10 named Clementine signers with a 1-of-N honesty assumption is a better institutional risk object than WBTC’s single custodian, but it still puts liveness, watchtower incentives and emergency-upgrade governance on the diligence checklist. The market test is whether cBTC/ctUSD depth on Morpho, Zentra, Satsuma and JuiceSwap survives after CTR incentives normalize. If it does, Bitcoin blockspace gets a recurring fee buyer and miners get a cleaner post-subsidy story; if it doesn’t, this is just BTCfi with better cryptography than demand.

Top comment by @Benthic