Why I have been buying Bitcoin for the first time ever

Gm Degens

For a long time, I never had much exposure to Bitcoin. In fact, it was only early this year that I actually got started following the rise of ordinals. I always found Bitcoin, perhaps a little boring with nothing for me to do other than buy it, and hold it, aaand I think you guys know me, I like assets a little productive.

Now with some DeFi stuff popping up, including restaking plus some chatter about OP Cat, I like the idea of having some more exposure which is why I've been buying $BTC. I'm in the camp of being okay with using BTC within DeFi and there are some interesting things to do.

1. Farming

Bitcoin derivative tokens on EVM chains can earn you some decent yields. @tBTC_project, @eBTCprotocol, @SolvProtocol all have various places to deposit and earn yields. Whether thats farming them for yield on @CurveFinance, @Uniswap or elsewhere, lending them on a money market or finding point/airdrop strategies, there will be something for you.

In fact, even @protocol_fx have a BTC derivative with xWBTC and BTCusd which can be farmed for double digit yields. I like the idea of spot leverage which FX have been great at!

2. Staking - @babylonlabs_io

Babylon following a $70m raise led by @paradigm have been one of the most hyped projects in the Bitcoin space. They recently had their initial staking pool launch which at 1000 BTC ($60m) got filled pretty quickly! Transaction fees sky rocketed to $70-100.

3. Derivatives

One of the most interesting derivatives at the moment in the Bitcoin space has to be @alkimiya_io

Why?

They offer the ability to trade BTC transaction fees and currently have a competition on going. Been playing around and trading there (a little unsuccessfully so far given how crazy Babylon went!) but still enjoying it. Babylon made tx fees skyrocket and as a result longs printed 300-400% ROIs. Probably looking to long fees again if Babylon caps increase which I think won't be too long away.

Bitcoin L2s/Sidechains (the ones live right now) are a little less interesting to me right now but a few good apps could change that all completely. I like having Curve tokenomics on a chain level (we like bribes 🐻⛓️) which is why I'm also looking at @use_corn - Haven't dived too deeply just yet. Maybe I'm missing something so let me know.

The other thing interesting right now is @opnetbtc, with actual native apps on the Bitcoin layer. Again, a little early but something I'm watching closely.

So here are just a few interesting components in the Bitcoin space, not to mention I still enjoy ordinals and hope more comes from that area too but as always, DeFi will be something I enjoy using so glad to see more focus there.

DeFi is great ain't it, hopefully even on Bitcoin too!