Introduction: DeFi March Madness
It's only March, and it's already been a fantastically exciting year for InfinitySwap! As the debut of the Bitfinity Network EVM on the Internet Computer draws near, you'll start to see a lot more content about how InfinitySwap aims to revolutionize Bitcoin DeFi.
Speaking of which, let's discuss how InfinitySwap's future is all about bringing the Internet Computer's blockchain singularity of Web speed transaction speeds, zero gas fees, and cheap, fully on-chain storage directly to the Ethereum ecosystem of DeFi, dApps, and NFTs.
Bitcoin DeFi Comes to EVM
In brief, the Ethereum Virtual Machine (EVM) is the backbone of the crypto world's decentralized finance (DeFi) ecosystem, powering smart contracts and dApps on the Ethereum blockchain. If you want more details, I've written about the EVM in-depth elsewhere. But what I haven't mentioned yet is that the EVM is not limited to Ethereum, and in 2023, according to Federico Kunze Küllmer at CoinDesk, we can expect to see significant developments in the EVM space beyond the Ethereum blockchain that will entirely change the face DeFi and Web3.
Enter InfinitySwap's Bitcoin-enabled EVM
One of the most exciting developments, of course, is the integration of Bitcoin DeFi into the EVM through InfinitySwap. InfinitySwap will feature a next-generation AMM (Automated Market Maker) on the Internet Computer ecosystem and allow for easy, secure, and direct compatibility with Bitcoin. And now, it offers its very own enhancement of the EVM. This development is a game-changer for DeFi and multi-chain interoperability, as it will enable developers to build Bitcoin-compatible DeFi on the Internet Computer's network while leveraging the power and popularity of the existing Ethereum blockchain network and community.
Not only that, but we will realize the vision set forth in Dieter Sommer's community conversations regarding an Internet Computer EVM, or ICEVM.
With InfinitySwap's Bitcoin-enabled EVM Canister which will be known as the Bitfinity Network EVM on the Internet Computer, users will be able to trade Bitcoin on the Internet Computer's network without having to wrap it as an ERC-20 token. This will eliminate concerns about bridge vulnerabilities and offer a better user experience for traders and investors than existing options on the Ethereum network. The InfinitySwap next-generation AMM on the Internet Computer ecosystem will also use automated smart contracts and trust-less consensus to safeguard users' private keys, cutting out intermediaries and custodians and allowing users to engage in peer-to-peer Bitcoin DeFi services using the Bitfinity Wallet.
EVM Excitement All Around
InfinitySwap is not the only exciting development in the EVM space in 2023. We can also expect to see consolidation, specialization, and interoperability among EVMs. Many dApps on different EVMs are essentially forks, leading to fragmented liquidity across multiple versions of the same dApp in the current DeFi space. As the DeFi space matures, however, we can expect to see applications consolidate into one or a few instances and interoperate with other ecosystems, enabling more efficient and streamlined trading.
We can also expect to see increased specialization among various EVMs to cater to specific kinds of applications. These application-specific EVMs will be built to cater to categories of applications like DeFi, ReFi, and infrastructure, enabling developers to create more powerful and specialized dApps that can better serve specific user needs. The Internet Computer's ability to host and run dApps of all kinds fully on-chain at competitive prices to traditional cloud computing services will also likely expand options for EVM specialization.
Moreover, we can expect to see an expanding collection of EVMs that are diverse and interconnected across multiple blockchains, perhaps with InfinitySwap on the Internet Computer acting as a major hub. Each EVM will offer unique features and capabilities, creating a vibrant and varied ecosystem of EVMs. Interoperability between different EVM blockchains will also increase, allowing dApps on one chain to use and interact with dApps deployed on other chains, creating cross-chain "money legos" that developers can snap together and integrate to create decentralized alternatives to PayPal or Meta Pay on dApps like OpenChat.
Conclusion: EVMC to InfinitySwap
In conclusion, the future of the EVM and DeFi in 2023 looks bright. The debut of a Bitcoin-enabled EVM on InfinitySwap will be a game-changer, enabling developers to build Bitcoin-compatible DeFi on the Internet Computer's network while leveraging the power and popularity of the Ethereum network. The broader EVM space will also evolve, with consolidation, specialization, and interoperability among EVMs creating a more efficient and streamlined DeFi ecosystem.
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*Disclaimer: While every effort is made on this website to provide accurate information, any opinions expressed or information disseminated do not necessarily reflect the views of InfinitySwap itself.