Mechanics to audit
- Redemption delay distribution under stress
- Oracle or proof assumptions for bridge assets
- Where leverage concentrates (DeFi collateral loops)
Bitcoin-specific parallels
Wrapped BTC and LST-like products on other chains import bridge and custodian risk. Native BTC in cold storage has fewer moving parts — that’s the trade-off.
Never treat a receipt token as morally equivalent to on-chain BTC without reading the failure modes.