DeFi Friday is Decrypt’s DeFi email newsletter. (art: Grant Kempster)
A key conversation in crypto these days revolves around whether a crypto thing is really DeFi or not. Blame it on the rise of „DeFi” (decentralized finance) as a blanket term for a wide range of projects, protocols, tokens, or tools that in many cases aren’t so decentralized.
Some people say that Bitcoin, by definition, is DeFi. The Bitcoin network has the most nodes of any crypto network operating around the world and, for all intents and purposes, it is money. These two facts suggest that Bitcoin is indeed a form of DeFi. It’s decentralized finance.
But the prevailing narrative for a while now has been that Bitcoin’s use cases are limited to holding or spending, and that the Bitcoin blockchain can’t do much beyond recording Bitcoin transactions. There aren’t really decentralized exchanges built on top of Bitcoin (other than Bisq and whatever Jack Dorsey is looking to build), nor are there exotic derivative
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