Lombard

Lombard is a restaking protocol launched in April 2024 that transforms Bitcoin from a static store of value into a productive financial asset within decentralized finance (DeFi). The company's flagship product is LBTC, a liquid and yield-bearing token backed 1:1 by Bitcoin that enables seamless movement across blockchain networks and DeFi platforms without compromising security. LBTC is built on top of the Bitcoin staking protocol Babylon, allowing individuals to use their Bitcoin to secure other proof-of-stake networks while earning yields. The protocol enables Bitcoin holders to simultaneously maintain their BTC as a store of value while engaging in DeFi activities such as staking, trading, lending, and borrowing. As of October 2024, Lombard has captured 40% of the Bitcoin LST market with a total value locked (TVL) exceeding USD 500 million across more than 12,500 users. The company has integrated LBTC with several DeFi protocols including Pendle, Maple Finance, Morpho, and ZeroLend, where over 60% of the total LBTC fuels yield strategies and institutional lending.

Key customers and partnerships

In August 2024, Lombard partnered with yield infrastructure protocol Veda to launch a DeFi vault that serves as a one-click solution for LBTC holders to earn passive yield through various DeFi strategies such as liquidity provisioning and lending. The vault deploys LBTC capital across multiple established protocols including Uniswap, Pendle, Morpho, and GearBox. An LBTC/WBTC liquidity pool was established on Uniswap in June 2024 and has achieved notable trading volumes.