Hearing ‘Bitcoin L2’s’ are granting unbacked IOU’s to whales.
The whales hold BTC in self custody but receive wrapped BTC on the sidechain for free.
Explains a lot of the crazy TVL’s on random chains.
🤷🏻♂️
Yes, this is old news tho
was new for me 😅
Sector:
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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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