there's a line in tse's latest interview i keep rereading and getting a different read on each time. he calls the sector's challenge "creating demand for bitcoin security in new markets" and says that's why babylon pivoted into trustless bitcoin vaults. not spin. that's a founder just... naming the gap. straight up, in his own words.
and i can't decide how to take it. part of me thinks pure btc staking wasn't pulling enough weight alone, so tbv had to happen. other part of me thinks nah, it's just normal expansion and i'm the one inventing a rescue story that isn't there. both fit the same quote though, that's the annoying part. i don't have the numbers to settle it either way — staking tvl next to the tbv rollout timeline, sure, but that doesn't really separate cause from opportunity, it just sits there. so which read wins once tbv volume's big enough to actually stack against staking tvl? 🤔

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