I've been digging into @2FactorFinance and I think the interesting part isn't just the product, it's the financial design behind it. Most leverage products are built for traders. You borrow, pay funding, manage liquidation risk and hope the position works before costs start eating into returns. 2Factor is trying to build leverage for a completely different use case: long term holding. The protocol splits exposure into two tranches: BTC-Jr: takes more of the upside/downside and gets moderate leveraged exposure. BTC-Sr: takes the more defensive side and earns yield from the premium paid by Junior. So instead of leverage being funded by short sellers or traditional dealers, you effectively create a market between: people who want more exposure and people who want yield. What I like most is that they're not trying to sell 10x leverage. The target is closer to 1.33x, with a focus on long term compounding and capital efficiency. That's a much more interesting way to think about leverage IMO. They've started with cbBTC on Base but if this structure works, the same model could eventually be applied to many other assets. They also have Season 1 live right now, where users can earn Marks through educational tasks, social activity and referrals. There’s also a leaderboard with cbBTC rewards for top participants. Definitely one of the DeFi designs I'm watching closely. points.2factor.finance/r/min…