Another framework prioritizes ecosystem and composability risk. It examines how deeply the protocol is integrated with other DeFi systems and whether the exploit propagates risk across interconnected platforms. Investors assess counterparty exposure, dependency concentration, and the likelihood of cascading failures, which can significantly amplify losses beyond the original vulnerability.
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Chainlink’s dominance is robust thanks to its DON and widespread institutional adoption. But new players rise: Provable, the first decentralized oracle, evolves constantly. MakerDAO, though once centralized, plans alliance-based pricing, which may attract projects preferring collaborative data feeding over Chainlink’s node-based model.
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Financial institutions might create novel products that tokenize Bitcoin on CBDC-linked networks or offer synthetic exposure to BTC within CBDC wallets. This could make Bitcoin accessible to a much wider audience through familiar, state-sanctioned interfaces, dramatically increasing its potential user base without direct competition.
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