DeFi is taking the world by storm. At the time of writing, there are more than 3.9M ETH worth of wrapped ERC20 tokens locked up as collateral in MakerDAO's smart contracts. A newer product such as MIMO has seen over 15M€ being invested in it over the past few days.
Because of DeFi's prominence on Ethereum, it would seem like Bitcoin is destined to miss out. Wrapping your bitcoin in an ERC20 token on Ethereum to access DeFi products is a possibility, but it doesn't appeal to everyone.
True DeFi for Bitcoin is starting to become a necessity.