DeFi News Official Today TheBitTimes.com

Botanix Labs founder Willem Schroé argues a “huge amount of value” from real-world assets will be captured on Bitcoin, provided it connects to the Ethereum Virtual Machine. Mainstream Bitcoin (BTC) adoption won’t happen until it bridges to the Ethereum Virtual Machine (EVM) — the first point of entry for many real-world assets moving on-chain, a Web3 executive argues. Speaking to Cointelegraph, the founder of cross-chain infrastructure firm Botanix Labs, Willem Schroé, claimed Bitcoin “needs to start playing in the EVM world” for it to build real-world use cases to increase its adoption and utility. “Bitcoin is the most technologically secure and truly decentralized protocol [and] the EVM has proven itself to be the application layer for the global financial system,” Schroé said. Our Botanix Protocol positions Ethereum as a Layer-2 solution on top of #Bitcoin. We've added Ethereum onto the Bitcoin Network's secure foundation to harness the security of its Proof-of-Work mechani...

A decentralized finance borrower used a nonfungible token representing a luxury watch to take out a $35,000 loan. In this week’s newsletter, read about Ethereum nonfungible token (NFT) royalties hitting their lowest point in two years. Check out Bitcoin Ordinals trading volume, which hit $210 million in the second quarter of 2023, and how a decentralized finance (DeFi) borrower used an NFT representing a physical luxury watch to take out a loan. In other news, find out why Animoca Brands co-founder Yat Siu is still bullish on blockchain games, and don’t forget this week’s Nifty News, featuring a Sega executive’s opinion on play-to-earn gaming.  Ethereum NFT royalties hit 2-year low as Bored Ape floor price falls below 30 ETH A report from blockchain analytics firm Nansen showed that royalties earned by NFT projects have reached a 2-year low. The dip may be fueled by lower NFT floor price s of popular collections like the Bored Ape Yacht Club and the Azuki Elementals launch controver...

The DeFi protocol appears to have erased its social media presence after news of the alleged exit scam broke. Ordinals Finance, an Ethereum-based decentralized finance (DeFi) protocol that allows users to lend and borrow inscriptions, has been accused of performing an exit scam, also known as a "rug pull."  In an April 24 press release seen by Cointelegraph, blockchain security firm CertiK reported that the protocol's developer pulled 256 million Ordinals Finance (OFI) tokens out of its smart contracts using a "safuToken" function. Another 13 million OFI was removed through an "ownerRewithdraw" function, bringing the total number of tokens withdrawn to 269 million, CertiK stated. #CertiKSkynetAlert We can confirm that the @ordinalsfinance exit scam has resulted in a loss of $1 million. All social media accounts have been deleted as well as the project's website. Funds have been consolidated into EOA 0x34e…25cCFhttps://t.co/0Pwlt3yibm https://t.co/...