Bitcoin holders can now earn approximately 2% yield on their Bitcoin by depositing into Kraken's Bitcoin Vault. The vault wraps BTC into KBTC (ERC20), uses it as collateral to borrow stablecoins, yield farms those stablecoins, converts the yield back to Bitcoin, and distributes it to users. The process is on-chain, over-collateralized, and transparent, solving the long-standing problem of earning yield on Bitcoin without giving up price exposure.