In a world where the digital currency dances like a jester at a royal court, Elastos, the Web3 infrastructure provider, has managed to close a $20 million investment round. This is not just a mere sum; it is a declaration of war against the traditional finance that has long held Bitcoin in a chokehold. The audacity! đ°
As the announcement echoed through the digital corridors on January 30, it revealed that the investment came from Rollman Management Digital, a global investment network that has previously thrown its weight behind the likes of Ripple and Ethereum. One can only imagine the boardroom discussions: “Shall we invest in the future or just sit back and watch the world burn?” đĽ
Elastos, now basking in the glow of being one of Rollmanâs top five holdings, has launched its Bitcoin DeFi protocol, set to unfurl its wings in the second quarter of 2024. This protocol will allow users to collateralize their BTC holdings and wade into the murky waters of Ethereum smart contracts, where they can perform swaps and other DeFi functions. Itâs like giving a toddler a chainsawâwhat could possibly go wrong? đ
But Elastos is not alone in this brave new world. Other companies are also attempting to sprinkle some DeFi magic on the Bitcoin network. The established playersâStacks, RSK, and Babylonâare already hosting Bitcoin-native ecosystems, like a group of seasoned sailors navigating the treacherous seas of finance. đ´ââ ď¸
Meanwhile, the crypto exchange Binance has decided to join the fray, expanding its Bitcoin DeFi offerings with the announcement of BTC staking alongside Babylon. Because why not add more fuel to the fire? đĽ
As of January 30, Bitcoinâs total value locked in DeFi applications has soared past $7.2 billion, according to DefiLlama. It seems the digital gold rush is far from over, and the miners are now armed with shovels made of code.
Bitcoin Institutionalization Grows
Ah, the sweet scent of institutional demand wafts through the air, following the approval of spot BTC exchange-traded funds (ETFs) in early 2024. The US Bitcoin ETFs now hold more than $124 billion in net assets, according to CoinGlass. After a brief lull, ETF buying pressure has roared back, much like a lion that just woke up from a nap, largely in anticipation of a pro-crypto Trump administration. đŚ
With a changing of the guard at the US Securities and Exchange Commission, the nomination of pro-crypto Paul Atkins to chair is expected to usher in a new era of regulatory clarity. This could encourage more investors to dip their toes into the DeFi pool, which, letâs be honest, is still a bit murky. đââď¸
Jacob Phillips, co-founder of the BTC staking protocol Lombard, mused that the growing institutionalization of Bitcoin will enable ânovel DeFi strategies [to] emerge across the risk curve with Bitcoin as a collateral asset.â One can only hope these strategies are more than just a game of financial roulette. đ°
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2025-01-30 20:03