At Bitcoin MENA 2024, Adam Bendjemil of Core DAO emphasized the promise of Bitcoin-based DeFi, emphasizing blockchain innovation that prioritizes security.
Leading blockchain innovators convened at the Bitcoin MENA conference in Abu Dhabi on December 9 to discuss the future of blockchain security and decentralized finance (DeFi).
Adam Bendjemil, head of ecosystem growth at Core DAO, discussed Bitcoin-based DeFi (BTCFi) and its security strategy in an exclusive interview.
To enhance the DeFi ecosystem, Core DAO, a layer-1 (L1) blockchain, combines Ethereum Virtual Machine (EVM) interoperability with BTC$99,099 security.
Bendjemil emphasized Core DAO’s goal of boosting confidence in DeFi systems by fusing its financial products with Bitcoin’s security features, which might encourage wider blockchain usage.
DeFi with Bitcoin
Bendjemil described how Core DAO’s integration of BTC into its operations sets it apart from other DeFi systems, including those built on Ethereum and BNB Chain.
To increase accessibility and adoption, he emphasized the platform’s reliance on EVM-compatible technologies.
Due to its “battle-tested” nature, he clarified that “Core is boring,” but “boring is good.” He also stated that he disagrees with those who criticize forking, which is the process of creating a new blockchain by copying old code:
“Where we feel comfortable is bringing [users] into a protocol that forked something very successful, something battle-tested, that has audited several times their own protocol with a known coded by security companies […] then add the Bitcoin twist to it.”
Innovation comes second, and security comes first.
According to Bendjemil, Core DAO uses a “security-first” strategy to solve security issues in DeFi, choosing audits and technologies like Solidity to reduce the risks related to DeFi protocols.
He explained that “adoptions go with security first” and that “holding BTC is a winning strategy,” underscoring the importance of protocol safety in fostering confidence and long-term adoption.
According to Bendjemil, Core DAO attempts to balance technological advancement, security, and general stability by concentrating on these components utilizing a tried-and-true architecture while gradually introducing innovations via BTCFi.
Could January 2025 see Bitcoin reach $110,000?
The $110,000 price is merely a “local top” for the current BTC cycle as it moves into the “parabolic phase” of the market cycle, claims Raoul Pal, founder and CEO of Global Macro Investor.
Pal detailed the findings of the original GMI Total Liquidity Index and Bitcoin chart and noted that there have been “a lot of imitations” of the company’s chart showing the price trajectory of BTC.
According to the original chart, Bitcoin will peak at about $110,000 by January 2025 and drop below $70,000 by February 2005. This would be an “interim peak in liquidity,” it is anticipated to rise again in the third quarter of 2025.
