how DeFi has become popular in the crypto space. The report highlights some early success stories, such as Compound. The platform has 21,424 users, and the USD value of collateral in its ecosystem has increased from USD 13.4 million at the beginning of 2019 to USD 86.3 million at the end of the year, a jump of 541%. Researchers say more growth is expected from DeFi: "We expect DeFi to further attract the interest of industry players. However, so far, this use case has remained largely confined to existing crypto communities … The challenges are resolved, and we expect that DeFi will grow rapidly, which may attract individuals and capital outside the existing crypto industry. "The report states that Ethereum is the undisputed king of DeFi, but it is expected that in the next year Other blockchain platforms will also grow. And more and more decentralized financial solutions built around Bitcoin will also emerge: "Bitcoin may play a more important role in DeFi, whether on Ethereum or as an independent solution … (It can also be) added to MakerDAO as collateral (such as tBTC, WBTC), and further adopted by mature Ethereum DeFi applications. "