Binance Labs has invested in Lombard, the developer and distributor of LBTC, a security-first Bitcoin liquid staked token (LST) that allows both individual holders and large institutions to earn yield on their Bitcoin while leveraging their assets in DeFi. Through its collaboration with Babylon, Lombard aims to bridge the gap between Bitcoin’s economic value, security capabilities, and the dynamic opportunities within DeFi.
Since its launch in August, Lombard has grown to hold 40% of the Bitcoin LST market, with a Total Value Locked (TVL) of over $500 million or 8.5K BTC, from over 12,500 users, according to data from Dune. True to its mission to connect Bitcoin to DeFi, over 60% of the total LBTC is powering yield strategies on Pendle, institutional borrowing with Maple Finance, and lending on platforms like Morpho and ZeroLend. Lombard is also leading the charge in bringing the first Bitcoin Liquid Restaked Tokento market through its partnership with ether.fi.
Lombard is currently in Phase 2 of its roadmap, focusing on integrating LBTC with top Ethereum DeFi protocols. Phase 3 will see LBTC made available on multiple Layer-2 chains and Layer-1 networks, alongside deeper integration with Babylon’s Bitcoin Staking Protocol. As of Babylon’s latest Cap 2, Lombard is now the largest contributor on the platform, with over 7,100 BTC delegated to it.
With the new funding from Binance Labs, Lombard plans to expand access to LBTC across new chains, allowing users to stake BTC and mint LBTC. LBTC stands out for its robust security and decentralization, utilizing a decentralized validator network, the Security Consortium, to validate every transaction on the protocol. Additionally, Lombard employs multiple audits, an active bug bounty program, and 24/7 threat monitoring.
“We are excited to support Lombard’s vision of scaling LBTC across DeFi. At Binance Labs, we are committed to championing early-stage projects like Lombard that have the potential for meaningful, sustainable impact on the Web3 ecosystem,” said Andy Chang, Investment Director, Binance Labs. “Lombard’s approach to integrating Bitcoin with DeFi addresses a clear market need, and LBTC’s fast growth demonstrates user interest to unlock more utility from their Bitcoin holdings.”
“We’re incredibly grateful to have Binance Labs on board as we continue to expand the adoption of LBTC as a new core primitive. Their support is invaluable in helping us connect with a global audience of Bitcoin holders eager to earn yield or leverage their assets in DeFi. We look forward to accelerating our growth and delivering on Lombard’s mission to unlock new opportunities for Bitcoin holders across theDeFi space,” said Jacob Phillips, Co-Founder and Head of Strategy, Lombard.
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