Yesterday, I saw the news that YZi Labs has invested in Avalon Labs, an on-chain financial center built around Bitcoin, focusing on real-world applications such as BTC-collateralized stablecoin USDa, Bitcoin lending, yield savings accounts, and credit cards. Although this news did not attract much attention in the Chinese community, I think it sent a very important signal. YZi Labs has always been known for its "long-term logic" that emphasizes the ability to implement projects and the potential for user growth, and they believe that Avalon is one of the very few high-quality protocols that can truly leverage the real financial system with BTC. For YZi, this is a central grip for an intentional bet on the next phase of Bitcoin's financialization transformation. As YZi puts it, "We support projects that change the industry and make a lasting impact." ” Then, to sum up, it can be considered that institutions still believe that BTCFi has potential, and unconsciously review the previous investment and research of BTCFi some relatively good quality projects, and the protocol that has not issued coins. Like what: BOB @build_on_bob Mezo @MezoNetwork Botanix @BotanixLabs Niubit @nubit_org BitcoinOS @BTC_OS Let's talk about each of them, including my participation posture and participation strategy, project dynamics and TGE situation. I took a fresh look at the BitcoinOS @BTC_OS, not because it was hot, but on the contrary, there was almost no talk about it in the Chinese area. I vividly remember this project, I first knew it was based on the Bitcoin-based decentralized transaction lending protocol Sovryn @SovrynBTC, which was first developed on RSK and then connected to the BOB network@build_on_bob and once raised nearly $30 million, founded by @EdanYago, an OG BTC developer. Just write down my understanding and take it as a record: 🌱BitcoinOS: A Reimagining Bitcoin from an Engineer's Perspective Let's start with my opinion: I've always felt that Bitcoin is the most "dumb" asset in the Web3 world, not that it's not important, but it's too conservative. Its strong consensus, high security, and anti-censorship characteristics are too good to say, but in terms of on-chain gameplay, it is basically a bystander: there is no native smart contract, lack of interoperability, not to mention modularity, data composability, DeFi and compliance, BTC basically has no sense of participation. So when I first saw the BitcoinOS project, my biggest feeling was: this is a very "engineer" attempt, trying to fill the "execution layer" gap for Bitcoin. The core mechanics of the project are not complex, but very clear: >BitSNARK: an extremely simplified zero-knowledge virtual machine that provides the ability to execute smart contracts; >Grail protocol: A cross-chain communication system based on ZK verification to ensure that data and status can be securely synchronized across chains. The whole logic is "consensus is not moved, and the data and execution are opened separately", and the design idea of bypass extension is used. 🌱 The real problem is: BTCFi is still a direction that few people believe. Narratively, bitcoin financialization is not a new topic, but since the fiasco of Babylon, the track has quickly ebbed. Today's market attention is focused on memes, memeFi, contract trading (Perp), and all kinds of InfoFi - relying on "mouth" to brush attention, relying on "interaction" to earn points. BTCFi is neither a hot spot for technology stacking, nor an interactive bonus area with "airdrops", and hardly fits any of the main lines of current hype. More realistically, many BTC projects are now at a crossroads: should they issue coins for a "round", or continue to build them? This is not only a strategic choice, but also a watershed moment in the team's perception. BitcoinOS, on the other hand, is clearly a countercyclical builder. In the context of the current TGE market as a whole is cold and the valuation is compressed, its issuance valuation will not be high. But after reading the roadmap and official documents, I guess that what it is really pursuing may not be short-term explosiveness, but whether it can run through the complete closed loop of the execution layer on BTC in three years. This also means that it will not be able to detonate the market's attention with a narrative in the short term, but it may be a long-term foreshadowing of BTC's infrastructure. But BitcoinOS is a respectable existence from the perspective of engineering execution I took the time to take a look at the team composition and technical progress of BitcoinOS and found that it is not the kind of project that rubs the spotlight: • Behind it is Sovryn founder Edan Yago, an old-school BTC developer who personally leads the team; • BitSNARK itself has completed the deployment of the zkVM prototype; • Grail Protocol has implemented a demo of partial cross-chain ZK validation. And just as May 22nd, BitcoinOS recently launched Charms, a universal token standard designed specifically for Bitcoin and other UTXO blockchains that allows developers to create and use programmable tokens and NFTs on Bitcoin. Through zkVM and client verification, Charms brings smart contract functionality to the Bitcoin ecosystem without modifying the core protocol, which means that Bitcoin has officially opened its own DeFi model. In an impetuous market cycle, this kind of "slow work and meticulous work" project is indeed easy to ignore. But that's why it's purer and more trustworthy. Investment Value Judgment: Who Should Pay Attention to BOS? If you are one of the following two people, I would give you different advice: → If you're a long-time BTC believer: If you believe that Bitcoin is not just "digital gold" but should be part of a complete financial system, then BitcoinOS is a good directional bet. It's not about rebuilding an Ethereum, it's about making BTC more "actionable". This is a weighted asset for the long-term growth of the BTC ecosystem. → If you are a hairy party and a short-term trader: BitcoinOS is clearly not your cup of tea. There is currently no clear airdrop mechanism, nor is there a large number of interactive incentives. Its narrative and product pacing are more long-term and not suitable for short-term speculation. BOS Token Information (as of now) The total supply is 21 billion, and the FDV is about $180 million; The official has opened Presale on the pre-sale platform, and it has now reached the 10th stage; Users who use BTC or ADA to purchase or stake will have additional rewards; The unlock time is expected to be Q2 2025. BitcoinOS is not a hot project that will take off in the short term, but it may be one of the underlying systems for building the long-term future of Bitcoin, just as Avalon is pushing the financial boundaries of Bitcoin, and BitcoinOS is building Bitcoin's operating system. The market is very impetuous, and I hope that such a slow variable can slow out the value.