Lombard Finance has launched its yield-bearing Bitcoin token, LBTC, to the Solana blockchain, increasing the asset’s circulation to one of many business’s largest smart-contract networks
Lombard Finance has launched its yield-bearing Bitcoin token, LBTC, to the Solana blockchain, increasing the asset’s circulation to one of many business’s largest smart-contract networks. The SPL-formatted coin is absolutely backed by bitcoin and pays holders roughly 1% annualised yield, with greater than US$1.5 billion already issued throughout a number of chains.
LBTC is secured by a decentralised validator consortium that gives real-time proof of reserves, permitting customers to earn yield with out giving up custody of the underlying bitcoins. The token debuted earlier this yr and amassed US$1 billion in whole worth locked inside 92 days on Ethereum, Base, Sui and BNB Chain, in response to undertaking disclosures.
On Solana, LBTC is straight away tradable or deployable as collateral by main decentralised-finance venues together with Jupiter Trade, Kamino Finance, Drift Protocol and Meteora. Lombard says the rollout marks a step towards making its platform for bitcoin liquidity as foundational to the crypto ecosystem as main stablecoins are to greenback transactions.
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