The CEX front, DeFi back model is starting to look like a repeatable playbook. Coinbase has already shown this pretty clearly with Morpho on Base: users stay inside Coinbase, while the lending engine and most of the infrastructure run onchain behind the scenes. Now Bitget is following a similar structure for BTC yield. Users deposit BTC on Bitget → BTC gets wrapped into $bgBTC → Gauntlet runs the strategy on Aera → Morpho provides the lending markets → @MorphNetwork handles settlement. The interesting part for me is where @redstone_defi sits in this stack: + RedStone provides the price feeds @Morpho uses to value collateral and trigger liquidations. + When liquidation happens, ATOM, one of RedStone’s core products, continues the flow by running the auction in under 300ms and recapturing OEV So RedStone covers more of the liquidation stack: price discovery → liquidation trigger → OEV recapture It doesn’t directly create yield. It helps the same collateral operate more efficiently while reducing value leakage. That’s why capital efficiency is becoming a bigger part of the oracle thesis.