Summary
Ketju does not approve BitFi Basis: it does not say who may use it, and it names no legal entity or Terms of Service for its yield product. BitFi issues bfBTC and bfUSD, yield tokens backed by delta-neutral basis trading. Ethena USDe and Solstice, covered in their own memos, carry the same funding-rate and basis risk. Every standard terms address on both the product and docs domains returned not-found errors. The only eligibility rule we found covers a separate 2026 token sale, and it excludes US participants. We could not confirm whether the yield product excludes them too. Custody runs through the same Ceffu MirrorX chain as BounceBit CeDeFi Yield, which Ketju does not approve, with the hedges sitting on Binance.
Review triggers
- BitFi publishes a named legal entity, its incorporation jurisdiction and general Terms of Service for the yield product
- BitFi confirms that US clients may use the product, in writing
- BitFi names hedging venues beyond Binance and discloses its admin multisig
- BitFi publishes a risk disclosure for long stretches of negative funding rates
Facts
- Verdict
- Not approved
- Type
- Other
- Chains examined
- BSC, Ethereum, Base, Pharos, Hemi, Bitlayer, CORE
- Reviewed
- Last confirmed