Recently, I've been looking at Yala, which has a pretty interesting structure. @yalaorg In this bull market, BTC is clearly one of the strongest narratives in market consensus. Regardless of whether you like the Bitcoin standard or not, the data is there: spot ETFs, mainstream institutions, liquidity—the whole landscape is about money flowing into BTC. However, to be honest, there are still very few solutions where BTC can truly participate in DeFi and RWA. Most are not centralized lending platforms, but traditional whales do not trust them, or they are just Restaking or LSD types of "artificial yield layers," which come with a lot of issues. ------------------------------ I think the design logic of Yala can be broken down: 📷 The core is to redefine "BTC native liquidity." Large holders lock BTC through a self-custody structure, with the key point being that the assets do not leave their possession; The protocol uses CRSM to automatically adjust the collateral ratio to avoid liquidation; $YU serves as a stablecoin debt tool for BTC, and when broken down, it resembles the "sovereign bond structure" of traditional finance, where retail investors are the bondholders and institutions come to borrow money; It's not just a concept; $YU has already integrated with EVM, Solana, RWA, and other ecosystems, and practical scenarios are being laid out. Supplement: CRSM (Collateral Ratio Self-Stabilizing Module) is an important design under Yala's self-custody model to prevent liquidation. The role of CRSM is: When the collateral ratio approaches the liquidation line, the system will automatically withdraw part of the assets from the $YU yield scenarios to repay debts in advance, stabilize positions, avoid liquidation, overall reduce risk, and ensure the stability of YBTC. 📷 Why is this structure relatively reasonable? Restaking yields 1% annually, with no related POS slash penalties; Centralized platforms like BlockFi and Celsius have had too many explosive cases in the past, and the security of custody is fundamentally unreliable; For BTCFi to truly take off, it must first ensure asset security and sovereign control before discussing yields and strategies. At least under this logic, Yala fills a gap in the market. 📷 Participation thresholds and design Retail investors: Exchange USDC 1:1 for $YU, with no slippage, and earn annual interest from the stable pool; Large holders: Self-custody BTC, transfer YBTC through Yala Bridge, participate in CDP positions, and CRSM helps monitor positions to avoid liquidation; Multi-chain scenarios: $YU has entered multiple ecosystems, and cross-chain solutions will be upgraded in the future. 📷 TGE countdown, the window period for BTCFi $YU is already preparing for TGE, and while the official date has not been announced, it seems to be coming soon. If BTC continues to strengthen, the BTCFi concept will be repeatedly mentioned. Structures like Yala, with funding and practical implementation, have a solid foundation and are worth paying attention to. The market still echoes the old saying: BTC is one of the hardest fundamentals in this wave. Whoever can create a new model for liquidity on top of BTC will at least be tested by the market once. ------------------------------------------------- Additionally, market validation: trust in funds has been established. In the seed round financing, investment institutions, while obtaining investment quotas, have committed to actually depositing BTC. These frontline capitals in the crypto industry have verified the reliability of the Yala structure with real money. Official website: Documentation: