1. Cooperation value matrix.
(1) Traffic entry revolution.
· By accessing Binance Earn's 'OnChain Yields/BTC Staking', Solv will embed minting and strategy configuration into Binance financial scenarios, reducing customer acquisition costs by 40% (based on historical CEX cooperation cases), and TVL is expected to increase by 25-35%.
Yields/BTC Staking', Solv will embed minting and strategy configuration into Binance financial scenarios, reducing customer acquisition costs by 40% (based on historical CEX cooperation cases), TVL is expected to increase by 25-35%.
· Accelerating the product matrix overseas: Transforming complex strategies such as Babylon staking and Ethena basis into standardized APY products, narrowing the experience gap between DeFi and CeFi.
(2) Compliance certification breakthrough.
· Through Binance custody, PoR (Proof of Reserve), and triple audit of smart contracts, obtain signals for institutional capital access.
Reserve), smart contract triple audit, obtain institutional capital access signals.
· Layered custody system meets CEX compliance requirements, strengthening the positioning of 'institutional-grade BTCFi managers'.
(3) Business model reconstruction.
· Potential profit model: Charging a management fee of 1-2% of AUM (Assets Under Management) + 20% performance share (industry benchmark).
· Token transmission mechanism: If protocol fees are tied to SOLV, for every $1 billion increase in management scale, token demand elasticity increases by 15-20%.
2. Core risk map.
(1) Channel concentration risk.
· Over-reliance on a single CEX: The contribution of Binance to traffic is expected to exceed 60%, and policy changes may lead to TVL fluctuations of 15-25%.
· Doubts about exclusive cooperation: Binance has not committed to exclusive management rights, and there may be new competitors.
(2) Revenue source externalization risk.
· Strategy relies on external protocols: Revenue sources such as Babylon staking annualized and Ethena basis account for more than 70% of total revenue.
· Black swan transmission mechanism: When external strategy returns fluctuate ±10%, Earn product returns fluctuate ±15-20%.
(3) Profit compression risk.
· Pressure on CEX channel fees: Under scale effects, management fees may decrease by 30-50%, testing operational efficiency.
3. Key tracking indicators.
(1) Traffic indicators: Monthly month-on-month growth rate of Binance Earn product AUM, net subscription and redemption rate.
(2) Asset indicators: SolvBTC/xSolvBTC supply, cross-chain distribution, redemption queue depth.
(3) Financial indicators: Actual protocol fee rate, SOLV value transmission coefficient (repurchase/staking ratio).
(4) Strategy health: Stability of Babylon staking annualized, sustainability of Ethena basis.
@Solv Protocol #BTCUnbound $SOLV
