First, break the expectations: the market discussion focuses on how much BTC holders can earn, but the more critical change in @BabylonLabs_io’s TBV is on the developers’ side—making it possible for BTC to be seized for the first time. Only assets that can be seized can serve as economic collateral. The security of a new chain’s cold start, the cost of wrongdoing for cross-chain bridges, honest reporting from oracles, and even the native BTC derivatives market all now have an executable underlying foundation. How far $BABY can go doesn’t depend on how hot the narrative is—it depends on how many protocols truly bring BTC in as collateral. #baby