I keep circling back to Babylon's whole pitch — @BabylonLabs_io Trustless Bitcoin Vaults selling "user control," no custodians, no wrapping, my BTC stays mine. And structurally that part's true. I lock my BTC, the script enforces it, nobody's holding my keys.
But control over what, exactly. 1.2% of total $BABY supply unlocking in a week isn't nothing, and it's not flowing to the BTC stakers who are the actual security backbone here. It's going to the usual allocation buckets — team, investors, ecosystem funds. Meanwhile my BTC just sits there earning yield, fully "controlled," fully passive. Hmm.
Ran the TVL numbers too — $5.6B+ staked, largest BTCfi protocol by a wide margin. Genuinely impressive plumbing. But scale doesn't answer who's actually steering token-side decisions versus who's just... collateral with good PR.
Self-note: I almost skipped checking the unlock calendar entirely, figured it wasn't relevant to a "security" angle. Turned out to be the whole story.
So — is "trustless" doing a lot of work to cover for "governance-light," or am I reading tension into a schedule that's just routine vesting?
#baby
But control over what, exactly. 1.2% of total $BABY supply unlocking in a week isn't nothing, and it's not flowing to the BTC stakers who are the actual security backbone here. It's going to the usual allocation buckets — team, investors, ecosystem funds. Meanwhile my BTC just sits there earning yield, fully "controlled," fully passive. Hmm.
Ran the TVL numbers too — $5.6B+ staked, largest BTCfi protocol by a wide margin. Genuinely impressive plumbing. But scale doesn't answer who's actually steering token-side decisions versus who's just... collateral with good PR.
Self-note: I almost skipped checking the unlock calendar entirely, figured it wasn't relevant to a "security" angle. Turned out to be the whole story.
So — is "trustless" doing a lot of work to cover for "governance-light," or am I reading tension into a schedule that's just routine vesting?
#baby