aave V4 just gave LBTC 80% LTV and wBTC 75%—the first time a major lender has formally treated yield‑bearing BTC as superior collateral to wrapped BTC. lombard’s LBTC runs ~76% DeFi utilization. wBTC sits near $9b cap with 0% native yield. babylon secures ~$5b in TVL on a ~$130m FDV; at the same development stage lido traded around 13x TVL/FDV. babylon is closer to 38x. the native BTC DeFi stack is securing 40x more value than its token prices imply. wBTC was the stopgap. LBTC is the replacement. no one wrapped their coins to get leapfrogged like this. // zero illusion
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