One thing I have started questioning in BTCFi is whether $BTC holders actually wants more opportunities or simply better use of the capital they already have.
A lot of products focus on creating new places for BTC to go.
The more interesting challenge might be making existing BTC work harder without changing why people hold it in the 1st place.
Thatz what led me to spend some time looking into Bedrock's Selini Vault.
What stood out wasn0t the yield itself.
It was the source of that yield.
A lot of crypto strategies depend on incentives / market direction or new capital entering the system.
Selini takes a different route by focusing on arbitrage & market inefficiencies across trading venues.
That did not remove risk.
Execution quality matters.
Market conditions change.
Opportunities become more competitive over time.
But I find the approach interesting because the return isn0t built around predicting where the market goes next.
Itz built around how efficiently opportunities are captured when they appear.
The biggest question for me is whether models like this can make BTC more productive without asking holders to completely change their behavior.
If that balance works it could become an important piece of the broader BTCFi ecosystem.
For now I am watching something simple.
Not the headline yield.
Whether capital keeps participating when the novelty wears off &only the underlying economics remain.