🎙️ The Juga Show | @Grynvault’s BTC Stablecoin Liquidity

juga_btc avatar
Mr. J | Satonomy 🦋
@juga_btcSep 12, 2025

The Spaces features Jay (Setonomy) hosting Code, founder of Green Vault, with co-host Barbara. Code recounts his path from 2014 Bitcoin entry and a five-year car finance tokenization attempt, learning RWA limits and pivoting back to Bitcoin L1. Green Vault’s vision is a “joint venture protocol” to let people do business in Bitcoin: manage volatility and liquidity, support creators, and treat Bitcoin as the yield. Short term, the team is building a USD stablecoin bridge between Alkanes and RadFi/Runes to bootstrap technical capability and adoption, aiming to ship within five days and build in public. Security is prioritized via RadFi’s 2-of-2 multisig trading wallet model and, longer term, FROST-style multisig, while initially keeping the bridge custodial and bootstrapped. The lending product focuses on BTC-collateralized, volatility-managed structures that aim to avoid liquidations, targeted 9–18 months out. Green Vault plans open-source tooling (Aura Tracker–like analytics), fees around $2 + 0.1% or payable in GRIN (its RadFi token), and partnerships across L1 protocols (RadFi, Alkanes, potential Spark). Institutions will likely require insured custody rather than self-custody. The conversation also covers BRC-20/2.0 openness, security lessons (e.g., Odin.Fun), and the need for a robust USD-BTC DEX on Bitcoin L1.

The Juga Show: Green Vault on Bitcoin L1 — Bridging USD Liquidity and Reimagining Lending

Participants and Roles

  • Jay (Host; Setonomy): Setonomy is a UTXO management platform; hosted the conversation and probed product, security, and go-to-market details.
  • Code (Founder, Green Vault): Guest and main speaker; ex-RWA/car finance founder; now building Green Vault on Bitcoin L1.
  • Barbara (Co-host): Builder/advocate active across Radfi/Alkanes; probed lending scope, token utility, and data-tooling.
  • Others referenced:
    • Albert and Trevor (Bitcoin Startup Lab): Catalysts/mentors; cohort ecosystem context.
    • Scott (Radfi; handle references “bending options”): Technical/financial design alignment; Radfi as key L1 primitive provider.
    • Builders/protocols: Liquidium, Lava (L1 lenders), Debify; VoltFi (Annie, Ram; on Arch); Spark (emerging USD rails on L1); Alkanes (AMM, flash loans); BRC-20 2.0 track; Rebar Labs (indexing); Pizza Ninjas (Special, Poseidon; marketing/IP).
    • Community: Cajun, Donny (supporters); Kevin (Alkanes dev); AV (listener raising asset-scope question).

Context and Founder Background

  • Code entered Bitcoin in 2014 (first buy ~$200 for 0.5 BTC); inspired by sound money post-2008.
  • Spent ~5 years building a car finance platform and attempted tokenization of car loans (RWA). Despite ~$2M in cars on-platform, fiat and regulatory frictions hampered product-market fit; lesson: double down on what works on-chain (Bitcoin, stablecoins) rather than forcing RWAs prematurely.
  • Pivoted back to Bitcoin around Sep–Oct 2024 via Bitcoin Startup Lab; surveyed BTC-backed lending landscape (Liquidium, Lava, Debify) and sought differentiation beyond a saturated L1 lending space.

Why Bitcoin L1 (not ETH/Hyperliquid)

  • Values and longevity: Code sees Bitcoin L1 as the “mother chain” where long-term builders and institutional-grade products will concentrate.
  • New L1 primitives made it viable: Radfi’s 2-of-2 trading wallets, AMMs, and even Alkanes flash loans demonstrate that sophisticated protocols can be built credibly on L1 without “trust me” custody.
  • Alignment over convenience: Acknowledges that the design could be simpler on ETH/Hyperliquid, but chooses L1 for value-alignment and durable network effects.

Green Vault Vision: “Bitcoin is the Yield” and Joint Venture Lending

  • One-liner: Building a joint venture protocol to let people “do business in Bitcoin,” where Bitcoin’s volatility and appreciation become the economic engine rather than inflationary yield from fiat.
  • Core philosophy:
    • If Bitcoin is sound money, where does yield come from? From Bitcoin itself and economic activity, not from inflation.
    • Lending reimagined as a volatility-managed joint venture between counterparties, sharing upside/downside of BTC rather than traditional interest-bearing fiat loans.
    • Ambition: Enable creators and businesses to safely hold operating float (e.g., 6-month runway) in BTC on L1 while managing volatility to avoid forced liquidations.
  • Competitive/inspirational references: Liquidium/Lava (current L1 lenders), VoltFi (Arch), MicroStrategy’s STCR-like liquidity/volatility management concept.

Near-Term Product: USD Stablecoin Bridge (Alkanes ↔ Radfi)

  • Problem discovered: Stablecoins labeled similarly across Alkanes and Radfi are not interoperable; Code personally encountered “stuck” stable value trying to trade on Radfi.
  • Solution: A bridge for USD value between Alkanes and Radfi to unlock liquidity, let Alkanes traders access Radfi and vice versa, and even allow routes back to BTC on L1.
  • Status and timeline:
    • Public build-in-progress; Code shared a live demo despite bugs to accelerate learning.
    • Target: MVP in ~5 days (self-imposed goal; may slip; prioritizes shipping over perfection).
    • Initial model: Custodial, with Green Vault supplying initial liquidity; goal to progress toward permissionless LP participation.
  • Fees (community consensus so far): Flat $2 + 0.1% per transfer, or payable in GRIN (Green Vault’s token) as an alternative.
  • Differentiation: Likely the first mover bridging USD between two very new L1 protocols; focus on stables reduces BTC-custody risk perceptions and helps users move dollar liquidity to trade without selling BTC.

Security and Technical Approach

  • Security-first posture: Acknowledges “bridge” stigma; plans conservative rollout and iterative hardening.
  • Design inspirations:
    • Radfi’s 2-of-2 multisig trading wallet: Zero custodial loss risk during pauses/patches; target user experience for the bridge where possible.
    • Future BTC handling: Explore FROST/SubFROST multisig to minimize trust if/when bridging BTC (today’s bridge is USD-only on L1).
  • Pragmatism: Full third-party audits pre-MVP unlikely; compensates with constrained scope (stables first), conservative operations, and staged decentralization.

Longer-Term Product: BTC-Collateralized Lending on L1

  • Scope: Start with BTC-collateralized borrowing of USD value; what users do with proceeds is up to them (trading, liquidity, etc.).
  • Timeline: 9–18 months; key dependencies include mastering FROST and proving components via the bridge.
  • No-liquidation aim: Envisions volatility-sharing structures to avoid traditional liquidation dynamics; details to be shared with quantitatively inclined audiences later.

GRIN (Green Vault Token) and Community

  • GRIN on Radfi is positioned as more than a meme: a community/economic coordination tool for early supporters and builders.
  • Potential utilities discussed (non-committal): Service redemption, discounted BTC access, paying bridge fees; explicit caution against speculation without intent to use.
  • Community traction: ~200k+ sats earned on Radfi in two weeks; GRIN reached ~# 5 by Radfi volume during the period.

Ecosystem Integrations and Partnerships

  • Radfi: Foundational partner; shared worldview on options/volatility and on-chain RWA pathways; Radfi currently the largest holder of GRIN per Code.
  • Alkanes: Source of AMM primitives and flash loan experimentation; origin of the bridge need.
  • Spark: Potential USD rails and DEX liquidity venue on L1; Green Vault will watch for sufficient nodes/liquidity before integrating.
  • BRC-20 2.0: Code remains open-minded; expects useful tech to emerge and converge on L1 over time.
  • Arch/VoltFi: Inspiration; notes delays and resulting attention migration across protocols.
  • Setonomy: Potential collaboration discussed; meetups planned with Code’s cofounder.
  • Marketing/community: Engage Pizza Ninjas (Special/Poseidon) for IP/marketing expertise; align with builders actively hosting spaces across Asia.

Data and Tooling: Social/Holder Analytics for Radfi/Runes

  • Inspiration: Alkanes’ Aura Tracker.
  • Plan: Ship an open-source analytics/airdrop tooling prototype for Radfi/Runes (initial code to GitHub; needs a community X/Twitter API key to avoid using Code’s personal key).
  • Goal: Help teams understand holder/follower graphs, run snapshots/airdrops, and quantify social traction across protocols (akin to a Kaito-like cross-protocol dashboard). Rebar Labs’ indexing noted but limited Alkanes coverage; Experts API lacks Alkanes.

Target Users and Institutional Path

  • Near term: Retail traders/creators across Radfi/Alkanes (the “degens” actually using BTC rather than only stacking it).
  • Creators/businesses: Long-term focus on enabling teams to hold BTC treasury/float and manage volatility on L1.
  • Institutions: Demand insured products over self-custody or protocol nuance. If/when there’s traction, an institutional wrapper via insured custodians (e.g., Coinbase products) could be built; institutions care about coverage, not wallets.

Community Perspectives and Market Dynamics

  • Bitcoin maxi conversations: Mixed views; Code believes most ordinals will underperform BTC over time, yet acknowledges ordinals/users materially increase on-chain BTC usage and economic activity.
  • Attention flows: Shifts in waves (Odin exploit → Radfi; interest also in Spark, Arch). Builders continue regardless; users follow liquidity and credible new tech.

Roadmap Checkpoints and Commitments

  • Bridge MVP: Target ~5 days; public iteration will continue; initial custody and Green Vault-provided liquidity.
  • Open-sourcing: Post a first cut of the Radfi/Runes analytics tool on GitHub for community continuation.
  • Fees: Tentative $2 + 0.1% or payable in GRIN; will iterate with holders/users.
  • Lending MVP: 9–18 months; learnings from bridge, FROST multisig, and USD rails will inform design.
  • Partnerships: Prioritize after bridge ships; explore marketing/community and liquidity partners; align with Radfi/Setonomy builders.

Risks, Constraints, and Mitigations

  • Security: Bridges carry reputational risk; mitigate via conservative scope (stables first), multisig-inspired flows, staged audits as feasible, and operational controls.
  • Liquidity: Early reliance on own liquidity; plan to open for external LPs once stable; fee incentives considered.
  • Ecosystem fragmentation: Multiple L1 protocols vying for attention/liquidity; Green Vault stays protocol-agnostic where value-aligned, focusing on USD rails and BTC primitives on L1.
  • Regulatory/fiat rails: Lessons from RWA/fiat suggest minimizing off-chain dependencies; focus remains on L1-native designs and stablecoin liquidity available on Bitcoin.

Key Takeaways

  • Green Vault is shipping a practical USD bridge between Alkanes and Radfi to unlock on-chain liquidity motion for traders/creators without selling BTC.
  • The endgame is a Bitcoin-native lending paradigm that manages volatility instead of enforcing liquidations, making “Bitcoin as money” viable for operational treasuries.
  • Security and alignment with Bitcoin L1 values underpin design choices; Radfi’s wallet model and FROST-style multisigs are core references.
  • The team is bootstrapped (no VC), shipping in public, and inviting collaboration on both liquidity/data tooling and broader ecosystem integrations.