toshi is paired against WBTC, not ETH. the LP is ₿/toshi. the only way to get a piece is to put bitcoin in.

• alignedsatoshi minted bitcoin. toshi settles in bitcoin. the unit of account matches the lineage. no other layer-1's beta to dilute the signal.
• scarcer denominatorBTC's hard cap is 21M. ETH has no cap. when toshi is denominated in the harder asset, the price floor compounds with bitcoin's monetary premium instead of fighting against ether's issuance.
• lower correlation tailtoshi/ETH would track ETH-beta. toshi/WBTC tracks BTC-beta. in risk-off regimes BTC is the asset that holds — pairing there means the LP doesn't get rugged by alt-rotation.
• signal to whochoosing WBTC over ETH on a v4 hook is a deliberate tell. it filters for buyers who already think in sats. the holder base self-selects for high time-preference holders, not yield farmers.
• fixed × fixed888 toshis against the world's only credibly fixed reserve asset. two scarce things trading against each other. no inflation on either side of the book.