We often see allocators entering this space looking for "Bitcoin yield," but as we’ve outlined, the risk architecture of a **secured loan (Family 1)** is worlds apart from the **corporate claim of a treasury instrument (Family 3)**.
In the current market, which of these three families do you believe is most significantly mispriced?
* **Family 1:** Are LTVs too aggressive for Bitcoin’s volatility?
* **Family 2:** Is the market ignoring protocol risk in stablecoin yield?
* **Family 3:** Are we accurately pricing the subordination in BTC-anchored balance sheets?
Let’s discuss the engineering below.
[https://www.youtube.com/watch?v=iNJ0JKY4qRk&t=43s](https://www.youtube.com/watch?v=iNJ0JKY4qRk&t=43s)
