1.9% APR is customer acquisition math on a balance-sheet product where Blockchain.com's terms transfer full legal title to BTC/ETH collateral to a Cayman lender and permit rehypothecation. Different risk stack from Aave/Morpho: users watch ~80% liquidation thresholds, while everyone who lived through Celsius/BlockFi watches whether the offchain collateral book can unwind cleanly if BTC pukes 20% over a weekend.

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