actually, they're just funding a basis trade they were too lazy to execute themselves. @Multiplifi isn't building a protocol layer. they're building an access layer. the "yield" doesn't come from validaton or emissions. it comes from the inefficiency of perp markets. the loop is cleaner than people admit. you deposit btc. they mirror it to a custodian like copper or ceffu. institutional managers take that capital and short the perp against the spot to harvest the funding rate. market neutral on price. long on volatility. it’s effectively "cex arbitrage wrapped in a smart contract." users get the convenience of an erc20. the project gets cheap capital to scale their arb capacity without touching their own balance sheet. but the constraint hierarchy here is brutal. this model works because crypto markets are inefficient and funding rates are historically positive. it relies on a permanent class of degenerates willing to pay 20% apy to leverage long. what happens when the market matures? or when the trade gets so crowded that the funding rate compresses to zero? they are selling a product (yield) that they don't control the supply of. the more tvl they attract, the harder it becomes to deploy it without crushing the very spread they are harvesting. everyone is asking if the custodian is safe. nobody is asking what happens when the arbitrage window closes. you aren't farming a protocol. you're farming a market anomaly. and anomalies have a nasty habit of disappearing once you build a business model around them.