Is there really no chance for BTCFi? I paid attention to the BTC ecosystem project Yala's financing in October last year. I went live on the main website in mid May this year and am about to receive TGE soon. How would you like to express my understanding on several levels and see if there are any differences in this project? Yala is a lending+stablecoin protocol Stablecoin YU is the core of Yala's product. YU is minted by users over pledging BTC, similar to DAI on Ethereum, with clearing and risk control mechanisms on the chain. During this process, Yala provided a self custody and zero clearing solution for large investors; The mortgage scheme for individual investors is still similar to DAI - the traditional over collateralization model. Simply put, users deposit BTC into an address based on a "time lock+multi signature mechanism", which ensures that Yala cannot move the user's native BTC assets on its own. And time lock means that users can choose several pre-set time periods. During these time periods, users cannot redeem BTC without authorization and must sign it together with Yala; When BTC expires and is redeemed, Yala will destroy the corresponding stablecoin to ensure that the stablecoin has a corresponding collateral and will not detach from the anchor. At any time, participating in DeFi protocols can result in lower returns, but BTC capital must be secure. Yala's mechanism allows users to avoid worrying about the risk of Slash penalties from external protocols. 2/YU is a multi chain liquid asset After YU is cast, more application scenarios are needed. If it only circulates within the BTC ecosystem, its potential is far from being unleashed. The Yala team has integrated multiple DeFi and RWA protocols in the Ethereum and Solana ecosystems, including Pendle, Raydium, Kamino Finance, Centrifuge, Plume, and others. In this way, users holding YU can participate in liquidity mining, lending, reward acquisition and other gameplay 24/7, continuously earning profits. At the same time, Yala has also joined Circle's alliance program (formerly Circle Engineering Director), which allows it to have more large-scale applications through Circle's compliance channel - it draws on DAI's PSM mechanism, allowing YU: USDC to be exchanged 1:1 for free, making YU a more trusted stablecoin. Now Yala also has multiple DeFi activities underway, which can earn higher APR and point rewards. For more information, please follow @ Yalaorg. Yala wants to become a way of life OGs in the cryptocurrency industry say to hold BTC for the long term and not sell it. But how to solve living expenses without selling? In response to this issue, Yala has launched its flagship product Yeti Card today, with the goal of enabling users to live a life of "earning money with Bitcoin". Yeti Card is a U-card that can be used to spend YU stablecoins, and may also be the first U-card in the Bitcoin ecosystem. Users can bind Yeti Card to Apple Pay and Google Pay for daily consumption, filling YU's "last mile" in payment. In Yala's own words, this is called Hold Your Bitcoin, Buy Now, Pay Never. Yala has a good team Yala's core members come from industry-leading institutions such as Alchemy Pay, Circle, Binance Labs, MakerDAO, Lido, etc., and have extensive experience in DeFi engineering and operations. Due to this background, Yala received $8 million in seed funding from Polychain Capital and Ethereal Ventures in October last year. Is the BTC ecosystem really not working? Calm down and think about it, it's really difficult to issue altcoins on Bitcoin. If the gameplay is no longer fresh, no one will accept the offer; But there are still many opportunities to build DeFi applications and explore profit opportunities around the gold mine of Bitcoin.