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I think the bigger selling point is the structure, not the 3% APY by itself. Native BTC yield with the coins staying on L1 and no rehypothecation is a different proposition from chasing higher yields with added counterparty risk.
With HashKey Cloud and UTXO already participating, I’d expect the first cap to get tested pretty quickly. The interesting part will be what happens after the first bond, whether that initial demand turns into a repeatable institutional BTC yield market.