The past few days at DAS London have been incredibly productive for the Function team.
Function's CEO Thomas Chen joined the stage at Digital Asset Summit 2025, and we were honoured to co-host an exclusive dinner with Bybit.
Our biggest takeaways from the week:
1. HUGE demand for $BTC yield
Margins are tightening across the industry and projects are pivoting to include onchain earn products.
2. Simplicity > high APYs
Institutions prefer simple, transparent, and onchain yield over black-box strategies with unsustainable returns.
3. RWAs: demand > supply
Everyone is focused on tokenizing real-world assets, but the real question is: where does the demand come from?
4. BTC-on-BTC yield > altcoin yield
A familiar theme, but the appetite for $BTC yield continues to dominate.
Function's CEO Thomas Chen joined the stage at Digital Asset Summit 2025, and we were honoured to co-host an exclusive dinner with Bybit.
Our biggest takeaways from the week:
1. HUGE demand for $BTC yield
Margins are tightening across the industry and projects are pivoting to include onchain earn products.
2. Simplicity > high APYs
Institutions prefer simple, transparent, and onchain yield over black-box strategies with unsustainable returns.
3. RWAs: demand > supply
Everyone is focused on tokenizing real-world assets, but the real question is: where does the demand come from?
4. BTC-on-BTC yield > altcoin yield
A familiar theme, but the appetite for $BTC yield continues to dominate.
π₯2
FBTC is now live on Plume!
Function has partnered with Plume to bring $BTC liquidity to Plume's network and expand RWA access to Bitcoin holders.
What is Plumeβ
Plume is a public, EVM-compatible blockchain focused on the next evolution of RWAs.
Why does this integration matterβ
- Institutional users can collateralize BTC to access liquidity across Plumeβs RWAfi ecosystem.
- FBTC becomes the standardized asset for Bitcoin on Plume.
- Transforms the worldβs largest idle asset into a functional asset.
Together, Function and Plume are redefining what Bitcoin can do. π€
Function has partnered with Plume to bring $BTC liquidity to Plume's network and expand RWA access to Bitcoin holders.
What is Plumeβ
Plume is a public, EVM-compatible blockchain focused on the next evolution of RWAs.
Why does this integration matterβ
- Institutional users can collateralize BTC to access liquidity across Plumeβs RWAfi ecosystem.
- FBTC becomes the standardized asset for Bitcoin on Plume.
- Transforms the worldβs largest idle asset into a functional asset.
Together, Function and Plume are redefining what Bitcoin can do. π€
π₯1
Join us this Thursday at 11 AM ET for a panel on "Trust, Transparency, and the Next Phase of DeFi".
Weβll discuss how verifiable reserves, strong risk controls, and transparency build the trust needed for institutional-grade DeFi.
Featuring:
Moderator: Tim Chen, Venture Partner at Mirana Ventures
Jake, MD, Head of Ecosystem at BitGo
Luffy He, CEO at CIAN
Thomas Chen, CEO at Function
Matthew Graham, CEO at TokenLogic
ποΈ Oct. 23, 11AM ET
π Function π - https://x.com/FunctionBTC
Weβll discuss how verifiable reserves, strong risk controls, and transparency build the trust needed for institutional-grade DeFi.
Featuring:
Moderator: Tim Chen, Venture Partner at Mirana Ventures
Jake, MD, Head of Ecosystem at BitGo
Luffy He, CEO at CIAN
Thomas Chen, CEO at Function
Matthew Graham, CEO at TokenLogic
ποΈ Oct. 23, 11AM ET
π Function π - https://x.com/FunctionBTC
π2
Transparency is a direct synonym for trust.
Each $BTC that backs $FBTC is visible onchain.
Visit our website to see for yourself: https://fxn.xyz/proof_of_assets
Each $BTC that backs $FBTC is visible onchain.
Visit our website to see for yourself: https://fxn.xyz/proof_of_assets
To ensure decentralization, Function established a Security Council; a group of independent and trusted institutions including Antalpha, Mantle, and Cobo.
The Council acts as the governance and oversight layer for $FBTC by:
- Safeguarding Functionβs smart contracts
- Approving key upgrades and improvements
- Overseeing custody of $BTC to ensure $FBTC remains 1:1 backed
- Maintaining the decentralized integrity of the system
The Council acts as the governance and oversight layer for $FBTC by:
- Safeguarding Functionβs smart contracts
- Approving key upgrades and improvements
- Overseeing custody of $BTC to ensure $FBTC remains 1:1 backed
- Maintaining the decentralized integrity of the system
β€2
Weβre proud to announce Bo Zhang has joined Function as our Chief Operating Officer.
Bo has over a decade of experience across traditional finance and blockchain. Within crypto, Bo was Head of Treasury and Trading at Odos and Head of Investments at Fyde. Before entering the blockchain space, Bo was a portfolio manager in JPMβs Chief Investment Office, where he helped manage $600B in global equities and fixed income.
This is an important step in Function's growth as Bo's leadership will help drive investment strategy expansion and new strategic initiatives.
Bo has over a decade of experience across traditional finance and blockchain. Within crypto, Bo was Head of Treasury and Trading at Odos and Head of Investments at Fyde. Before entering the blockchain space, Bo was a portfolio manager in JPMβs Chief Investment Office, where he helped manage $600B in global equities and fixed income.
This is an important step in Function's growth as Bo's leadership will help drive investment strategy expansion and new strategic initiatives.
π₯2
Function has partnered with Sentora to build new pathways for institutional BTC holders to access DeFi yield opportunities.
Institutions can now choose from a range of different strategies to put their BTC to work, enabling users to earn an estimated APY of approximately 2.5% β 7% on BTC.
With this partnership, Function continues to advance our mission of transforming Bitcoin from a passive store of value to a functional, productive asset.
Visit https://www.fxn.xyz/ to learn more.
Institutions can now choose from a range of different strategies to put their BTC to work, enabling users to earn an estimated APY of approximately 2.5% β 7% on BTC.
With this partnership, Function continues to advance our mission of transforming Bitcoin from a passive store of value to a functional, productive asset.
Visit https://www.fxn.xyz/ to learn more.
π₯2
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What do you think will happen with DATs this quarter?
Function's CEO Thomas Chen, shared his thoughts on the current state of $BTC accumulation and how DAT strategies might be changing.
Function's CEO Thomas Chen, shared his thoughts on the current state of $BTC accumulation and how DAT strategies might be changing.
π₯2
Join us this Thursday at 10 AM EST for a new panel on "Beyond Tokenization: From Infrastructure to Integration".
Weβll discuss how connecting all layers of the RWA stack can transform isolated pilots into a unified, institution-ready financial system, bridging secure infrastructure with real, scalable DeFi use cases.
Featuring:
Moderator: Sohan Sen, Partner at Mirana Ventures & Manager, at Mantle Index Fund
Ezreal Kung, Head of BD at Cobo
Thomas Chen, CEO at Function
Teddy Pornprinya, Co-founder & CBO at Plume
Jordan Walker, Growth, Business Development and Capital Formation at Re7 Capital
ποΈ Nov. 6, 10AM EST
π Function π
Weβll discuss how connecting all layers of the RWA stack can transform isolated pilots into a unified, institution-ready financial system, bridging secure infrastructure with real, scalable DeFi use cases.
Featuring:
Moderator: Sohan Sen, Partner at Mirana Ventures & Manager, at Mantle Index Fund
Ezreal Kung, Head of BD at Cobo
Thomas Chen, CEO at Function
Teddy Pornprinya, Co-founder & CBO at Plume
Jordan Walker, Growth, Business Development and Capital Formation at Re7 Capital
ποΈ Nov. 6, 10AM EST
π Function π
π₯2
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$FBTC is officially in the top 25 assets on CoinMarketCap, currently ranking #23. π
π₯5π1π€©1
Function Newsπ
Join us this Thursday at 10 AM EST for a new panel on "Beyond Tokenization: From Infrastructure to Integration". Weβll discuss how connecting all layers of the RWA stack can transform isolated pilots into a unified, institution-ready financial system, bridgingβ¦
We are live : https://x.com/i/broadcasts/1lPKqvRXWMLGb
X (formerly Twitter)
Function π
Beyond Tokenization: From Infrastructure to Integration
π1
This week's DeFi collapse is a stark reminder: not all "market and delta neutral" strategies are created equal. It's important to understand these differences, especially regarding on-chain versus off-chain implementations
Millions of dollars were lost from opaque offchain strategies that broke during volatile market environments.
At Function, we take a different approach and offer a spectrum of choice. Users have direct access to strategies within our curated yield market that are:
- 100% onchain & transparent with visible positions at all times
- Simple rate arbitrage: deposit FBTC β borrow stables β redeploy to capture supply/borrow rate differentials
- Not recursive looping
- Not basis trading
- Not proprietary black box strategies
This design aims to provide a BTC-on-BTC yield with an estimated APY that has historically ranged from approximately 2-7%, based on past performance.
You can see exactly where your FBTC is at any moment. No hidden counterparty risk. No surprise breakdowns. Just straightforward, verifiable yield.
This is what institutional-grade BTC yield should look like.
Disclaimer: DeFi involves risks, including smart contract risk, impermanent loss, and market volatility. Users should conduct their own research and understand the risks before participating.
Millions of dollars were lost from opaque offchain strategies that broke during volatile market environments.
At Function, we take a different approach and offer a spectrum of choice. Users have direct access to strategies within our curated yield market that are:
- 100% onchain & transparent with visible positions at all times
- Simple rate arbitrage: deposit FBTC β borrow stables β redeploy to capture supply/borrow rate differentials
- Not recursive looping
- Not basis trading
- Not proprietary black box strategies
This design aims to provide a BTC-on-BTC yield with an estimated APY that has historically ranged from approximately 2-7%, based on past performance.
You can see exactly where your FBTC is at any moment. No hidden counterparty risk. No surprise breakdowns. Just straightforward, verifiable yield.
This is what institutional-grade BTC yield should look like.
Disclaimer: DeFi involves risks, including smart contract risk, impermanent loss, and market volatility. Users should conduct their own research and understand the risks before participating.
Auto-compounding is now available on vaults by Sentora.
Starting today, users will have the option to enable auto-compounding which automatically redeploys the earned yield.
Learn More π https://www.fxn.xyz/
Starting today, users will have the option to enable auto-compounding which automatically redeploys the earned yield.
Learn More π https://www.fxn.xyz/
"Bitcoin isnβt simply a store of value; it is programmable collateral. It is productive capital. It is the base layer for institutional participation in onchain finance." β Thomas Chen, CEO of Function shared with Cointelegraph
Read the full article π
https://cointelegraph.com/news/bitcoin-is-infrastructure
Read the full article π
https://cointelegraph.com/news/bitcoin-is-infrastructure
Cointelegraph
Bitcoin Is Infrastructure, Not Digital Gold
To unlock Bitcoinβs value, institutions must shift from passive holding to yield-generating, compliant deployments using scalable, auditable infrastructure.
π₯3
ποΈ First panel of the day at The Bridge Conference in New York, hosted by The Tie
Functionβs CEO Thomas Chen moderated βThe Institutional Bridge to DeFi: How Funds Engage with Yield, Governance, and Risk On-Chain,β joined by speakers from Ava Labs, Dragonfly, 3iQ, and Intchains Group.
Key themes:
1. Bridging takes time and trust: Institutions still require legacy-style frameworks.
2. Tokenization β DeFi adoption: Institutions are still missing real utility for true on-chain participation.
3. Legacy + digital rails must converge: Web3 needs to demonstrate that it solves institutional problems through compliant, transparent infrastructure.
Functionβs CEO Thomas Chen moderated βThe Institutional Bridge to DeFi: How Funds Engage with Yield, Governance, and Risk On-Chain,β joined by speakers from Ava Labs, Dragonfly, 3iQ, and Intchains Group.
Key themes:
1. Bridging takes time and trust: Institutions still require legacy-style frameworks.
2. Tokenization β DeFi adoption: Institutions are still missing real utility for true on-chain participation.
3. Legacy + digital rails must converge: Web3 needs to demonstrate that it solves institutional problems through compliant, transparent infrastructure.
β€3π₯3
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Round 2 at The Bridge Conference!
Thomas Chen joined speakers from Galaxy, Securitize, and Aptos Labs, in a panel moderated by Plume, to discuss the next phase of tokenized assets and RWA adoption.
Key takeaways:
1. DeFi users prioritize liquidity and yield; these remain the main drivers behind what gets tokenized.
2. Institutions focus on principal protection, custody, security of the underlying asset, and clear access controls are essential.
3. Tokenizing RWAs doesnβt remove intermediaries; it redefines them. Coordination across all layers of the stack is key to scale.
Thank you to The Tie for hosting another excellent event! Great discussions, strong turnout, and high-quality content throughout.
Thomas Chen joined speakers from Galaxy, Securitize, and Aptos Labs, in a panel moderated by Plume, to discuss the next phase of tokenized assets and RWA adoption.
Key takeaways:
1. DeFi users prioritize liquidity and yield; these remain the main drivers behind what gets tokenized.
2. Institutions focus on principal protection, custody, security of the underlying asset, and clear access controls are essential.
3. Tokenizing RWAs doesnβt remove intermediaries; it redefines them. Coordination across all layers of the stack is key to scale.
Thank you to The Tie for hosting another excellent event! Great discussions, strong turnout, and high-quality content throughout.
π1
How can $FBTC be used?
βοΈ Vaults
Curated strategies supported by Sentora and CIAN.
βοΈ DeFi
$FBTC can be deployed for lending and borrowing opportunities on protocols like AAVE, Compound, Init Capital, Lendle, Avalon Finance or Omega.
βοΈ Liquidity Provision
Users can providing liquidity on DEXs like Merchant Moe_, Uniswap or DODO.
βοΈ Staking
Bybit, Bedrock, PumpBTC, SatLayer and Pell Network allow staking.
βοΈ Vaults
Curated strategies supported by Sentora and CIAN.
βοΈ DeFi
$FBTC can be deployed for lending and borrowing opportunities on protocols like AAVE, Compound, Init Capital, Lendle, Avalon Finance or Omega.
βοΈ Liquidity Provision
Users can providing liquidity on DEXs like Merchant Moe_, Uniswap or DODO.
βοΈ Staking
Bybit, Bedrock, PumpBTC, SatLayer and Pell Network allow staking.
π₯1
Security and transparency sit at the core of Function.
Independent audits from MixBytes, Secure3, and BlockSec are now live, providing a transparent review of the systems that secure FBTC.
Full reports: https://docs.fbtc.com/more/audit-reports
Independent audits from MixBytes, Secure3, and BlockSec are now live, providing a transparent review of the systems that secure FBTC.
Full reports: https://docs.fbtc.com/more/audit-reports
π1