BitVM is intended to scale Bitcoin rather than launch Ethereum-like DeFi application on the network, according to one of the developers working on BitVM, the virtual machine for bitcoin.
Bitcoin Community Relased Whitepaper "BitVM: Compute Anything on Bitcoin"
Upon the BitVM whitepaper release, it is thought to bring Defi like what the EVM did for Ethereum. However, the developer, named Super Testnet, emphasized that BitVM focuses more on scaling rather than implementing smart contracts, and he doesn't want BitVM to be flooded with EVM-like tokens because it'll bring bad actors to Bitcoin.
Super Testnet also thinks BitVM won't be an "instant death" for Ethereum's altcoins, which some have suggested.
The developer hopes that Bitcoin essentially remains the only monetary unit on the Bitcoin network:
“A big property that makes Bitcoin important is maintaining one monetary asset that everyone can agree on instead of having floating exchange rates that are a burden for commerce,” he said.
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