Brothers, at this point, Lorenzo's logic has actually become very clear, but many people are still stuck at the level of 'can it earn more returns', without realizing a deeper layer of change—
BTC is moving from being an 'asset priced by the market' to a position of 'participating in the pricing rules themselves'.
This step is the true transfer of power.
1. Being priced and participating in pricing are two completely different worlds.
In the past, BTC held a high status, but it has always been 'priced'.
Dollar liquidity, macro cycles, risk preferences, and capital sentiment will all affect the price of BTC.
Even on-chain:
BTC is also priced by lending rates
Pledged annualized pricing
Market sentiment pricing
It has never participated in 'the pricing rules themselves'.
Lorenzo is changing this.
Two, when BTC becomes a secure supplier, pricing power begins to concentrate on it
In Lorenzo's model, BTC is not just an asset but a secure supply source.
And security is the baseline of all financial activities.
When PoS chains, protocols, and systems begin to collaborate around BTC's security,
Interest rates are no longer just products of market sentiment,
But rather a structural result formed around BTC's secure supply capability.
Who provides security, who begins to influence the underlying pricing.
Three, when BTC's returns are broken down into notes, the market first forms a 'term structure' around BTC.
The significance of YAT is not just early realization of returns.
What it truly changes is:
BTC begins to have a 'return term curve'.
Short-term BTC returns
Mid-term BTC returns
Long-term BTC returns
These returns can be priced, traded, and combined separately.
Once the term structure appears,
BTC is no longer just a price point,
But rather a complete interest rate system.
In any financial system,
Who can form the interest rate curve,
Whoever grasps the pricing core.
Four, stBTC allows BTC to start influencing 'liquidity pricing'
Liquidity itself needs to be priced.
When stBTC becomes a core component of multi-chain liquidity,
The depth of large pools, transaction fees, and strategy returns will all unfold based on stBTC.
This means:
BTC is no longer just a price asset,
But rather liquidity assets, pricing assets.
Where the liquidity is,
The pricing power is where it is.
Five, the role of BANK is to organize 'pricing influence' into a system
If there is no BANK,
BTC's pricing influence is decentralized, sporadic, and uncontrollable.
The existence of BANK institutionalizes this influence:
Where does secure supply lean towards
How the return term motivates
Liquidity prioritizes which scenarios to support
Which strategies are amplified
Which risks are suppressed
This is not price manipulation,
But rather to establish rules.
Once the rules stabilize,
Prices will naturally fluctuate around the rules.
Six, why this is a sign of BTC moving towards the 'financial core'
The core of the financial system has never been 'who rises the most',
But rather 'who defines the rules'.
The strength of the dollar is not because it rises every day,
But rather because the global pricing system operates around it.
If BTC wants to reach the same level,
It must enter the upstream of the pricing system.
Lorenzo is one of the channels for BTC to enter the upstream.
Seven, this path won't be bustling, but it will definitely be profound
It is difficult to feel the stimulation of 'pricing power transfer' in short-term markets.
It does not create explosive moments,
It does not create frenzy,
It might even seem a bit slow.
But once completed,
The market structure cannot go back.
Eight, looking at Lorenzo from this perspective
You won't be confused:
Is the short-term return high?
Is the token's volatility high?
Is the narrative the hottest
You will only ask one question:
Is BTC really here, beginning to participate in rule-making?
If the answer is affirmative,
Then its value does not need to rely on shouting.
The last sentence
BTC's first stage is to become consensus.
The second stage is becoming an asset.
The third stage is becoming part of the rules.
Lorenzo is pushing BTC towards the third stage.
