Bitcoin MENA 2024: Core DAO talks DeFi growth, blockchain security

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The Bitcoin MENA conference in Abu Dhabi on Dec. 9 gathered leading figures in blockchain innovation to discuss the future of decentralized finance (DeFi) and blockchain security.

In an exclusive interview with Cointelegraph, Adam Bendjemil, head of ecosystem growth at Core DAO, shared insights into Bitcoin-based DeFi (BTCFi) and its approach to security.

Core DAO is a layer-1 (L1) blockchain that integrates Bitcoin (BTC) security with Ethereum Virtual Machine (EVM) compatibility to improve the DeFi ecosystem.

Bendjemil highlighted Core DAO’s aim to increase trust in DeFi systems by integrating its financial solutions with Bitcoin’s security measures — potentially pushing toward broader adoption of blockchain.

DeFi on Bitcoin

Bendjemil explained how Core DAO differentiates itself from other DeFi platforms, such as those based on Ethereum and BNB Chain, by integrating Bitcoin into its operations.

He highlighted the platform’s reliance on EVM-compatible technologies to enhance accessibility and adoption.

He explained that “Core is boring” but “boring is good” due to its “battle-tested” nature, adding that he disagrees with critics of forking — a process of creating a new blockchain by copying existing code:

“Where we feel comfortable is bringing [users] into a protocol that forked something very successful, something battle-tested, that has audited several times their own protocol with a known coded by security companies [...] then add the Bitcoin twist to it.”

Security first, innovation second

Bendjemil said Core DAO prioritizes a “security-first” approach when addressing security concerns in DeFi, opting for technologies like Solidity and audits to minimize risks associated with DeFi protocols.

He emphasized that protocol safety is essential to building trust and long-term adoption, explaining that “adoptions goes with security first” and that “holding BTC is a winning strategy.”

By focusing on these elements based on a proven framework while steadily implementing new innovations via BTCFi, Bendjemil said Core DAO is working to strike a balance between tech development, security and overall stability.

Could BTC top $110,000 by January 2025?

According to founder and CEO of Global Macro Investor Raoul Pal, the $110,000 price is just a “local top” for the ongoing BTC cycle as it enters the “parabolic phase” of the market cycle.

Pal explained that there have been “a lot of imitations” of the firm’s chart depicting BTC’s price trajectory and clarified the finding of the original GMI Total Liquidity Index, Bitcoin chart.

The original chart indicates that BTC will peak near $110,000 by January 2025 before falling below $70,000 by February 2005, which would only be an “interim peak in liquidity,” expected to rise again in the third quarter of 2025.

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