Actual DeFi is great. It's non-custodial, on chain, and mostly easy to verify just by reading the code. Any Ethereum based asset makes this trivial to implement

Actual DeFi is great. It's non-custodial, on chain, and mostly easy to verify just by reading the code. Any Ethereum based asset makes this trivial to implement, and for the most part, the DeFi ecosystem on Ethereum is incredibly mature. BTC lending on the other hand (which Gemini is offering) must be custodial, so there's pretty significant risk of loss if Gemini gets hacked, seized, or otherwise looted. To answer someone else's question on this thread, over-collateralized lending solves the "I want to buy Ethereum but all I have is Ethereum" problem. Most people use it at a really simple mechanism for adjustable leverage, letting them increase their risk exposure without losing custody of their assets.