© Reuters.
LONDON – In a strategic shift, BendDAO has announced plans to venture into the Bitcoin space by integrating support for Bitcoin non-fungible tokens (NFTs) and adding wrapped (wBTC) to its pools of liquidity. This initiative is part of the platform’s efforts to improve user experience and security, particularly for BTC NFT transactions.
To strengthen security measures, BendDAO implements the Third-Party Bridge protocol as well as the Multi-Signature Wallet Bridge. These initiatives are designed to provide an additional layer of protection for users who engage in BTC-related activities on the platform.
Bitcoin’s expansion follows a recent lending crisis that BendDAO faced, where around 15,000 ETH was at stake. In response to this challenge, the platform is working to regain user trust by making improvements significant changes to its user interface and by adjusting critical parameters within its system.
As part of its strategic roadmap, BendDAO has defined key milestones. The company aims to finalize its V2 product enhancements by the end of Q4 2023. Subsequently, an updated official V2 version with advanced features is expected to be released in Q2 2024. This updated version should mark a significant evolution from current offerings and align with the latest market demands.
BendDAO’s pivot to considering Bitcoin and wBTC NFTs in its liquidity strategy signifies a notable development in the evolving intersection of decentralized finance (DeFi) and digital collectibles. With these improvements, BendDAO is positioning itself to play a central role in the expanding field of blockchain-based assets.
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