Saturn: Move Saylor's printing press onto the chain I've been keeping an eye on the Saturn project for a while, and we'll talk through it today. What the hell is it doing Saylor's Strategy (formerly MicroStrategy) released something called STRC, with an annualized dividend of 11.5%, backed by Bitcoin over collateralization, 4x coverage ratio, and monthly payments. What is the problem? This thing can only be bought with a US brokerage account. You, me, and 99% of the people in the group cannot touch it. Saturn's job is simple: packaging STRC as an on chain token sUSDat, and depositing it into your wallet indirectly holds the dividend rights of STRC. No need for a US stock account, DeFi wallet can directly attack. Why do I think it can hit Firstly, the source of income is not the same species as others. Ethena earns capital rates - the larger the volume, the thinner the rate spread. This is a physical law that cannot be bypassed. Saturn earns dividends from Strategy preferred stock. Think carefully - the larger the STRC scale, the more funds you have to buy BTC. If BTC rises, the more collateral there is, the more stable it becomes. Currently 10 billion, we can reach 200 billion within ten years. The ceiling is not on the same scale. Secondly, the endorsement of YZi Labs is worthy of careful consideration. CZ's YZi Labs has invested in Saturn. Remember a precedent: http://Predict.fun It was also invested by Susquehanna and YZi, and later became the core prediction market of Binance. Now that Saturn is expanding towards BNB Chain, all BNB activity points will receive an additional bonus - do you think the expectation of Binance listing coins is a wild guess? How does the product play Two tokens with clear division of labor: USDat: stablecoin, compliant entry and payment, does not directly earn interest (points), requires KYC USDat: interest bearing, approximately 10-14% in the first year (11% from STRC+subsidy of about 3%), no license, available for entry and exit at any time, fully open After 45 days online, TVL has surpassed 200 million, and the speed of attracting new customers is fast BNB Pendle's USDat LP is 18 times, YT is 36 times, sUSDat LP is 6 times, YT is 12 times, and the leverage yield has been laid out In the next two weeks, the points will double, and all BNB Pendle markets and ETH USDat Pendle markets will increase together BNB Chain activity adds an additional 20%, and doubling it is a real profit difference Where do the benefits come from and where are the risks What Strategy does is essentially "borrowing money to buy Bitcoin": borrowing money at a cost of 11% → all in BTC. As long as Bitcoin rises by more than 11% in the long term, the spread is pure profit. The security cushion is also thick enough: Bitcoin collateralized LTV is only 20-25%, and there is about a year of cash reserves specifically for dividends. But the ugly thing is: Dividends are discretionary, not fixed in the contract. Strategy can be adjusted Bitcoin crashes, collateral shrinks, market confidence will be linked Price anchoring is a 'soft anchoring', and extreme market conditions may be thrown out My judgment Saturn's bet is not complicated: Strategy is already the world's largest Bitcoin reserve company, and its preferred stock dividends are a real source of income, with a volume of billions and still growing. Saturn is the first and currently the only protocol to put this thing on the chain for global users to use. Ethena has generated billions of stablecoins using funding rates. Saturn is betting on the Digital Credit track - with higher ceilings, scale without compressing revenue, and YZi as a fallback distribution. This cycle, this narrative is worth following.