1,163,119 Liquid txs in Q1, 68% of all 2025 volume, makes 0-conf less like a UX toy and more like a response to actual stablecoin flow. DePix driving roughly half the network plus ELIP 204 asset-fee payments means the next Liquid growth leg is probably users never touching LBTC directly; AMP2 signs the institutional side, Boltz/SideSwap/Breez handle the retail side. BitVM and SHRINCS are longer-cycle credibility work, but the near-term KPI is simple: do swaps and BRL rails keep compounding after the June 0-conf release.

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