#baby $BABY @BabylonLabs_io YES Just Now, I saw the new update of @BabylonLabs_io . The most surprising thing is that here you don't have to rely on Wrapped BTC. This project keeps Bitcoin on its own network without wrapping it. It's realy great to have the advantage of using Bitcoin as collateral in DeFi while keeping your own Bitcoin under your control.
David Tse said a very nice thing -
"Trust cryptography, not people."
Many might think that this is just another way to borrow assets like USDC by just depositing BTC. But the real difference is not there. @BabylonLabs_io is designing the entire process in such a way that you don't have to rely on Wrapped Bitcoin or any Third Party Custodian. Instead, ownership and security are verified cryptographically through Zero-Knowledge (zk) Proof. It's quite amazing, isn't it?
The whole process is simply like this:
1. Keep your own original BTC stake.
2. Borrowing assets like USDC in return.
3. Paying off the loan later.
4. Getting your BTC back safely.
The more I understand the subject, the more it seems that the most important thing here is not just borrowing with Bitcoin, but being able to do it without relying on any intermediaries. While the idea may sound simple, Technology behind it is really quite powerful. What I find most interesting here is the main focus on the concept of "Trustless". The less you have to rely on third parties, the more control and security the user has. If this model works successfully on a large scale, then the way Bitcoin-based DeFi is used could change.... Something to think about but🤔
Oh yes, I myself have visited babylonlabs.io to learn more about the subject and will look into it further. And listen, this is not just word of mouth, you can also take a look if you have time. Especially if the idea of using DeFi while keeping control of Bitcoin interests you, then this is a really worthwhile initiative👍
David Tse said a very nice thing -
"Trust cryptography, not people."
Many might think that this is just another way to borrow assets like USDC by just depositing BTC. But the real difference is not there. @BabylonLabs_io is designing the entire process in such a way that you don't have to rely on Wrapped Bitcoin or any Third Party Custodian. Instead, ownership and security are verified cryptographically through Zero-Knowledge (zk) Proof. It's quite amazing, isn't it?
The whole process is simply like this:
1. Keep your own original BTC stake.
2. Borrowing assets like USDC in return.
3. Paying off the loan later.
4. Getting your BTC back safely.
The more I understand the subject, the more it seems that the most important thing here is not just borrowing with Bitcoin, but being able to do it without relying on any intermediaries. While the idea may sound simple, Technology behind it is really quite powerful. What I find most interesting here is the main focus on the concept of "Trustless". The less you have to rely on third parties, the more control and security the user has. If this model works successfully on a large scale, then the way Bitcoin-based DeFi is used could change.... Something to think about but🤔
Oh yes, I myself have visited babylonlabs.io to learn more about the subject and will look into it further. And listen, this is not just word of mouth, you can also take a look if you have time. Especially if the idea of using DeFi while keeping control of Bitcoin interests you, then this is a really worthwhile initiative👍