Aligning Hayek, Nakamoto, and BeL2: Future of BTCfi
Introduction
Money, as the cornerstone of economic systems, profoundly influences societal structures and individual freedoms. In the 20th century, Austrian School economist Friedrich A. Hayek proposed a revolutionary monetary theory in his work The Denationalisation of Money, advocating for the abolition of government monopolies on money issuance and allowing private entities to issue competing currencies. This idea aimed to enhance monetary stability and efficiency through market competition, reducing economic fluctuations caused by government intervention. Meanwhile, in 2008, an enigmatic figure known as Satoshi Nakamoto published the Bitcoin whitepaper, introducing a decentralized digital currency system that leverages blockchain technology to enable peer-to-peer transactions without trusted intermediaries, fundamentally challenging the centralized financial system.
In recent years, with the rapid development of the Bitcoin ecosystem (BTCfi, or Bitcoin Finance), innovations based on Bitcoin Layer 2 (L2) solutions have emerged. Among them, BeL2 (Bitcoin Elastos Layer 2) introduces a novel mechanism using arbitrator nodes to issue decentralized stablecoins anchored to Bitcoin (BTC), such as the Native Bitcoin Stablecoin (NBS), unlocking new possibilities for financial applications in the Bitcoin ecosystem. This article delves into the theoretical alignment between Hayek’s “denationalisation of money” and Nakamoto’s decentralization ideology, analyzes how BeL2’s stablecoin practice embodies these theories, and explores the future prospects of BTCfi.
1. Hayek’s “Denationalisation of Money” Theory
1.1 Core Propositions
In The Denationalisation of Money, Hayek argued that government monopolies on money issuance are a primary source of economic instability. Central banks, by controlling money supply, often trigger inflation, asset bubbles, or economic crises. Hayek proposed that money issuance should be opened to private entities, allowing market competition to determine which currencies gain acceptance. He envisioned a system of multiple coexisting currencies, where private institutions issue money based on market demand, and users select currencies that are stable and reliable in purchasing power. Hayek believed competition would incentivize issuers to optimize monetary management, as unstable currencies would lose market trust and be phased out.
Hayek’s theory rests on the following key assumptions:
Value stability as the core of competition: Users prefer currencies with minimal value fluctuations, as depreciation harms creditors and appreciation hurts debtors.
Market discovery mechanism: Through competition, the market naturally selects currencies anchored to stable assets, such as commodity baskets.
Decentralized economic order: Hayek emphasized that decentralized market signals are more effective than central planning in resource allocation, including in monetary systems.
1.2 Theoretical Significance
Hayek’s “denationalisation of money” challenged conventional monetary theory, asserting that money should not be a coercive tool of the state but a product of spontaneous market order. This idea transcends monetary policy, reflecting Hayek’s broader belief in individual freedom and market mechanisms. By removing government control over money, he argued, the state’s ability to manipulate the economy through monetary policy would be curtailed, safeguarding economic freedom.
However, Hayek’s theory faced criticism. Economist Milton Friedman argued that it was overly idealistic, overlooking the adaptability of existing monetary systems. Additionally, competing currencies could increase transaction costs or lead to new monopolies resembling the current system. Despite these critiques, Hayek’s theory laid a crucial intellectual foundation for later decentralized currency experiments, such as Bitcoin.
2. Nakamoto’s Decentralization Ideology
2.1 The Birth of Bitcoin and Decentralized Vision
The 2008 global financial crisis exposed the fragility of the traditional financial system, with central banks’ monetary over-issuance and opaque banking practices fueling public discontent. Against this backdrop, Satoshi Nakamoto published Bitcoin: A Peer-to-Peer Electronic Cash System, introducing Bitcoin—a digital currency operating without centralized institutions, powered by a distributed ledger (blockchain).
Nakamoto’s decentralization ideology encompasses the following core elements:
Trustless transactions: Through Proof of Work (PoW) and cryptography, Bitcoin ensures transparency and security, eliminating reliance on intermediaries like banks or governments.
Fixed supply: Bitcoin’s total supply is capped at 21 million coins, with issuance governed by an algorithm, mimicking gold’s scarcity to prevent inflation.
Distributed consensus: The Bitcoin network is maintained by global nodes, with no single point of control, ensuring no individual or entity can unilaterally alter rules or tamper with records.
Nakamoto embedded a message in Bitcoin’s genesis block: “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks”, explicitly signaling Bitcoin’s motivation—a rejection of centralized financial systems. He aimed to create a decentralized, transparent, and censorship-resistant monetary system through technology.
2.2 Alignment with Hayek’s Theory
Nakamoto’s decentralization ideology aligns closely with Hayek’s “denationalisation of money” in several ways:
Anti-centralization: Both oppose government or central authority monopolies over money. Hayek achieves this through market competition, while Nakamoto leverages blockchain for decentralized issuance and management.
Market-driven systems: Hayek emphasized market competition to select superior currencies, while Bitcoin’s value and adoption are determined by voluntary participation (mining, trading, holding) forming market consensus.
Individual freedom: Hayek argued that denationalizing money protects individuals from government interference, while Bitcoin grants users financial sovereignty, enabling permissionless transactions in a trustless network.
However, differences exist. Hayek envisioned a system of multiple competing currencies emphasizing value stability, whereas Bitcoin, as a single currency, exhibits significant price volatility, resembling “digital gold” more than a daily transaction medium. Additionally, Hayek’s currencies were issued by private institutions, while Bitcoin’s issuance relies on algorithms and a decentralized network without a clear issuer. This “ownerless” nature makes Bitcoin transcend Hayek’s “private money” concept, earning it the label of “people’s money” among some scholars.
3. BeL2’s Decentralized Stablecoin Practice
3.1 BeL2 and the NBS Stablecoin
BeL2 (Bitcoin Elastos Layer 2) is a Bitcoin Layer 2 solution developed by the Elastos team, designed to expand Bitcoin’s financial capabilities while preserving its decentralization and security. BeL2 leverages merge-mining to share computational power with the Bitcoin mainnet, with approximately 44.58% of global Bitcoin hashrate currently participating, significantly bolstering network security.
A flagship innovation of BeL2 is the Native Bitcoin Stablecoin (NBS), a decentralized stablecoin collateralized by Bitcoin and pegged to the U.S. dollar. NBS addresses Bitcoin’s high price volatility, which limits its use as a medium of exchange, and enables BTC holders to access liquidity without selling their assets. The operational mechanism includes:
Non-custodial collateralization: Users lock BTC on the Bitcoin mainnet via a locking script to mint NBS on BeL2, retaining full control without transferring assets to a third party.
Arbitrator nodes: Decentralized arbitrator nodes handle loan disputes, execute liquidation mechanisms, and maintain NBS’s 1:1 peg to the dollar. Nodes stake Elastos’s native token (ELA) and earn BTC or transaction fee rewards.
Zero-knowledge proofs (ZKP): BeL2 employs ZKP to ensure privacy in collateralization and transactions while enabling interoperability with EVM-compatible blockchains (e.g., Ethereum, BNB Chain) without wrapping or bridging assets.
Decentralized oracles: To maintain the dollar peg, BeL2 uses decentralized oracles to fetch real-time BTC prices, automatically adjusting collateral ratios during price fluctuations to trigger liquidations if needed.
Over-collateralization: NBS issuance requires users to provide excess BTC collateral (e.g., 150% collateralization ratio) to mitigate BTC price volatility and ensure solvency.
The NBS issuance and redemption process is as follows: Users lock BTC to mint NBS for payments, investments, or DeFi applications; upon redemption, NBS is burned, and BTC is unlocked. This ensures a one-to-one correspondence between circulating NBS and collateralized assets, maintaining transparency and stability.
3.2 Alignment with Hayek and Nakamoto’s Theories
BeL2’s NBS stablecoin practice deeply reflects the convergence of Hayek’s “denationalisation of money” and Nakamoto’s decentralization ideology:
(1) Hayek’s “Denationalisation of Money”
Hayek advocated for market competition to dismantle government monopolies on money issuance, allowing private entities to issue stable currencies. NBS aligns with this vision:
Competitive currency: As a decentralized dollar-pegged stablecoin, NBS competes with centralized stablecoins (e.g., USDT, USDC) and other decentralized ones (e.g., DAI). Users can choose NBS based on decentralization, privacy, or cost, aligning with Hayek’s vision of a diversified monetary system.
Value stability: Hayek stressed that a currency’s acceptance hinges on its purchasing power stability. NBS maintains a 1:1 peg to the dollar through over-collateralization and arbitrator node liquidations, addressing Hayek’s demand for stable money.
Spontaneous market order: The issuance, circulation, and liquidation of NBS are driven by market participants (users, arbitrator nodes) without government or central bank intervention. Arbitrator nodes, incentivized by ELA staking, embody Hayek’s market-driven discovery and spontaneous order.
(2) Nakamoto’s Decentralization Ideology
Nakamoto’s Bitcoin proposed a peer-to-peer electronic cash system free of trusted third parties, emphasizing decentralization, transparency, and censorship resistance. NBS extends this vision:
Decentralized architecture: NBS’s non-custodial collateralization ensures assets remain outside centralized custody, mitigating risks like those seen in USDT. Decentralized arbitrator node governance further avoids power concentration, echoing Nakamoto’s trustless design.
Extension of Bitcoin’s ecosystem: By using BTC as collateral, NBS enhances Bitcoin’s utility as a store of value while expanding its payment capabilities through Layer 2’s low fees and high throughput, partially realizing Nakamoto’s “electronic cash” vision.
Censorship resistance: BeL2’s merge-mining and ZKP technologies ensure transactions and collateralization are resistant to government or institutional interference, safeguarding users’ financial sovereignty, consistent with Nakamoto’s critique of centralized finance.
(3) Theoretical Synthesis and Innovation
NBS bridges Hayek and Nakamoto’s ideas, addressing their practical limitations:
Stability and decentralization: Hayek’s theory prioritized stability but lacked a technical path; Bitcoin, while decentralized, suffers from volatility. NBS combines BTC collateralization with a dollar peg to achieve both stability and decentralization.
Market and technology synergy: Hayek’s currency competition relied on market mechanisms, while Bitcoin depended on technology. BeL2 integrates market-driven governance (e.g., arbitrator nodes) with advanced technologies (e.g., ZKP, merge-mining), merging both strengths.
User empowerment: NBS enables BTC holders to access dollar liquidity without selling assets, preserving long-term investment value while granting flexibility in DeFi ecosystems, embodying Hayek’s individual freedom and Nakamoto’s financial sovereignty.
3.3 Practical Challenges
Despite its theoretical alignment, BeL2’s NBS faces practical challenges:
Technical complexity: Implementing ZKP, arbitrator nodes, and merge-mining requires significant technical expertise, potentially limiting adoption by non-technical users. BeL2 needs user-friendly interfaces and wallet integrations to lower barriers.
Market competition: NBS competes with established stablecoins like USDT, USDC, and DAI. While its decentralization is an advantage, market adoption depends on liquidity, ecosystem integration, and brand recognition.
Regulatory risks: Global regulators increasingly scrutinize cryptocurrencies and stablecoins, particularly dollar-pegged ones, which may be seen as challenging fiat systems. BeL2 must leverage decentralization and privacy technologies (e.g., ZKP) to navigate compliance pressures.
Liquidation stability: Sharp BTC price swings could trigger frequent liquidations, stressing the system. BeL2 needs to optimize oracle responsiveness and liquidation algorithms to ensure stability in extreme markets.
Governance risks: Arbitrator node governance relies on ELA stakers’ integrity. Collusion or insufficient staking could undermine fairness and security.
To address these, BeL2 could:
Enhance user education: Promote NBS through tutorials, community events, and partnerships to boost awareness and adoption.
Optimize technology: Simplify ZKP computations and improve on-chain/off-chain efficiency.
Expand ecosystems: Integrate with major DeFi protocols (e.g., Aave, Uniswap) to enhance NBS liquidity and use cases.
Engage regulators: Explore privacy-preserving KYC solutions to balance compliance with decentralization.
4. Future Prospects of BTCfi
4.1 Current State and Potential
BTCfi (Bitcoin Finance) refers to the decentralized finance ecosystem built on Bitcoin, encompassing stablecoins, lending, derivatives, and decentralized exchanges (DEXs). Historically, Bitcoin’s slow transaction speeds, high fees, and limited smart contract functionality positioned it as “digital gold,” lagging behind Ethereum in DeFi. However, advancements in Layer 2 solutions (e.g., Lightning Network, BeL2) and sidechains have significantly enhanced Bitcoin’s scalability, fueling BTCfi’s growth.
BeL2’s NBS stablecoin exemplifies BTCfi’s potential. In 2024, the Bitcoin ecosystem saw heightened activity, driven by BTC ETF approvals, the fourth halving (April 2024), and surging Layer 2 transaction volumes. Market data shows Bitcoin’s market cap exceeding $1.5 trillion, with Layer 2 networks experiencing rapid growth in daily active users and total value locked (TVL). BTCfi’s potential market size is estimated at trillions, particularly in:
Stablecoin markets: BTC-backed stablecoins like NBS provide low-volatility transaction mediums, attracting traditional finance users.
Decentralized lending: BTC collateral enables users to borrow NBS or other assets, driving decentralized loan protocols.
Cross-chain finance: BeL2’s EVM compatibility allows BTC assets to interact with Ethereum and other ecosystems, breaking Bitcoin’s isolation.
Payments and remittances: NBS’s low fees and high throughput make it suitable for cross-border payments and microtransactions, especially in underserved regions.
4.2 BeL2’s Role in BTCfi
BeL2, through NBS and other innovations, plays a pivotal role in BTCfi’s diversification:
Liquidity unlocking: NBS enables BTC holders to access dollar liquidity without selling assets, resolving the tension between Bitcoin as a store of value and a medium of exchange. This attracts long-term holders and injects BTC into DeFi.
Cross-chain interoperability: BeL2’s ZKP and EVM compatibility allow BTC assets to participate in Ethereum-based lending, trading, and liquidity mining, expanding use cases.
Financial inclusion: NBS’s low-cost transactions make it viable for payments and remittances in emerging markets, such as Africa or Latin America, where it can serve as a dollar substitute.
Governance innovation: Arbitrator nodes offer a scalable governance model for BTCfi, applicable to decentralized insurance or derivatives markets.
4.3 Future Trends
Drawing on Hayek, Nakamoto, and BeL2’s practice, BTCfi’s future may exhibit these trends:
1. Mainstream decentralized stablecoins: BTC-backed stablecoins like NBS could become central to BTCfi, meeting demand for low-volatility mediums. Future protocols may optimize collateral ratios (e.g., dynamic adjustments) and liquidation mechanisms (e.g., off-chain computation) for capital efficiency.
2. Layer 2 ecosystem growth: Solutions like BeL2 and Lightning Network will expand Bitcoin’s capabilities for complex financial applications. Merge-mining and arbitrator nodes will incentivize more hashrate and node participation, enhancing security and decentralization.
3. Strengthened financial sovereignty: BTCfi’s non-custodial and censorship-resistant features empower users, particularly in high-inflation or underbanked regions (e.g., Venezuela, Zimbabwe), offering alternative financial solutions.
4. Cross-chain and multi-asset integration: BTCfi may integrate with Ethereum, Solana, and others via cross-chain bridges or interoperability protocols, enabling NBS as collateral in multi-chain lending or DEX trading pairs.
5. Privacy-compliance balance: As regulatory scrutiny grows, ZKP and similar privacy technologies will become standard, allowing BTCfi to protect user privacy while meeting KYC/AML requirements.
4.4 Challenges and Responses
BTCfi faces challenges:
Technical barriers: Layer 2 solutions must improve user experience and reduce complexity. BeL2 could develop one-click collateralization and redemption tools for NBS.
Market education: Limited public awareness of BTCfi requires community campaigns, tutorials, and partnerships.
Security risks: Smart contract vulnerabilities or governance attacks could lead to losses. BeL2 needs regular audits and decentralized governance to mitigate risks.
Competition: BTCfi must compete with Ethereum DeFi and traditional finance, excelling in cost, speed, and security.
Regulatory uncertainty: Global regulators may impose stricter rules on stablecoins and DeFi, necessitating compliance strategies like privacy-preserving KYC.
Responses include:
Technical enhancements: Optimize ZKP efficiency and reduce transaction costs.
Ecosystem partnerships: Integrate with major wallets (e.g., MetaMask) and exchanges (e.g., Binance) to boost NBS accessibility.
Global strategy: Pilot in crypto-friendly regions (e.g., Singapore, Switzerland) before scaling.
Community governance: Use DAOs to enhance user participation and decentralize risks.
5. BeL2’s Technical Mechanism: A Deeper Analysis
5.1 Core Technical Architecture
BeL2 is designed to enhance Bitcoin’s financial utility while preserving its decentralization and security. Key technical components include:
Merge-mining: BeL2 shares Bitcoin’s hashrate via merge-mining, with 44.58% of global Bitcoin hashrate participating, ensuring near-mainnet-level security. This reduces operational costs and incentivizes miners with ELA rewards.
Non-custodial collateralization: Users lock BTC via Bitcoin mainnet scripts to mint NBS, retaining control without third-party custody.
Arbitrator nodes: These nodes manage disputes, liquidations, and NBS’s dollar peg, staking ELA for incentives and penalties to ensure compliance.
Zero-knowledge proofs (ZKP): ZKP ensures privacy and enables EVM-compatible blockchain interoperability without asset wrapping or bridging.
Decentralized oracles: Oracles provide real-time BTC prices for peg maintenance and trigger liquidations during volatility.
5.2 NBS Stablecoin Operations
NBS’s issuance and redemption reflect BeL2’s focus on decentralization and stability:
1. Collateralization and issuance: Users lock BTC (e.g., 150% collateral ratio) to mint dollar-equivalent NBS for DeFi or payments.
2. Liquidation mechanism: If BTC price drops reduce the collateral ratio below a threshold (e.g., 120%), arbitrator nodes liquidate BTC to restore the peg, executed via decentralized governance.
3. Redemption and burning: Users redeem NBS for BTC, burning NBS to maintain supply-collateral parity.
4. Incentives and governance: Arbitrator nodes stake ELA, earning fees but risking penalties for misconduct.
5.3 Theoretical Alignment
BeL2’s technical mechanisms further align with Hayek and Nakamoto:
Hayek’s competitive currency: NBS’s decentralized peg and market-driven nodes compete with centralized stablecoins, fulfilling Hayek’s vision of stable, market-selected money.
Nakamoto’s decentralization: Non-custodial collateral and ZKP uphold Bitcoin’s trustless ethos, while merge-mining leverages Bitcoin’s infrastructure for censorship resistance.
Spontaneous order: Arbitrator nodes and liquidations are driven by market signals (e.g., BTC prices), reflecting Hayek’s market-driven order.
5.4 Technical Challenges and Optimizations
Challenges include:
Complexity: ZKP and arbitrator nodes raise technical barriers. BeL2 needs intuitive interfaces.
Liquidation efficiency: Extreme volatility could delay liquidations. Faster oracles and off-chain computation are needed.
Interoperability: Cross-chain bridges require robust security to avoid vulnerabilities.
Optimizations include simplifying ZKP, enhancing oracle responsiveness, and strengthening cross-chain security.
6. Broader BTCfi Applications
6.1 Decentralized Lending and Leverage
NBS enables BTCfi lending markets. Users can borrow NBS against BTC for investments or consumption without selling assets, supporting:
Leverage trading: NBS can be used in DEXs for leveraged BTC or asset trading.
Liquidity mining: NBS in liquidity pools earns rewards, boosting BTCfi capital efficiency.
6.2 Payments and Cross-Border Transactions
NBS’s dollar peg suits daily payments and remittances. Compared to BTC’s volatility, NBS’s low fees and high throughput enable:
Merchant adoption: Businesses can accept NBS via BeL2 wallets, converting to BTC or fiat instantly.
Cross-border remittances: NBS offers low-cost transfers in underbanked regions like Africa or Southeast Asia.
6.3 Derivatives and Synthetic Assets
BTCfi may develop derivatives markets, with BeL2’s interoperability enabling:
BTC-backed ETFs: NBS could create synthetic assets tracking gold or stocks.
Insurance protocols: NBS-based products could hedge BTC price volatility.
6.4 Decentralized Identity and Data Sovereignty
BeL2’s ZKP supports decentralized identity (DID) and data sovereignty, allowing BTC-linked identities for KYC, credit scoring, or data trading without privacy leaks, aligning with Hayek and Nakamoto’s freedom principles.
7. Philosophical and Practical Tensions in Hayek and Nakamoto’s Ideas
7.1 Philosophical Alignment and Divergence
Hayek and Nakamoto share a commitment to liberalism and anti-centralization but differ in nuances:
Common ground: Both reject government overreach in money and economics, prioritizing individual sovereignty. Hayek uses market competition, Nakamoto uses technology.
Divergences:
Currency form: Hayek envisioned multiple competing currencies, while Bitcoin is a single, algorithm-driven currency.
Stability: Hayek prioritized purchasing power stability, while Bitcoin’s volatility aligns more with speculative assets.
Governance: Hayek’s system relied on private institutions, while Bitcoin’s decentralized network lacks clear governance, driven by code and consensus.
7.2 Practical Complementarity
NBS bridges these gaps:
Diversity and stability: NBS competes with other stablecoins, fulfilling Hayek’s vision, while its dollar peg meets his stability criteria.
Technology-market fusion: BeL2 combines Nakamoto’s decentralization with Hayek’s market governance via arbitrator nodes.
Community-driven: BeL2’s node governance echoes Bitcoin’s consensus while introducing market incentives, addressing Bitcoin’s governance inefficiencies.
7.3 Limitations and Reflections
Both theories face modern challenges:
Hayek’s limits: Market competition may lead to dominant currencies (e.g., dollar, BTC) due to network effects, undermining diversity.
Nakamoto’s limits: Bitcoin’s fixed supply resists inflation but limits financial applications due to volatility and scalability, requiring Layer 2 solutions.
Shared challenges: Both underestimate regulatory pressures, with global KYC/AML rules threatening decentralized currencies.
BeL2 addresses some limitations but must continue improving user education, compliance, and technology.
8. BTCfi’s Global Impact
8.1 Disruption of Traditional Finance
BTCfi could reshape finance:
Monetary policy: Decentralized stablecoins like NBS weaken central bank control, prompting policy reevaluation.
Banking roles: BTCfi’s lending and payments reduce reliance on banks, especially for cross-border transactions.
Financial inclusion: BTCfi serves unbanked populations, accelerating global access.
8.2 Significance for Emerging Markets
In high-inflation or underserved regions (e.g., Venezuela, Africa):
Store of value: BTC and NBS counter fiat depreciation.
Economic empowerment: Decentralized lending and payments support SMEs, fostering growth.
Data sovereignty: ZKP and DID empower users to control personal data.
8.3 Regulatory Dynamics
BTCfi’s expansion will face regulatory challenges:
Regulatory sandboxes: Countries like Singapore may test BTCfi compliance.
Privacy-compliance balance: ZKP enables privacy while meeting KYC/AML needs.
Global coordination: Regulators may standardize crypto rules, requiring BTCfi to adapt via decentralized governance.
9. Conclusion
Hayek’s “denationalisation of money” and Nakamoto’s decentralization ideology provide the theoretical backbone for BTCfi. Hayek sought currency diversity and stability through competition, while Nakamoto achieved trustless finance via blockchain. BeL2’s NBS stablecoin merges these ideas, using non-custodial BTC collateral, arbitrator nodes, and ZKP to create a stable, decentralized currency, addressing Bitcoin’s volatility and Hayek’s implementation gaps.
As a BTCfi cornerstone, BeL2 unlocks liquidity and expands applications through cross-chain interoperability and privacy. BTCfi’s future spans stablecoins, lending, payments, and derivatives, potentially reshaping global finance. Success hinges on technical innovation, market adoption, and regulatory navigation.
Guided by Hayek and Nakamoto’s libertarian ideals, BeL2 and BTCfi are not just technological leaps but steps toward economic freedom and financial sovereignty. As Hayek noted, denationalizing money curbs government manipulation, and Nakamoto’s Bitcoin proved this possible. BeL2’s NBS and BTCfi’s rise mark a bold stride toward an open, transparent, and empowering financial ecosystem.
10. References
1. Hayek, F. A. (1976). The Denationalisation of Money. Institute of Economic Affairs.
2. Nakamoto, S. (2008). Bitcoin: A Peer-to-Peer Electronic Cash System. https://bitcoin.org/bitcoin.pdf.
3. NBW Labs. (2024). Bitcoin-Backed Stablecoin Whitepaper. Elastos.info.
4. CoinGecko. (2024). Bitcoin Layer 2 Market Analysis. https://coingecko.com.
5. Voorhees, E. (2021). Decentralized Cryptocurrency Systems and Hayek’s Unplanned Economy. AIER.
6. Elastos Team. (2024). BeL2 Technical Whitepaper. https://elastos.info.
7. Swanson, T. (2023). The Future of Bitcoin DeFi. Blockchain Research Institute.
8. Hayek, F. A. (1990). The Fatal Conceit: The Errors of Socialism. University of Chicago Press.
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FAQ
What is the meaning of BTCfi?
BTCfi refers to Bitcoin finance.