BTCFi
Bitcoin-native finance, L2 security models, staking, bridges, and the trust assumptions behind BTC yield.
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[BTCFi Series 9] Babylon: TVL Up, Yields Thin
Babylon secures ~$5.6B in native BTC with a token worth ~$78M. The unit economics of Bitcoin security-as-a-service, and why realized yield stays thin.
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BIP-360 and the Bitcoin Coins That Cannot Move
Bitcoin's post-quantum migration requires signing with vulnerable keys, and the most exposed coins belong to owners who cannot sign.
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Ark Arrives: Bitcoin Payments After Lightning Plateau
Lightning public capacity fell then recovered while volume grew ~266% YoY. Ark hit mainnet in 2026. A mechanism-level comparison.
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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.