I didn't spend much time looking at the borrowing rate.
What kept pulling my attention back was the Bitcoin sitting behind the loan.
I closed the vault more than once without borrowing anything. Not because something looked wrong. I just wasn't completely comfortable crossing that last step. The numbers already made sense. My head didn't.
That surprised me more than the borrowing flow itself.
For years the safest decision with Bitcoin has been doing absolutely nothing. TBV doesn't really challenge that. It asks for something smaller. Leave the Bitcoin where it is, let it support a loan, and eventually walk away with the same asset you started with.
On paper, that doesn't sound like a big shift.
Sitting in front of the vault, it felt bigger than I expected.
I think that's why lending showed up first.
Not because borrowing is the most exciting thing Bitcoin can do, but because it's one of the few things people already understand outside crypto. The infrastructure can change underneath without asking users to learn an entirely new financial habit on day one.
Whether that turns into long-term usage is a different question.
I'm still not sure the biggest obstacle is building the vault.
It might just be convincing someone to click Borrow the first time.

What's the biggest reason Babylon started with lending?

@BabylonLabs_io #baby $BABY $DEXE