#bedrock $BR @Bedrock

Is Bedrock Liquidity Built to Last?

The more I look at uniBTC, the more I think liquidity and redemption are two very different things.

On paper, holders have a redemption path. In reality, most people who want to exit quickly are not redeeming at all. They are selling to someone else.

That is what makes the surrounding markets so important. Curve-style pools provide a place for buyers and sellers to meet. Pendle-style markets let people trade future yield separately from the asset itself. Together, they create liquidity even when the underlying redemption process takes time.

But there is something I always wonder about: how much of that liquidity is truly there because people want the asset, and how much is there because incentives are attracting capital?

Those are very different types of liquidity.

One stays because it sees value. The other stays because it is being paid to stay.

For me, the real test is not how deep the pools look today. It is what happens when rewards slow down and attention moves elsewhere.

That is when you find out whether liquidity was built on conviction or incentives.