One thing about leverage that deserves more attention: the multiple alone doesn’t tell you whether it’s suitable for a long term position. A 2x position in one asset isn’t necessarily comparable to a 2x position in another. Volatility affects how returns compound, and financing costs keep accumulating for as long as you hold. That’s why @2factorfinance is interesting to watch. Its public beta is now live on @base, bringing Kelly optimized leverage to buy and hold investors. Instead of applying the same exposure to every asset, the model targets leverage based on the asset’s characteristics, with approximately 1.33x for cbBTC. The financing side matters too. 2Factor says its structure can reduce the all in cost of holding a leveraged single stock position by roughly 75% compared with a conventional approach. With Coinbase’s tokenized stocks expanding on Base, taking this beyond Bitcoin opens an interesting question: can onchain equities support products designed for investors who want to hold, not just trade? Lower costs don’t remove leverage risk, but designing both the financing and exposure around a longer holding period is a meaningful direction to explore. Would you look at financing costs or the leverage sizing model first when evaluating a long term leveraged position?

A points leaderboard can tell you who is winning the campaign. It can’t tell you whether the product behind it is worth understanding. I’ve felt that hesitation when looking at a campaign and seeing participants with a huge head start. It’s easy to focus on the gap and wonder whether joining now makes sense. But I think there are two separate questions worth asking: what does participation involve, and what is the project actually trying to build? That’s what makes @2factorfinance interesting to examine. The project is developing a different approach to leverage for people who want to hold assets over the long term. Instead of relying on conventional leveraged positions that can face liquidation or lose value through the combined effects of volatility and financing costs, 2Factor uses a senior and junior tranche structure designed to make leveraged exposure more sustainable over time. The idea is to make leverage work for longer-term holders, rather than treating it purely as a short-term trading tool. The mechanism still needs to be evaluated on its own merits, but the problem it’s trying to address is worth understanding. There’s also an active reason to explore the project: • Season 1 participants can earn Marks through qualifying activities. • The top 10 on the leaderboard share a total prize pool of 1 BTC. • Marks track program participation; they have no cash value and don’t guarantee a future token or payout. A place in the top 10 isn’t guaranteed, and the rules matter more than assumptions about what points might eventually become. I’m interested in looking beyond the leaderboard to understand both sides: how the product works and what it takes to participate in the campaign. Want to explore it yourself? Here’s my referral link: points.2factor.finance/r/vno… When you join a project through a points campaign, what matters more to you: the reward opportunity or what the team is actually building?