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I think that the vast majority of “defi” use cases can have contracts executed fully off-chain, using the blockchain only as a synchronization and enforcement mechanism.
I guess, you’re putting „defi“ in parenthesis because you do not consider existing defi projects decentralized at all. If we assume that these projects will never be properly decentralized, you might be right. But Sovryn WILL be properly decentralized, even though we’ll not be able to achieve it in a single step.
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Quick question: Why not aim for Spectrum/RGB? That’s a smart-contract platform which will support defi on Bitcoin. It will use the Simplicity language, which is designed from the ground up for security verification; and Spectrum on Layer 3 (atop Lightning) will have the privacy, speed, and efficiency advantages of off-chain contract execution.
Nobody seems to be working on it anymore. The last commit I see was done 10 months ago: https://github.com/rgb-org/spec and the Spectrum specs have never really defined https://github.com/rgb-org/spec/blob/develop/05-Spectrum.md
Moreover, to my knowledge, it’s built upon Lightning. I do not want to argue about Lightning’s potential, but at the moment, there’s a number of caveats:
* Low adoption rate
* Not user friendly at all
* Limited channel capacity
Here is a nice summary of a study on the Lightning Network. https://blog.dshr.org/2020/01/bitcoins-lightning-network.html
Then, there’s the big advantage that with Solidity we can take advantage of all of the protocols which have already been developed on Ethereum.
Now, we want to focus on a solution, which is not only secure, but also as user-friendly as possible. You shouldn’t need to be technical in order to be free.
