Cyclo rethinks leverage from first principles. Instead of following the traditional DeFi pattern of lending pools, interest rates, and liquidations, Cyclo creates a simple primitive: the ability to lock collateral (like sFLR or WETH) and mint cy* tokens (like cysFLR or cyWETH) that can trade between $0 and $1. This design leads to a natural market for leverage. When demand for leverage is high, users lock their collateral and sell cy* tokens, increasing supply and lowering its price. When traders want to unwind positions, they buy back cy* tokens to unlock their collateral, creating demand that drives the price up. This cycle repeats naturally without any governance decisions, interest rates, or forced liquidations.