I was going through @BabylonLabs_io and its Trustless Bitcoin Vault idea today — native BTC collateral without bridges, @BabylonLabs_io calling $BABY the staking base that fixes wrapped BTC risk.
Left the deck aside and pulled live stats.
$2.61B locked per DefiLlama, down ∼19% in the past week.
Kinda strange for a "Bitcoin is now productive" narrative.
What stood out to me was $BABY ’s trading split.
24h volume ∼$6.2M, and only ∼13% of it happens on DEXs. ∼87% is on CEXs.
A protocol built to remove intermediaries, but its own token mostly trades through them.
Not saying the TBV mechanism is broken — the Taproot + ZK vault setup is separate from where liquidity lives.
Just an observation I hadn’t made before: we can get trustless collateral, but centralized price discovery.
Still chewing on this.
Should "trustless" apply to how BTC is staked, or also to how $BABY is traded?
#baby $BABY #Web3
Left the deck aside and pulled live stats.
$2.61B locked per DefiLlama, down ∼19% in the past week.
Kinda strange for a "Bitcoin is now productive" narrative.
What stood out to me was $BABY ’s trading split.
24h volume ∼$6.2M, and only ∼13% of it happens on DEXs. ∼87% is on CEXs.
A protocol built to remove intermediaries, but its own token mostly trades through them.
Not saying the TBV mechanism is broken — the Taproot + ZK vault setup is separate from where liquidity lives.
Just an observation I hadn’t made before: we can get trustless collateral, but centralized price discovery.
Still chewing on this.
Should "trustless" apply to how BTC is staked, or also to how $BABY is traded?
#baby $BABY #Web3