Need your vote.

The LBTC exit question Suppose you buy Lombard's LBTC on a DEX today. Who owes you native BTC when you leave? Lombard’s LBTC terms draw a line between a Holder and a Direct User. Holding the token, however acquired, does not by itself give you a redemption claim against the issuer. Direct issuer redemption requires eligibility, IP screening and a valid redemption request for that transaction. The current terms exclude US and UK persons from that direct route.If you cannot use that route, your practical exit is a secondary-market sale or DEX. For a meaningful allocation, we would put four fields beside the yield quote: • Am I eligible to redeem directly with the issuer? • What are the processing time and conditions? • How much secondary-market depth is executable at my size? • What discount could I tolerate if direct redemption is unavailable? Source: docs.lombard.finance/resourc…

These explainer videos are getting good. Just broke down our latest researched product, @Syntetika, which also is the #1 yield product by APY.

I keep coming back to this conversation with @Matt_Hougan. Refreshingly clear and balanced takes throughout.

Hot off the press. 📈

We sent this week’s briefing to the 245 Bitcoin allocators on our list. Few highlights:  - YieldBasis WBTC & cbBTC are negative. - Syntetika continues to top the list by far, thanks to short term incentives. - Readers get early access Monday to our interview with Alexander Blume, CEO of Two Prime. - What we're reading this week (like Bitwise's Institutional Crypto Adoption Report) Join the list: bitcoinyield.com/#newsletter

"to our knowledge, no one has put forth a framework for modeling the survivability of an m-of-n bitcoin custody setup." The design space of multi-sig UX & security is still early, especially after the single sig security disaster of Coldcards. Cofund is as the frontier of understanding this corner of Bitcoin. Worth a read and follow.

BIG RELEASE. Many teams working on native locking of BTC on the L1 > Stablecoin loan on another chain with decent custody assumptions. Props to the @ZestProtocol

We just finished recording with @alexandersblume, CEO of @two_prime. Discussing Bitcoin lending, the current yield landscape, and the firm's recent on-chain vault launch. A few takeaways: 1. The Bitcoin hurdle rate Blume's view is the natural CAGR of the asset is the "risk-free" rate. While qualified custody can make that position slightly negative. - “the risk-free rate is something like negative 40, 50 bips.” 2. Lending out Bitcoin Direct lending out of BTC can see roughly 1–5%, depending on duration, terms, and collateralization. Who are users of this type of lending? — “Large hedge funds use it as collateral to trade. Prime brokers use it as a way to facilitate client activities." 3. Vaults as cheaper capital-formation Blume says a properly built fund can cost $150k–$250k to set up, while a vault can be much less. That lowers the operating cost and opens the product to investors below a $10m SMA. — “a vault is less than that, maybe it's 25 to 50k.” 4. The visible yield menu has tradeoffs Incentive farming is hard to scale. Borrowing dollars against BTC, then chasing onchain yield, adds risk layers. Covered calls can be crowded and poorly paid when volatility is low. — “With current IV, you could not pick a worse time to find a covered call selling strategy.” 5. Our Trust model is deliberately hybrid Pareto curates. ICE provides custody. Monthly NAV reporting and loan approval sit alongside Two Prime's underwriting and track record. “Onchain” does not mean every part is transparent or permissionless. — “I want to be directly in DeFi as little as possible as a starting point.” 6. The billion dollar ambition The ambition is institutional-scale Bitcoin credit. — “I'm in this to make a multi-billion-dollar vault.” The full interview will go out to the BitcoinYield mailing list first on Monday. Public release two days later. Join the list: bitcoinyield.com/#newsletter

Ok. Opus 5.5 is 100% THAT DUDE with video editing and animation. 1 Shot. Same Prompt. With Astra & Opus. Which one's which?

The hurdle rate for Bitcoin is Bitcoin.

Excited for this one. If you don't follow the institutional side of Bitcoin, Two Prime is a major player in lending and yield of BTC.

Sigh

Throwback from episode one of the Bitcoin Yield Podcast w/ @setzeus.  We went in with some assumptions about what institutional and on-chain native yield user profiles looked like.   A year later, where do you think we stand on these topics today? Are they changing?

fck I thought I was going to be able to cancel my Grok Heavy Subscription. Guess not. Grok 4.7 Fast is awesome for quick iteration of videos in Hyperframes.

What did you think of the latest podcast episode with Matt Hougan?

BTC price going! And we're seeing APY's steadily increase above 2-3% as well! The reason you yield on BTC is for that reason exactly. USD slowly devalues. Thus you must moderate high yield to stay ahead. Bitcoin naturally increases. Earning even small amounts of yield massively preserves your wealth.