The original Satoshi's vision for Bitcoin was: "a peer-to-peer digital currency"

The key words here are not only "peer-to-peer" but also "currency".

A while ago, we teamed up with Yield Basis and delivered "A State of BTCFi", a joint report on how BTCs are used onchain.

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.

Key charts + Sector growth scenarious are attached

The report was also covered by bitcoin.com, htx.com and many others.

BTCFi is so early.

Links:
• Report: https://x.com/yieldbasis/status/2103856464137732384
• https://news.bitcoin.com/crypto-news/only-0-52-bitcoin-working-onchain-heres-why/
• https://www.htx.com/news/only-052-of-bitcoin-is-active-on-the-network-heres-why-L9M503TS/