21. The one number in bitcoin nobody can change. 21.14 BTC have now moved through Surge's non-custodial Taproot vaults, one coin for every million that will ever exist. No custodian. No wrapping. No KYC.

DLC-based Bitcoin lending versus how Surge is built. @reardencode has an interesting take on this — strip away the vocabulary and they're the same security model underneath. So what's actually left to compete on? 👇

$1,077,718. Bitcoin locked in Surge's non-custodial Taproot vaults just passed a million dollars. 13.92 BTC today. It was 0.1 BTC on April 7. No custodian, no wrapping, no KYC — every vault address verifiable on Bitcoin L1.

Surge Protocol Snapshot — Week 20. Taproot Vault: 13.92 BTC locked, +1.05 on the week (+8.2%). USDC Yield: 4.7% avg supply APY, variable market. The rate has settled near 5% as supply grew. The fixed market now pays more, at 7.92%. BTC on Bitcoin, USDC on Base.

Surge Protocol Snapshot — Week 19. Taproot Vault: 12.87 BTC locked, +1.22 on the week (+10.5%). USDC Yield: 8.3% average supply APY. Yield eased as lender supply outgrew borrowing, utilization now 68%. BTC collateral on Bitcoin, USDC borrowed on Base.

We recorded the Borrower's Playbook. @michaelborglin and @yash_belavadi spent 20 minutes on the three questions that actually decide how a Bitcoin-backed loan goes for you. Almost none of them is the one on the homepage. Most borrowers compare headline APR and stop. Here's what we've learned matters more, from talking to borrowers, and from building this ourselves. 1️⃣ Custody : where your collateral actually sits Ask your lender how they custody your Bitcoin. If the answer is a brand name, a license number, or "trust us, we're insured," you don't have an answer. You have marketing. Then ask the follow-up almost nobody asks: is it pooled, or is it yours alone? Pooling gives an attacker one target and everyone's coins. The work to compromise 1 borrower and 1,000 borrowers is the same work. 2️⃣ Rates and fees : the number you were sold vs. the cost you carry Start at an 8% headline. Add origination (1–3%, often on every draw). Add repayment fees. Add the annual maintenance charge for simply holding the position. You land at 13–14% all-in. None of it is hidden, technically. It's in the docs, spread across five pages, while the cheapest single number gets the homepage. Ask one question: what's my all-in cost, per dollar, per year? If they can't give you one number, that's your answer. 2️⃣ LTV and liquidation : the only dial you control Loan term decides everything on a mortgage. On a Bitcoin-backed line, it decides almost nothing. "Liquidation LTV: 80%" is really three decisions: where's the line, is it full or partial, and if partial, what does it cure to? Draw at 50% against an 80% line and BTC has to fall ~37% to take you out. Draw at 70% and ~12% does it. Same line. Completely different odds. Size your draw to survive a February. Not a calm market. Full 20 minutes below. 🟧

Segregated Collateral — this week's term. A concept every Bitcoin borrower should know before drawing a line. Pooled collateral means shared blast radius, a platform failure, rehypothecation, or a single hack can reach everyone's coins at once. segregated and verifiable means your exposure is isolated to your own vault, and you can prove it on-chain. Learn the difference. it's your collateral. Don't trust. Verify.