Ahead of the anticipated Bitcoin (CRYPTO:BTC) Halving event set for April 19, Bitcoin DeFi (BTCFi) protocols, which seek to introduce decentralised finance (DeFi) features to Bitcoin, are gathering momentum.
One such protocol, BounceBit, has attracted attention from Binance Labs, the venture capital sector of Binance - the largest cryptocurrency exchange globally.
Announced on April 11 by Binance co-founder Yi He, BounceBit aims to merge centralized finance (CeFi) and DeFi aspects to enhance Bitcoin utility, marking a significant step in the evolving relationship between Bitcoin and DeFi sectors.
This investment reflects Binance Labs' interest in supporting innovations that blend CeFi and DeFi with Bitcoin, positioning BounceBit at the forefront of this emerging technological wave known as BTCFi.
As Bitcoin-native protocols like BounceBit emerge, there is growing speculation about their potential to rival Ethereum-native DeFi in terms of utility and adoption in the foreseeable future.