In mid-May, $BTC returned to 100,000 USD.
On May 22, BTC pushed the ATH close to 120,000 USD.
This is a good time to restructure assets, such as the FBTC in my wallet.
I reviewed the recent dynamics and website information of Function (FBTC) carefully:
1. Function (FBTC) TVL reached 1.62 B (ATH)
Following the upward trend of BTC prices, Function TVL has reached a new ATH
2. The LST project Lombard might be airdrop opportunity for FBTC holders to actively bet on
The proportion data shows that over 95% of assets are concentrated in six protocols, four of which are LST projects, with only Lombard yet to issue tokens.
3. Existing yield opportunities, CIAN Vault or Bybit Vault?
The two existing Vaults have their pros and cons, and can be configured based on personal preference.
Bybit Vault:
APY is slightly higher
However, the cap is only 1,000 (757 already staked)
The minimum stake only requires 0.1 BTC, friendly for retail investors
The lock-up period is longer and requires 45 days
CIAN Vault:
The minimum stake requires 0.5 BTC (approximately 55,000 USD), which requires a large amount of capital
No lock-up period, funds can be used flexibly
Summary
Apart from selling BTC/FBTC to lock in profits during the upward trend, I have several views on Function (FBTC):
1. The hope for airdrops is slim
Although a points system was introduced since its launch, it seems to be ineffective.
(Based on the investment return rate from past LST LRT airdrop seasons, the market seems to show diminished interest in such projects)
2. The adoption rate of institutions seems to be stagnant
The Mantle index fund (MI4), actively promoted by the Mantle team, does not include FBTC.
3. FBTC is a 'tool' for participating in airdrop projects
FBTC can serve as a tool to participate in airdrop opportunities for other projects; in addition to the aforementioned Lombard, I think Satlayer might also be airdrop opportunity to consider.
Recommendation
How to enhance retail adoption?
Even if the project does not plan to airdrop tokens, it can still drive adoption through phased incentive programs, similar to Bedrock's milestone design.
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※ FBTC code:
GeZ2cG
※ The above content does not constitute investment advice; users should operate based on their own risk tolerance, DYOR and participate in the investment market cautiously.
※ The attached images are sourced from DefiLlama, Function (FBTC)