Gauntlet Base cbBTC
cbBTC-denominated yield vault on Base. Earns BTC-native yield by lending cbBTC against ETH-correlated collateral.
Bitcoin holders have very few onchain options to earn yield in BTC terms without losing principal exposure. This vault meets that gap with conservative, Base-native risk.
BTC borrow demand is small but real; institutional Base users borrow cbBTC against WETH or wstETH to hedge or trade. The yield is low but BTC-denominated.
Gauntlet brings its risk framework. Base sequencer and bridge dependencies are explicit in the model.
Low APY by nature of BTC-denominated yield. Concentrated in a single collateral class on a single L2.
The honest version. Every structural failure mode this vault is exposed to, ranked by severity. If you want to know whether to invest, start here.
cbBTC is Coinbase-issued; issuer event would impair principal.
Standard L2 dependency risk.