Aave is exploring the potential of deploying on Spiderchain, a Bitcoin layer-2 network, to tap into the growing Bitcoin DeFi ecosystem valued at over $17 billion.
The interest in a Bitcoin layer 2 signifies a movement towards integrating Bitcoin with smart contract capabilities typically associated with Ethereum, addressing a gap in functionality.
Botanix Labs aims to make Bitcoin compatible with Ethereum-based applications, potentially opening new avenues for DeFi projects to leverage Bitcoin's liquidity and user base.
Following Bitcoin's price rise and a notable increase in market dominance, Aave's recent token price drop may reflect broader market reactions amid this growing interest.
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