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Bitcoin fundamentally lacks innovative yield; what it needs is better infrastructure.
The collaboration between Mellow and Mezo hits the key point: truly activating Bitcoin's native capital. How to do it? Three elements—risk transparency, on-chain traceability, and genuine interoperability between protocols.
This is what structured finance should look like. When Bitcoin is firmly anchored, various innovations in the DeFi ecosystem will have a solid foundation to support them. Compared to the speculative yield race, building real liquidity infrastructure is more worth looking forward to. Making Bitcoin's value truly flow—this is the direction.