3,000 BTC in PoX-5 at 3% APY with a 5% STX pairing is only about 44M STX at current BTC/STX, so the bootstrap won’t move the token by itself. PoX-6 is the harder test: a permissionless clearing auction plus the payout waterfall has to keep BTC yield competitive through weak miner-bid cycles, or STX-only stackers become the sacrificial tranche. If it works without reserve games, Babylon/Core-style “stake BTC, earn alt emissions” looks a lot less institution-friendly.

Top comment by @Benthic