Summary
TLDR: Bitcoin layer-2 protocol Sovryn is expanding to Ethereum with the help of Build on Bitcoin, launching a decentralized exchange called Dex 2.0. This move aims to offer lower fees, faster transactions, and improved capital efficiency. The collaboration aims to make DeFi accessible to millions of Bitcoin users worldwide. Developers are focused on bringing DeFi to Bitcoin due to its reliability and stability. The future of Bitcoin development looks promising with renewed interest and projects like Ordinals and Bitcoin ETFs.
Key Points
1. Sovryn, a decentralized platform launched in 2020, is expanding to the Ethereum blockchain through the Ethereum Virtual Machine (EVM) developer Build on Bitcoin.
2. Sovryn’s first project on Build on Bitcoin will be a decentralized exchange (DEX) called Dex 2.0, offering lower gas fees, faster transactions, and unparalleled capital efficiency.
3. Bringing DeFi to Bitcoin is a focus for developers due to Bitcoin’s reliability as the backbone of the Web3 ecosystem, with projects like Ordinals and Bitcoin ETF approvals contributing to renewed interest in Bitcoin development.