The real state of Bitcoin DeFi

DeFi Dad and Nomatic are two of the most respected DeFi educators and OGs in the space, co-hosts of The Edge podcast, and long-time Bitcoiners. In this episode of Bullish on Bitcoin Show, we get into the real state of Bitcoin DeFi — why it has struggled to compete with Ethereum, whether Coinbase has quietly solved Bitcoin lending, why traders still prefer centralised exchanges, and whether STRC (Strategy's new yield product) is the Ethena basis trade of this cycle or a risk hiding in plain sight.

Alexei, co-founder of BOB, brings a builder's perspective on what's actually broken — and what's finally getting fixed.

In this episode:

• Why has Bitcoin DeFi failed to rival Ethereum?
• Is tokenized Bitcoin the silent backbone of all of DeFi?
• Has Coinbase solved Bitcoin lending with no-liquidation mortgages?
• Why do traders still use centralised exchanges over DEXs?
• Native BTC swaps vs. wrapped Bitcoin — what's actually better?
• BOB Gateway & zero-conf instant swaps explained
• STRC (Strategy/MicroStrategy yield token) — opportunity or risk?
• Is STRC the new Ethena basis trade of this cycle?