BTCFi
Bitcoin-native finance, L2 security models, staking, bridges, and the trust assumptions behind BTC yield.
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[BTCFi 8] Clementine: BitVM in Production
Citrea's 2026 mainnet launched the first BitVM2 bridge. What the 1-of-N assumption requires, and where the model breaks under stress.
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Exit Hashrate: Miners, AI, and Bitcoin's Security Budget
Public Bitcoin miners are converting into AI datacenters. We examine what over $70B in HPC contracts means for hashrate, fees, and BTCFi security.
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[BTCFi Series 7] Covenants: Bitcoin's Frozen Fork
CTV and CSFS would unlock vaults, cheaper bridges, and Ark-scale off-chain venues. We trace why activation stalled and what a 2026 out-of-Core push means.
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Inside the ETF Wrapper: What Bitcoin Loses
A structural analysis of spot crypto ETF plumbing — authorized participants, custodian concentration, creation-redemption arbitrage, and the tradeoffs of wrapping BTC in securities.