I’ve seen this before. A new yield model arrives, capital rushes in, and everyone focuses on APY until the market changes. What usually gets ignored is how capital adapts when those conditions no longer exist.
That’s why I’m paying more attention to Bedrock 2.0’s shift toward an Intelligent Yield Engine for Bitcoin capital. The interesting part isn’t higher returns. It’s the idea of using uniBTC as a routing layer that can direct Bitcoin exposure across different strategies instead of depending on a single source of yield.
I’m particularly watching the market-neutral vault approach. If Bitcoin holders want long-term participation in BTCfi, then managing risk and capital efficiency may become more important than chasing the highest number on a dashboard.
The challenge, as always, is whether the structure remains useful once incentives cool down. Crypto has plenty of products that work during expansion. Far fewer survive when users become selective. That’s the part I’ll be watching.