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Sumer Money x Core part 2
Recorded: Jan. 22, 2025 Duration: 0:13:58Space Recording
Short Summary
The transcript discusses the challenges and opportunities in the BTC-Fi ecosystem, particularly the lack of native yield opportunities for Bitcoin compared to Ethereum. Innovations such as non-custodial Bitcoin staking are highlighted as solutions to create income opportunities. The conversation also touches on the importance of making yield opportunities easy to understand for users and the different market dynamics between BTC-Fi and traditional DeFi. Additionally, the transcript mentions a campaign on Sumer that offers a 3x box multiplier for deposits, running until January 30th.
Full Transcription
Sorry, we had some technical issues and the space crashed.
So here we are again.
I remember where we left off.
So the last question that I was asking to
Sumer was about the thoughts on the BTC Defi.
So maybe you could repeat your answer to that.
Yeah, it's great.
We're back online again.
So, yeah, I think we were discussing, like, what's the future for BTC-Fi?
I think the biggest difference between BDCFI and the traditional
Ethereum-based D-Fi ecosystem is because Ethereum is POS, there's a native yield for
Ethereum for just a staking Ethereum. I think that's like the biggest income opportunity on the
Ethereum DFI ecosystem. And there's a lot of protocol built around that as well.
For BDC, unfortunately, there's no inflation for BTC.
I mean, there is no like a native yield opportunity for BTC because it's like hard money based on the original design.
So all the yield will have to come from like opportunity created by other like DFI protocols.
So that's like the biggest challenge for the ecosystem.
And basically, I think that's all the innovation have to be done in order to create these
income opportunities for the huge amount of capital that's waiting on the sideline entering
the market.
basically how to create these yield is basically the biggest things we have to innovate and build on for BTC-5.
But that also creates a lot of opportunity.
That means a lot of our protocols and applications can be built on top of that.
It, yeah, we recognize at core, the problem about the lack of native views recognized quite early on.
That's why I think in early 2024, we came out with non-custodial Bitcoin staking, where users can stick Bitcoin non-custodially to earn the core tokens.
And it's been scheduled in the emissions for a period of 81 years for the core emissions to.
use that to reward those who have to secure the consensus,
those who stick Bitcoin non-custodially,
those who stick core.
But yeah, there are many, many other youth opportunities
as well that are in the ecosystem
that users can take advantage of.
But yeah, it can get a little bit complicated
for users that are not familiar with it.
That's why I think a key innovation here
is to make it really easy.
to use, very easy to understand where the yield come from.
And also, I think in that, so that's one,
making it very easy for users to understand
about these youth opportunities.
The second thing is that in the market,
I think right now we see a lot of protocols have
that are related to Bitcoin, having point systems.
And eventually that will have to be actual rewards.
And the whole innovation is taking us there.
Eventually, I believe that users, they have to understand,
they have to read up where the yield is coming from.
They have to read up how they can
even simple things, like how they get the BTC derivatives,
where the underlying BTC is sitting,
how it's secured and all that.
So it's actually much more pieces that they have to coordinate
than a simple, big, dedicating Ethereum
or to be to the validators on the Ethereum chain,
by example.
Yeah, for sure. I think the security for the user is basically extremely important for PDC,
because people are perceiving BDC as highly valuable asset moving forward.
Yeah, they are. And I think that also, BTC-5 will be the next frontier in Web 3.
But the thing is that the innovators and the builders, they have to take note of,
is a little bit of a different market than the EVM market.
Because in the BTC market, we have so many whole coiners.
people who hold large amounts, institutions.
So the amounts that we're talking about is not small, it's not a cash, not
not yet a lot of casual traders and middle market value traders.
A lot of them are very high value, very large amounts.
So innovation there also has to be able to assure people of the security
and also make it easy for institutions to participate.
That's why concepts in the market like BTC ETFs become so popular or regulator products
because of that type of market that involves BTC, which is a bigger and more whale market.
Yeah, I think that's like definitely a very big difference between BTC5 and traditional
It's a very
The genie factor in this market is bigger than the traditional YSERAN based market.
There are a lot of very big whales in BDC.
Yeah, I agree with you as well.
And yeah, I think hopefully with Bitcoin coming into defy, it will help to stabilize the entire market.
It's hard to say where it goes because you know you see nowadays these meme tokens like Trump,
Wallenia coming up going so high and then you know how meme coins are next next time they'll go low again higher and low higher low. It's a lot of instability. It's
a fairly different game compared to BTC Defi where the amounts are large,
they move in slowly, they tend to sit there for longer,
and they look for stability. So it's a little bit
different and then we have all the different strategies in the middle,
like a BTC defy regarding a land and borrow protocol,
so have some leverage participating in taxes, trading, perpetual.
So those are the middle risk people.
So we have all sorts of risk appetites here,
but I think that the BTC in general,
the risk appetite is maybe slightly lower than the traditional
defy market that we see now.
Yeah, you are right.
And also, they may not be, like, trading that frequently because, I mean, the big amount.
And also, like, I think I've always been saying, like, BDC is the biggest meme coin, right?
So basically, Satoshi has created this token.
Initially, there is no, like, a real utility until people, like, feel, hey, this is because of the limited supply, it's a digital gold.
And it becomes a meme for BDC and powered the entire crypto market.
So I think, yeah, MIM is just a part of crypto's culture.
Eventually, like, that's the, PDC is the ultimate MIM for all the MIM clients, right?
I love that perspective that BTC is the largest meme coin in the market.
I love that.
Yeah, in that sense, it's the OG OG meme coin.
People use it in 2013-2014 to buy pizza and they want to make use of that as a payment method and so many things.
Yeah, it's come a really long way for BTC.
Yeah, for sure. Now we just need to leverage on top of that and see how we can use it more efficiently to power the entire crypto ecosystem.
Hello, can you hear me? I think I lost you.
Can you hear me now? Hello? I think I can hear Bill. Hello?
Hello, can you hear me now?
Yeah, I hear you.
Oh, Bell, do you want to leave and then go?
I'll speak for Sumer to join again.
Oh, Sumer, you guys are here again.
Welcome back.
Yeah, so I just left and rejoined.
And it seemed to be fine now.
I think it might be my connection.
But maybe, maybe, wait, let me rejoin this.
Actually, we can hear you, yeah.
All right, one second.
Bell's just rejoining.
Sorry, everybody.
Hi, I'm back online. Sorry for the hiccup. So, yeah, maybe we should, before we wrap up this AMA,
Sumer, Selhan, do you have any final thoughts that you want to share about Sumer or any
ending words that you like to share with the community here?
Yeah, so I just want to remind everyone to like follow our social and like create an account in our point system.
And basically start depositing on Sumer on core to take advantage of the existing all the incentives and start using your BDC to work harder for you.
Thank you so much for joining this AMA.
Shohan, it's been a pleasure to speak to you and hearing your insights and
learning more about the very innovative protocol that you have built on top of core.
And thank you for all the Katochi's for joining today's discussion about building BTC-Fi on core with Sumer.
So just a reminder that you can earn 3x box multiplier in the latest Co-Aignition campaign on Sumer for...
some of the deposit, some of the supported assets that you deposit, for example, depositing
core, SD core, BTC, USTC, UST, and soft BTC variants on summer money during the campaign period
to boost your rewards. And the campaign will be running all the way until
January 30th, which is a good time, one day before the end of the month, and it ends at 1 PM UTC.
So I encourage all of you to explore and besides this, there is also the sumer points.
that was mentioned earlier as well that you can gain and you can also explore further
opportunities on Pell and or BIFLACs after you have, after you have borrowed the assets
for example and
Please do follow Sumer on their X, on their different social media account and keep engaging with them.
So also follow the core dial Twitter to engage with us and keep updated.
So stay tuned for future sessions in the Building BTC5 series.
Thank you everyone so much.
Thank you, Saldhan, for your time.
And have a great thing.
Thank you, Bill.
And thank you, everyone, for the opportunity and the time.
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