Some of the best news about DeFi (Decentralized Finance) is around one metric: TVL (Total Value Locked), which has from small beginnings skyrocketed from $1.1b to $6.8b in under 45 days. It’s a great start! Now consider: BTC mcap is around $200b as of this writing. Obviously, the wider financial markets are orders of magnitude bigger, however we have an opportunity to secure a great symbolic victory for DeFi here which can knock over a lot of other dominos.
Capturing the BTC segment for TVL is huge. Here’s how YFI can harpoon DeFi’s Moby Dick:
- Start BTC farms (execute on multi step strategy in upcoming YIP)
- Reskin UX (get something in place and iteratively improve on it - approaches in progress)
- Market the fully passive BTC farm to holders who want yields to increase their BTC holdings. (needs to be clarified, thoughts and feedback requested)
- Secure a great symbolic victory for DeFi by opening the floodgates for BTC investors to participate passively on Ethereum
- Continuously add prime quality collateral into the Ethereum ecosystem, especially when RenBTC is accepted as MakerDAO collateral very soon
- YIP 42: Add RenBTC to yVaults
- Several UX efforts currently in progress
- Organic twitter campaigns
- PR through media channels
- (pending further input)
- FOR: YES! Accelerate the plan to capture BTC TVL market share.
- Against: Don’t capture the biggest TVL opportunity in crypto before anyone else.