Popular Interpretation of Mezo: New Solution, Can We Break the BtcFi Dilemma BtcFi， Probably one of the most controversial tracks in this round of encryption cycle. After various anti cheating incidents, BtcFi was criticized as a false proposition, but capital dared to continue investing money. Why? Because as long as it is possible to leverage the trillion dollar stock pool of BTC, it is worth betting on. The overvaluation caused by capital bets is subtle in the current market situation. If not controlled properly, it can lead to a reversal, which may also be inevitable due to the industry cycle transition. Below is a popular interpretation of Mezo, focusing on answering three questions: 1) What is Mezo? 2) What are the highlights of the project? 3) Can we reverse the decline of BTCfi? _________ 1、 What is Mezo? Summary in a simple sentence: Mezo is a financial infrastructure platform built around Bitcoin, which is compatible with EVM and can use BTC as gas. Its core assets are BTC and MUSD (Bitcoin collateralized stablecoin), and it deploys a complete set of BTCFi financial tools such as lending, payments, stablecoins, and staking. Simply put, it allows you to borrow, manage finances, and consume without selling BTC, creating a financial system where BTC serves as a sovereign asset. The founder is the former founder of Thesis, and the overall financing of the project exceeds 28 million US dollars. Investors include industry leaders such as Curve founder and Taproot founder. _________ 2、 What are the highlights of the project? 1. Main network dual layer architecture: Cathedral+Bazaar 1) The church is the bottom core of the project, mainly including: MUSD stablecoin (BTC over collateralized) A fixed rate lending system centered around BTC TBTC cross chain bridging (avoiding centralized hosting) The entire design seamlessly integrates swap, lending, bridging, and staking functions specifically designed for Bitcoin. Eliminating friction by integrating core functions into a Bitcoin centric architecture. 2) Bazaar is an innovation layer that encourages developers to freely build native Bitcoin applications such as SocialFi, GameFi, and experimental dApps. All features are hosted on Mezo and supported by Bitcoin, with direct access to Cathedral capabilities. The biggest feature of the entire architecture is the decoupling of underlying security and innovation. The main network is currently online. 2. MUSD stablecoin mechanism This is a core feature of the project, where the underlying MUSD is 100% collateralized by BTC. In order to ensure anchor failure caused by market fluctuations, the project sets a minimum mortgage rate of 110%, a maximum loan to value ratio of 90%, an annualized interest rate of 1% -5%, and no fixed repayment term. All BTC reserves are visible on the chain and completely transparent. The highlight lies in its extreme optimization of key parameters: on the one hand, borrowers can receive up to 90% of the value of their Bitcoin holdings, greatly releasing the liquidity of BTC; On the other hand, the lending rate remains in a fixed range of 1% -5%, far lower than most Bitcoin lending protocols in the market, and the project currently does not have a fixed repayment plan. 3. Incentive Points Mats Main sources: Locked BTC/stablecoins, invitations, community participation Main functions: lottery, governance, airdrop reference, etc All point systems are actually linked to behavior, in other words, this may be an important reference for future incentives, airdrops, and governance. Note that the official website has different point coefficients for locked Bitcoin and stablecoins. For details, please refer to the official website: https://mezo.org/vaultcamp _________ 3、 Can Mezo's plan reverse the decline of BTCFi? Mezo's strategy is based on BTC, with MUSD stablecoin as the main medium, to open up BTC's financial functions such as lending, trading, and payment. This design is logically friendly to institutions and conservative users, and lays the foundation for building BTC based credit cards, payment networks, RWA asset transactions, and more in the future. However, it must be acknowledged that the BTCFi track in which the project is located does not have high community trust, and behind the high financing, it also faces extremely high expectations. There is a certain degree of uncertainty in whether it can effectively balance community expectations and capital demands, as well as user experience. _________ 4、 Summary The BTCFi project is almost universally in an awkward situation of being "well received but not well received", and whether Mezo can break through the encirclement and open up increments still needs time to test. But one thing is certain, the project is to integrate stablecoins, loans Gas、 One of the most systematically integrated Btcfi architectures with multiple core modules such as bridging and integration. This model is actually more attractive to institutional funds, miners, and other groups, especially its low volatility and high certainty financing costs, which are highly attractive to large funds. The spread space can naturally provide a stable source of funds for arbitrage and leverage traders. Of course, whether Mezo can survive and emerge in such a market can only be considered a promising candidate project, while others still need time to test and the industry narrative to recover. Disclaimer: Based on publicly available project information, this does not constitute investment advice, DYOR！