Consider the following architecture of a perpetual onchain BTC accumulation machine. Stablecoin lending vaults are straightforward: deposit USDC, lend it out, and collect a modest yield. Vanilla. And as such these systems lack permanence — once the principal leaves, the yield stream vanishes. If there’s no money to lend, there’s no interest to collect. Proof of Stake gives natural yield in the form of inflation, in the form of token emissions. It’s the market maker of the Ethereum Foundation or the Solana Foundation that’s charged with the responsibility of providing liquidity to these emissions. One can therefore hold a stake SOL, and perpetually sell the emissions into USDC, where the foundation serves as your exit liquidity. But technically you can sell the emissions into anything - any money of your choice - say, what do you think about the hardest money in human history - Bitcoin? So suppose we design a machine, that allows the user to deposit USDC. So suppose, we take that...
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