Jack Dorsey, co-founder and CEO of Twitter, announced earlier this week that its other company Square was going to set up a new open-source platform for Defi-type financial services on Bitcoin in non-custodial. The reaction of the founder of Aave is quite tasty…
This Saturday, the founder of Aave, Stani Kuleshov, told his 90,000 followers on Twitter that its protocol should build ” Twitter on Ethereum”. This is a reaction to Jack Dorsey’s statement that he was developing a new bitcoin-centric (BTC) financial services platform with striking similarities to Aave.
Dorsey tweeted Thursday that Square Inc, his mobile payment company, was in the process of creating a new business “focused on building an open platform for developers with the sole purpose of facilitating the creation of non-custodial, permissionless and decentralized financial services”.
The tweet, which received more than 34,000 likes at the time of publication, indicated that bitcoin would be the main focus. In summary, it is about bringing the Defi on Bitcoin.
In his perhaps sarcastic response, Stani Kuleshov suggests that Dorsey’s project idea is similar to Aave, its open-source and non-custodial DeFi protocol that allows its users to borrow assets and earn interest on crypto deposits.
Is that Stani Kuleshov is serious with his Twitter project on Ethereum ? He even then states that Jordan Lazaro Gustave, co-founder of Aave, would lead the project. Even if analyzing a short tweet can be confusing, we think it is a form of private joke that can be understood in the following way : Bitcoin is as suited to the Challenge as Ethereum is to launch a microblogging site (basically, it doesn’t !).
Indeed, a site like Twitter handles very many operations per second and it would be totally unsuitable on the Ethereum network. In the same way, for a Defi protocol, the use of smart contracts is a sine qua non and since Bitcoin is the first crypto, it does not natively have this feature. So we can imagine that Stani Kuleshov therefore considers that the Challenge on Bitcoin will remain anecdotal and unsuitable anyway.
On Ethereum, Aave has established itself as one of the most popular DeFi protocols on the market, with demand for its services increasing even among traditional investors. From the top of this dominant position, Stani Kuleshov does he tease Jack Dorsey and his decentralized finance project on BTC ? Does the Bitcoin challenge have a future ?
Graduate engineer, escaped from open space, I found happiness on the internet and I believe in crypto.
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