TL;DR
- Lombard Finance launched LBTC on Solana, a token backed 1:1 by Bitcoin that gives roughly 1% annual yield in BTC and will likely be obtainable on DApps.
- LBTC can function throughout a number of blockchains, together with Ethereum, Polygon, and Avalanche, thanks to LayerZero and RedStone Oracles.
- The protocol additionally launched the BARD token, elevating $6.75 million for governance and protocol growth.
Lombard Finance, a startup specialised in Bitcoin staking, introduced the growth of its yield-bearing asset protocol to the Solana blockchain.
With this integration, the LBTC token, backed 1:1 by Bitcoin, will likely be obtainable on Solana’s essential DApps from day one, together with Jupiter, Drift, Kamino, and Meteora. LBTC supplies customers with an annual yield of round 1% in BTC and permits participation in DeFi purposes whereas sustaining Bitcoin’s safety and liquidity.
The launch of LBTC on Solana leverages LayerZero and RedStone Oracles, techniques that allow communication between EVM and non-EVM chains, together with Ethereum, Polygon, Avalanche, TON, Berachain, Unichain, and Manta Community. In accordance to Lombard, the token represents the biggest yield-bearing Bitcoin asset obtainable and goals to flip BTC into productive capital inside the Solana community.
LBTC reached $1 billion in complete worth locked (TVL) in simply 92 days and presently exceeds $8 billion, in accordance to DeFiLlama. The platform is constructed on Babylon, a Binance initiative targeted on Bitcoin staking, with LBTC representing the staked BTC inside that ecosystem. The liquidity and yield of LBTC enable customers to deploy Bitcoin in DeFi methods with out compromising fund safety.
Lombard Introduces the BARD Token
Moreover, Lombard launched the BARD token by a neighborhood sale that valued the platform at $450 million and raised $6.75 million. A part of the funds will go to the Liquid Bitcoin Basis, the entity answerable for protocol governance, oversight of partnerships, analysis, and grant distribution.
Jacob Phillips, co-founder of Lombard, emphasised that bringing Bitcoin to Solana creates new alternatives for BTC to be productively deployed. In accordance to Phillips, LBTC demonstrates how Bitcoin can mix yield, composability, and market entry instantly, whereas Solana supplies a high-performance surroundings that permits superior DeFi methods.
Based in 2024, Lombard beforehand raised $17 million in seed funding led by Polychain Capital with participation from Franklin Templeton, Bybit, YZi Labs, and others. The startup continues to develop its protocols and instruments to enable Bitcoin to function effectively throughout totally different blockchain ecosystems
