Are you talking about the BTCP on HE? If so, I think it’s unused because of two main reasons: it’s not really backed with bitcoin (AFAIK) and also because the trading is inefficient.

I have been playing around with various collateralized loan products and creating models that could work on hive. We could likely have a multi-sig of some sort, although I wonder what kind of flaws it would expose.

Alternatively, a multi-Level custodial option is more interesting to me. Again, such a system isn’t perfect but if it works for wBTC, then it would work for hive imo