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🔥 This is a roundtable discussion themed "Why Build Bitcoin DeFi on ICP," where the founders of the largest DeFi projects in the Bitcoin ecosystem share their thoughts for over 40 minutes. 🤔 After sorting through a transcript of over 10,000 words, I distilled 【3】 major unbeatable advantages (this article is purely hand-typed, no AI): /// 1️⃣ ICP empowers Bitcoin with smart contract capabilities, primarily because ICP, as a mature public chain, possesses the most outstanding and mature threshold signature technology. 🔸🔸🔸 The biggest application scenario of threshold signature technology in Bitcoin DeFi is that it allows smart contracts on ICP to directly sign transactions on the BTC chain. Since ICP is an efficient and mature decentralized public chain, this enables Bitcoin DeFi developed on ICP to achieve "truly decentralized" smart contract capabilities. 🔸🔸🔸 Based on threshold signatures, the "DPS - Decentralized PSBT Signing" technical architecture can be realized, which is the best way to do DeFi on the Bitcoin layer. 1. The Dapp frontend generates PSBT (the entire transaction protocol between the user and the smart contract) 2. The user signs the PSBT and submits it to the smart contract on ICP 3. The smart contract on ICP checks whether the transaction terms are met; if they are, it completes the signing. 👍 The entire process occurs on ICP, completely open, verifiable, decentralized, and censorship-resistant, with users not bearing any custodial risks. 📒: Currently, the REE rune trading environment launched by @OmnityNetwork is built on the "DPS - Decentralized PSBT Signing" architecture, greatly simplifying the threshold for developers to use the DPS architecture, enabling rapid construction of Bitcoin DeFi applications and handling Bitcoin assets. 🔸🔸🔸 The ICP mainnet has been running stably and at high performance for over a cycle as a mature public chain. For example, regarding the DPS architecture, besides REE, Arch is also built on this technical route for the execution layer, but REE directly uses a mature public chain like ICP, which has obvious advantages: it naturally has a Bitcoin subnet, threshold signatures, and a reverse gas model, etc. Meanwhile, Arch's mainnet has not yet gone live (after all, it needs to build its own public chain and threshold signature technology system). 💡 Currently, the ICP + REE ecosystem has already birthed successful Bitcoin DeFi applications like OdinFun, Blockmienr, RichSwap, etc. /// 2️⃣ ICP's ChainFusion technology stack offers the best interoperability with the Bitcoin mainnet, as well as ETH and Solana. 💡 ICP + REE can effectively support interoperability and liquidity between Bitcoin Layer1 and ICP. 🔸 For example, Layer2 Dapp 👉 @BlockMinerfun can donate mining fees to the liquidity pool of Layer1 Dapp 👉 @RichSwap_REE, allowing a Layer1 AMM DEX to become a Layer2 pure Launchpad trading platform. 🔸 Additionally, Liquidium and RichSwap can establish a liquidity-sharing mechanism between the two Layer1 Dapps, etc. 💡 You only need to build a smart contract on ICP to use it across multiple chains. This is the best way to build cross-chain applications: for instance, executing an operation on Bitcoin can trigger an operation on Solana or Ethereum. 🌰 At @LiquidiumFi, you can use native BTC to borrow assets on Ethereum without transferring assets to other chains. So, if you want to avoid or prevent liquidity fragmentation, build Bitcoin DeFi based on ICP and enjoy this emerging, united, and shared liquidity ecosystem on ICP. /// 3️⃣ The Bitcoin ecosystem infrastructure based on ICP technology is well-developed, providing the best user experience for Bitcoin DeFi. 🔸 ICP public chain and its built Chain Fusion technology 🔸 REE middleware greatly reduces the implementation cost of DPS 🔸 Omnity hub provides 100% decentralized rune cross-chain, even allowing direct etching, minting, transferring, and burning on the Bitcoin mainnet through the Omnity hub from ICP 🔸 100% decentralized Runes Indexer and Ordinals Indexer 🔸 You can directly use Bitcoin ecosystem wallets to control ICP wallets, based on the identity ID system and multiple libraries (public goods) built by Dfinity. @BobBodily stated: Essentially, ICP is the empowering layer that allows you to build applications that everyone will use. ICP is almost invisibly present behind the scenes, which is very rare: most people don’t even know that OdinFun is built on ICP because everything has been abstracted away, and I think that’s the beauty of it. @louisliubj stated: Decentralization can be done thoroughly, but user experience cannot be sacrificed. 🔸 When we built RichSwap, a Layer1 DEX, during actual testing, transactions could be completed in 5 seconds, which moved me to tears: people are unaware of how much happens behind the scenes, including calls between canisters, verification with indexers, and threshold signatures; these processes can be completed in just two seconds, ensuring we achieve this user experience without sacrificing decentralization. @robin_liquidium stated: The biggest difference from most existing Layer2 or sidechains is that ICP is more like a multifunctional platform: you can almost do anything you want with ICP. 🔸 @LiquidiumWTF uses ICP, but every transaction is executed on Bitcoin. When we introduced Chain Fusion technology, within weeks, over 90% of users switched to what we call "instant loans" using the ICP solution. 💡 This indicates that people are willing to accept external technologies beyond Bitcoin: as long as it significantly improves user experience and does not require dealing with other chains or tokens, they can use ICP technology just like they use Bitcoin, but it must provide a better user experience. 🔸 The usage of OdinFun is different; users still use Bitcoin wallets and deposit native Bitcoin, but transactions are executed on a faster, cheaper layer, and then return to the Bitcoin main chain. So basically, every project built on ICP uses it in different ways, and I think that’s what makes ICP unique.