Projects like Zest are attempting to use layer 2 networks such Stacks to bring DeFi features to Bitcoin that are prominent on other chains like Ethereum.Binance Exec's Wife Denies Extradition Report; Thailand Tightens Crypto RegulationThe seed raise was led by billionaire investor Tim Draper with participation from Binance Labs, Flow Traders, Trust Machines and others, Zest Protocol announced by email on Monday.
Users will rely on sBTC to send bitcoin to fund their balance on Zest Protocol, which lives on the Stacks mainnet, and thereafter will be able engage in lending or other yield-generating activities. “Bitcoin L2s like Stacks are set to play a key role in unlocking Bitcoin DeFi,” said Tycho Onnasch, founder of Zest Protocol. “Unlike on Ethereum, the creation of basic DeFi primitives such as liquidity pools isn’t possible on Bitcoin L1. The Stacks sBTC upgrade is set to be a watershed moment for Bitcoin DeFi, which is what it was designed for from the beginning.”in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin.
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