ETF volume increases the BTC supply, the upcoming competition is 'capital efficiency'. BB uses an engineering approach to incorporate returns and risk control into contracts, allowing 'stable returns + scalable strategies' to coexist.

CeDeFi is not just a slogan, but an entire set of process governance: cold-hot separation, transparent proof, whitelist strategy, threshold risk control, cross-ecosystem interfaces. Credentials can be collateralized and have secondary liquidity, avoiding conflicts between funds in returns and collateral.

Panel assessment: asset proof penetration, strategy limits and risk control trigger rates, credential depth and discount, net value drawdown and recovery slope, redemption delay and cross-chain costs. By embedding discipline into the system, returns can transition from 'short spikes' to 'replicable cash flows'. #Bouncebitprime @BounceBit $BB