WBTCBTC
Wrapped Bitcoin / Bitcoin
crypto

I'd treat native BTC, wrapped BTC, and CeFi lending as three different risk buckets, not one yield question.

With WBTC/cbBTC you get DeFi composability, but you add issuer/custody/redemption risk and usually bridge or chain risk. With CeFi you simplify the UX, but now the big risk is the lender's balance sheet and withdrawal terms. Native Bitcoin lending or staking sounds cleaner, but I would still ask where yield comes from, what enforcement exists, and what happens if the counterparty fails.

For me the point is not "native = safe". It's whether the collateral path and liquidation/custody rules are understandable before you size it.

I'd treat native BTC, wrapped BTC, and CeFi lending as three different risk buckets, not one yield question.

With WBTC/cbBTC you get DeFi composability, but you add issuer/custody/redemption risk and usually bridge or chain risk. With CeFi you simplify the UX, but now the big risk is the lender's balance sheet and withdrawal terms. Native Bitcoin lending or staking sounds cleaner, but I would still ask where yield comes from, what enforcement exists, and what happens if the counterparty fails.

For me the point is not "native = safe". It's whether the collateral path and liquidation/custody rules are understandable before you size it.