Liquid staking derivatives already taught an expensive lesson: stETH depegged from ETH during the 2022 market panic — not because the underlying ETH had a problem, but because the representative token traded on secondary markets with its own liquidity, separate from the underlying asset. Babylon's vaultBTC sidesteps this risk entirely with one simple choice: no transferability. There's no derivative token to sell off, no secondary market to depeg. The price paid is losing the composability of a freely tradable token — but in exchange, risk never sneaks in through a secondary layer the protocol itself doesn't control. Sometimes the best design isn't managing a risk, it's removing the category of risk altogether. @BabylonLabs_io $BABY #baby