Summary List Placement

Square CEO Jack Dorsey earlier this week announced his payments company was diving into the decentralized finance space. But he’s not doing it on ethereum, the usual stock-in-trade of DeFi. Dorsey wants to build his platform with bitcoin.

DeFi, which some call the “fourth wave” of crypto, is blossoming. Companies are building it, users are buying into it, and regulators are worried about it. Over $50 billion in assets are locked into a DeFi exchange, according to DeFi Pulse.

But the ethereum-based applications that have come to dominate DeFi, such as Uniswap and Compound, don’t have to be the only option. 

Bitcoin DeFi is rising, albeit slowly, and could see significant gains from Square’s entry into the space. By one count, there are at least 26 active bitcoin-related DeFi projects, spanning everything from derivatives trading to payments.

So far, DeFi services have largely been built on ethereum, in part because of the…

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