Michael Saylor believes Bitcoin and Lightning Network can stabilize DeFi
DeFi – MicroStrategy CEO Michael Saylor recently said bitcoin and Lightning Network could save DeFi. With two huge protocols, Terra and Celsius, facing serious problems within a month, the DeFi sector has gone through a rough patch.
Saylor believes that bitcoin provides an ethical, economic and technical infrastructure” for decentralized finance and the Lightning protocol and BTC token will play a key role in building the next generation of decentralized finance.
He Tweeted: The sound ethical, economic & technical foundation for DeFi is #Bitcoin. The next generation of DeFi will be built using the #Lightning⚡️ protocol and the #BTC token.https://t.co/5LlNlXkLMt
What’s going on in the Celsius Network?
The Celsius Network recently announced that all withdrawals and transactions on this platform will be closed. Following this announcement, the price of CEL reached $ 0.2. Celsius stated:
We are taking this action today to put Celsius in a better position to honor, over time, its withdrawal obligations,” “We are taking this necessary action for the benefit of our entire community in order to stabilize liquidity and operations while we take steps to preserve and protect assets.
It should be mentioned that Celsius Networks halted withdrawals and other transactions on its platform just under a month after the dramatic collapse of the Terra blockchain, which lured investors with annual returns of around 20%.
Source: The Pipsafe Team