A while ago, we teamed up with Yield Basis and delivered "A State of BTCFi", a joint report on how BTCs are used onchain. You can read it in the @yieldbasis article👇 The results are straightforward: • Only ~0.5% of existing BTCs or 246k are tokenized (can be used productively onchain) • Less than 50% of that (or ~104k only) are deployed somewhere • BTCFi has two clear leaders $cbBTC, $wBTC and one small runner-up $tBTC • The main use case is lending accounting for >80% of productive BTCs • Only the minority of BTCs are deployed to DEXes (mainly BTC-BTC or BTC-ETH pairs) We are not talking about that lending yield is <0.01% and all these BTCs are mainly used to borrow something else. BTC staking is heavilly subsidized, and LPs struggle to deposit to LP pairs due to Impermanent Loss. This report was covered by @BitcoinNews, @HTX_Global, and many others. BTCFi is so early.