The $13T category in TradeFi.
#PENDLE proved that the yield itself could be tokenized and separated from the principal.
#ENA proved that a tokenized yield-bearing asset could scale to tens of billions in TVL.
VTFs are the natural next step. Instead of tokenizing yield separately or running one strategy at scale, the entire strategy becomes the product.
Paradex just shipped the first BTC VTF. Deposit BTC, the vault sells BTC options, and premiums accrue back into the token. $250B cumulative volume has already cleared the venue. Built by the team behind Paradigm, the institutional liquidity network is moving up to $1B in daily options flow.
ETFs were the bridge for TradFi.
PENDLE and ENA proved the demand exists onchain.
VTFs are how it scales.
DIME runs the venue.
#paradex #defi