Bitcoin DeFi Has Arrived—Midl is Leading the Way
In Brief
Georgy Skr, the Developer Relations lead at Midl, discusses how the platform is pioneering the Bitcoin DeFi landscape by providing EVM developers with direct access to Bitcoin's liquidity, making the DeFi experience on Bitcoin as effortless as it is on Ethereum.
The Bitcoin DeFi landscape is on the rise, and Midl is playing a pivotal role in this shift. During the Hack Seasons Conference, Georgy Skr delved into how this platform empowers EVM developers to access Bitcoin liquidity, the significance of abstraction layers in streamlining DeFi development, and what the future holds for Midl.
How Midl Facilitates Seamless Liquidity Access
Historically, Bitcoin's DeFi landscape has been somewhat restrictive, but Midl is changing the narrative by allowing EVM developers to engage with Bitcoin liquidity and assets such as Runes and Ordinals. Unlike typical bridges which merely shift funds to come into a different virtual environment, Midl innovatively abstracts computation without transferring assets away from Bitcoin.
"We enhance Bitcoin's scalability by focusing on computation abstraction rather than moving funds out. Instead of conducting operations off-chain and validating proofs, we function as an abstraction layer—keeping the essential processing on Bitcoin while delegating a small segment of computation to a validator network,\" Georgy clarified.
This distinctive strategy guarantees that transactions remain both secure and decentralized, while providing developers an interaction mode with Bitcoin that is as intuitive as engaging with Ethereum or other EVM-compatible networks.
Runes and the Future of Bitcoin DeFi
The emergence of Runes, Bitcoin's proprietary token standard, has generated considerable excitement for building DeFi applications on the Bitcoin network. Nonetheless, a primary hurdle in Runes' acceptance is the absence of a defined utility.
"Kudos to the Runes community—they've achieved remarkable things amidst the hurdles. The level of adoption is impressive, and the founders are actively enhancing the protocol while ensuring its decentralized nature,\" Georgy acknowledged.
Midl is crucial in introducing new functionalities to Runes, encouraging the community to investigate how the platform can enrich their ecosystem and unveil new financial opportunities.
The Hurdles of Developing DeFi on Bitcoin
Creating DeFi applications on Ethereum or various smart contract platforms is generally a smooth process, while Bitcoin presents a more cumbersome and intricate challenge.
"The initial DeFi applications on Bitcoin have required between 7 to 12 months for completion, while similar projects on Ethereum could take just one to three months,\" noted Georgy.
This discrepancy is mainly due to Bitcoin's relatively underdeveloped DeFi ecosystem and the technical obstacles that accompany development. Midl is proactively addressing these challenges by offering simplified migration tools and Midl.js, a developer-friendly JavaScript library designed to equip developers with vital tools to navigate Bitcoin's ecosystem.
What’s Next for Midl?
Midl is gearing up for a significant announcement in mid-March, launching their early adopters partnership program.
"We have a multitude of builders innovating on the Midl platform, and we’ll soon be unveiling their projects. We're eager to invite everyone to collaborate with us,\" Georgy disclosed.
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