Quick update on the loop I opened on @ZestProtocol. My original position was: • $133 in sBTC supplied • $40 in USDCx debt • $93 in net value It’s now sitting at: • $148.17 in sBTC supplied • $40.02 in USDCx debt • $108.16 in net value So in about a week, the net value is up ~$15, or +16%, without the debt meaningfully changing. Most of that came from BTC moving higher, but that’s also what makes this interesting: I borrowed against my $sBTC while keeping leveraged exposure to Bitcoin. Zest now wants to take that idea further by building a capital layer for Bitcoin. So instead of moving $BTC to another chain and trying to build liquidity from scratch, Bitcoin Collateral Vaults keep it on Bitcoin while letting users borrow stablecoins from EVM chains. Zest already has two years of lending experience, 800+ BTC deposited, and 1,500+ liquidations processed. On top of that, its first capped mainnet demo uses real $BTC and $USDC, while @babylonlabs_io’s comparable product is still on testnet. IMO, that’s an interesting setup for a ~$20M $ZEST token from a team that includes former core @Stacks contributors. Disclosure: I’m holding $ZEST.