I was wondering how Litecoin could be more integrated with DeFi protocols. It seems to be a huge opportunity for Litecoin. One example is the Gateway network from Compound that will enable the connection with others blockchains besides ERC-20 tokens.
It would be great to know what the community think about it and how we could help to advance on this.
I think Litecoin is doing a good job at being what it was intended to be: a currency. There is no need to chase the newest fad, which would risk diverting effort towards the core propose of Litecoin.
There is some integration with DeFi with Litecoin, with FLTC (Flare Litecoin, a token backed by 1:1 Litecoin for the Flare Network) and the upcoming WLTC (Wrapped Litecoin, for the TRON blockchain).
If you want to join the DeFi space with your Litecoin, you could get some of these tokens in exchange for your existing Litecoin.
Litecoin is not DeFi and that’s what I like about it. It does what it was designed to do very well. I believe it’s undervalued, a sleeping giant. For me it’s a 5 to 8 year hold. Maybe even generational wealth for my 3 grandchildren Lightcoin will have its day.
DeFi has much potential but in my opinion still a new and unproven technology, a work in progress, an unfinished product with counter party risk. In 5 to 8 years many of these DeFi projects will be history. Ltc will thrive as long as Btc does. Always in its shadow.
Actually, I think Litecoin is one of the most mature DeFi. It is a decentralized network and enables financial services like payments and transfers in the real world.
I also see Litecoin as a currency in the crypto world. As a currency, it will be interesting to have the alternative to lend to others or use it as collateral.
It is already possible to use with Blockfi. And I did not know about Flare LTC, tks for sharing.
My point is that would be great to see in the future LTC being integrated into other DeFi platforms as Compound.
I do not think there is much to do from a tech perspective, is more building relationships and partnerships with these platforms to be on their radar as they expand.
More partnerships, more strong is the network.