Bitcoin and Lightning Networks Can Save Defense Industry from Adversity, says Microstrategy CEO

Bitcoin and Lightning Networks Can Save Defense Industry from Adversity, says Microstrategy CEO

In light of the recent fragility of the decentralized financing (DeFi) industry, Bitcoin (BTC) Optimist and CEO of Microstrategy Michael Sayler believes that Bitcoin and the Lightning Network could come to the rescue of the DeFi market.

With two huge protocols, Terra and Celsius, facing severe difficulties within a month of each other, the defense industry is going through a difficult time. And in a recent tweet, Saylor suggested that Bitcoin and Lightning could help stabilize the industry.

According to Saylor, Bitcoin provides “a solid moral, economic and technological foundation for DeFi”. He said the Lightning Protocol and BTC Token would be used to create the next generation of Defy.

The strong moral, economic and technological basis for DeFi is #Bitcoin. The next generation of DeFi will be built using the protocol # Lightning⚡️ and #BTC tokens. Https://

সেল Michael Seller⚡️ (aysaylor) June 14, 2022

Saylor was responding to a Bloomberg story on Tuesday (6/14), highlighting several key concerns in the defense field. Mahin Gupta, founder of Digital Asset Custody Platform Limal, told Bloomberg:

“What is happening with Celsius will have serious repercussions for the industry. It’s a non-trivial player, and it will have an apparent crash. “

Celsius Network Terra shut down withdrawals and other transactions on its platform just a month after the spectacular collapse of the blockchain, which attracted investors with an annual return of about 20%. Terra’s collapse, which was triggered when his stablecoin lost its 1-to-1 peg to the US dollar and added to the loss of suspended cryptocurrencies in Celsius withdrawal.

As a result, the CEO of MicroStrategy, Lightning Network, was excited about Bitcoin’s Layer 2 scalability solution. Accordingly With Saylor, Bitcoin Hall will help with the future of money and the scalability of lightning protocol transactions. He added:

“If you are going to make high-speed payments and transactions, you need a base layer that is morally good, economically good and technically good. This is Bitcoin. But then billions of transactions will go to a level 2 like Lightning. “

To date, DeFi applications on the Bitcoin network have not reached the same level of popularity in other blockchains as Ethereum and Solana. Nevertheless, some people who have studied DeFi believe that it can be applied to lightning networks in a sustainable way, Saying That “fixed coins and loans are fully secured against your BTC”.

According to the Non-Fungible Token Project (NFT), the creators of the small Will Lee, BTC and LN can increase the power in Defy and NFT. He told the Quintelegraph that several new protocols were still in the testing phase, adding that protocols such as BTC and LN already demonstrated their underlying strengths, adding:

“For anyone who wants to get into cryptocurrency, stability is something they want to be sure of. When I know that an established protocol is at risk, it gives me peace of mind, which also strengthens the overall cryptocurrency ecosystem. Supported by someone other than BTC, your DeFi or NFT project is sure to have a lot more buyers. “

According to Ignite’s Eliasgar Merchant, Defy is “struggling” and everyone is trying their best to survive the crypto winter. He cites recent developments in Terra and Celsius as evidence that DeFi, the main purpose of Web3, is failing. According to Merchant, the two most important aspects of building a solid defense system are interoperability and scalability. He added that “once the foundation is laid, we can begin to focus more on specific protocols to meet our DeFi needs.”

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