For BTCFi to succeed it needs: > Real borrow demand for BTC (not just another $15B sitting as idle collateral in $AAVE and $MORPHO markets) > Yields paid in BTC by actual borrowers, not temporary incentives or reward tokens like $BABY, $BARD or $SOLV emissions which is common phenomenon > Utilisation that gets meaningfully above the current ~3% in most lending markets > Products that answer who pays, who takes first loss, and how you exit w/o the rate collapsing when the campaign ends The $15B number looks big until you see almost none of it is actually being borrowed. Alternatively, the @Two_Prime Axiom WBTC Yield Vault is an interesting proposition, where Two Prime will absorb the first loss with 150 WBTC of its own capital.