BTCFi
Bitcoin-native finance, L2 security models, staking, bridges, and the trust assumptions behind BTC yield.
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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.
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The Quantum Threat to Bitcoin's Exposed Coins
A technical analysis of how quantum computing endangers reused Bitcoin addresses, which UTXOs are exposed, and what post-quantum migration would require.
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[BTCFi Series 6] Babylon vs EigenLayer Compared
A structural comparison of Babylon's Bitcoin-native staking and EigenLayer's ETH restaking — slashing, rewards, operator selection, and downstream effects.
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[BTCFi Series 5] Babylon and the BTCFi Security-Extension Ecosystem: An In-Depth Analysis of the Financialization of Bitcoin Security
An in-depth analysis of Babylon and its expanding ecosystem that seeks to transform Bitcoin from a mere store of value into "productive capital" for the Web3 ecosystem.