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2factor 소개
2factor is an on-chain leverage product deployed on Base for Coinbase's tokenized stocks, redesigning the moderate leverage that long-term holders need into a position that can be held indefinitely. Its core splits an asset's (e.g. cbBTC) volatility into two perpetual tranches: a yield-bearing, downside-protected senior (BTC-Sr) and a cost-efficient, roughly 1.33x leveraged junior (BTC-Jr), kept in balance by a bidirectional funding rate.
Traditional leveraged ETFs suffer volatility decay from daily resets; 2factor sources leverage from capital seeking stable yield rather than short sellers, lowering the overall cost of holding leverage and using volatility-adjusted leverage targets. Launched on Base on September 17, 2026, it serves buy-and-hold holders who want spot-like leveraged exposure without daily monitoring, an early example of tokenized equities combined with structured leverage.
2factor launched on Base on September 17, 2026, sourcing leverage from stable-yield capital instead of short sellers, which it says cuts the all-in cost of a leveraged single-stock position by about 75%. The product splits volatility into two tranches: a senior layer that takes stable yield behind a thick buffer, and a junior layer targeting Kelly-optimal leverage of about 1.33x. Neither has a liquidation line, and financing cost is anchored at one third of the senior yield. cbBTC was the first market and currently runs as a capped beta.
The mechanism is asset-agnostic, and 2factor plans to extend the same tranching from bitcoin to tokenized equities, commodities and indices wherever a reliable price feed and positive long-run drift exist. Coinbase's tokenized stocks are the first expansion target, with Kelly multiples and senior buffers reset to each asset's volatility.