The Vault Form Factor Just Evolved.
$LDO runs the largest liquid staking protocol in crypto. Tokenized validator yield through stETH became the prototype for every yield bearing token onchain.
$ETHFI extended the model into restaking with eETH, unlocking the next layer of passive exposure for retail and institutions.
Both ecosystems proved the same thesis. Tokenize the position. Run the strategy in the background. Let the holder collect yield passively.
The form factor works. The next frontier is the strategies it never wrapped.
Vol selling. Basis trades. Options premium. Funding capture. Active strategies that retail cannot run and institutions outsource.
VTFs change that.
Same wrapper as stETH or eETH, but the backend is a derivatives strategy running 24/7 on Paradex. Paradex just shipped the first BTC VTF. Vault sells BTC options.
Premiums accrue back into the token. Same UX, new yield source.
Yield backed by $250B in cleared volume, not emissions. Built by the team behind Paradigm.
LDO tokenized validator yield. ETHFI tokenized restaking yield.
Paradex tokenized derivatives yield.