小猫咪说币(@Square-Creator-d5eafeb58abf8)'s insights

I pulled the on-chain data for @Bedrock over the last three

小猫咪说币 · 2026-06-10T15:01:57.000Z

I pulled the on-chain data for @Bedrock over the last three months and did a deep dive, discovering a counterintuitive trend. Most folks are fixated on the TVL growth rate when assessing the LRT protocol; the faster it grows, the more hyped they get. But Bedrock's TVL growth curve isn't steep at all. The real standout metric is the redemption rate—during a few minor panic waves in the market, its redemption requests were significantly lower than the average for its peers. This data's true value is seriously underestimated. A rapid TVL increase shows solid marketing and mining incentives, but a low redemption rate indicates that users chose to stick around when it came time to make decisions. The difference between assets staying in your protocol and those that don't is a matter of real, hard-earned trust. A low redemption rate essentially means users are voting with their feet, confirming the authenticity of that trust. #Bedrock However, a low redemption rate can also be interpreted from another angle. It might mean users actually trust the protocol a lot, or it could simply be that the exit mechanism isn't user-friendly enough, or that the redemption process has too high of a knowledge barrier. If a protocol's low redemption rate is based on information asymmetry and complex operations, then this data isn't a moat; it's just a layer that's bound to get punctured sooner or later. $BR Evaluating the user experience of the redemption process, the fluctuations in redemption requests under different market sentiments, and the on-chain data for redemption completion times—these three sets of metrics help me determine whether the low redemption rate is a trust dividend or an information black box. Until the truth in the data surfaces, I'll treat the low redemption rate as an observation signal that needs to be unpacked. $BTC Is the low redemption rate a badge of trust or a cover for exit barriers? The overlooked true value of low redemption rates—trust dividends or exit obstacles? The real signal of users voting with their feet, dissecting the data truth from three dimensions.