The playbook on a Bitcoin-backed stablecoin is currently being lead by @avalonfinance_ 's USDa Here are the results so far 2nd highest CDP (Collateralized Debt Position) stablecoin = outperforming Curve’s crvUSD and Liquity’s LUSD Currently ~460M in TVL Within top 30 DeFi projects by TVL above Ondo, Raydium, Convex, Balancer Secured a minimum 2B institutional credit line from leading Asian conglomerates https://x.com/avalonfinance_/status/1898983951743738196 Uses @LayerZero_Core token standard to deploy across 20+ chains In comparison with Ethena: TLDR the FDV:TVL ratio for AVL is much smaller Meaning Avalon has ~25% the TVL Ethena has but the FDV of the AVL token is valued at ~12x lower than ENA This Is best summed up in this image by @monosarin https://x.com/monosarin/status/1900614245613813832 Locking up AVL can lower USDa lending expenses while also impacting AVL distribution via voting or bribing power, akin to the @CurveFinance veCRV framework