Joe Lubin: DeFi Safety Matches Traditional Finance, Bitcoin Faces Crisis

Ethereum co-founder and ConsenSys CEO Joe Lubin has made a bold statement regarding the state of the crypto industry. He asserts that Decentralized Finance (DeFi) has reached a level of safety comparable to traditional financial systems. However, Lubin simultaneously highlighted a significant challenge for the leading cryptocurrency, stating that Bitcoin is currently "in crisis." This crisis, he elaborates, stems primarily from its lack of native smart contract functionality, which limits its utility in the evolving Web3 and DeFi ecosystems. Lubin's comments draw a sharp contrast between the innovative potential of Ethereum-based applications and the perceived technological stagnation of Bitcoin. He emphasized that for Bitcoin to remain competitive, it would need to develop more robust programmability features or rely heavily on layer-2 solutions and cross-chain bridges to integrate with platforms like Ethereum.