Lombard’s native BARD token is ready to launch later this week.
Safety-focused staking protocol Symbiotic has partnered with Lombard and Chainlink for cross-chain Bitcoin transfers.
The combination will monitor all cross-chain transfers of Lombard Staked Bitcoin (LBTC) via the Chainlink Cross-Chain Interoperability Protocol (CCIP) for an economically safe multi-chain expertise.
Symbiotic is introducing two new vaults alongside the activation, with a $100 million LINK vault and a 20 million BARD vault, the place stakers can earn enticing yields, in accordance with a launch shared with The Defiant.
BARD is Lombard’s native token that’s slated to launch later this week.
Symbiotic is the third-largest restaking platform in DeFi per DeFiLlama, with $1.28 billion in whole worth locked, solely trailing Babylon and EigenLayer.
“Symbiotic turns passive crypto belongings into modular, lively safety infrastructure. Integrating our restaking framework with Chainlink CCIP for cross-chain LBTC transfers showcases how decentralized collateral will be deployed rapidly and permissionlessly to bolster cross-chain worth flows and ship tangible advantages to finish customers,” stated Misha Putiatin, the co-founder of Symbiotic.
When requested about future scalability, Putiatin informed The Defiant, “Staked, verifiable bridging is new, so it’s troublesome to foretell actual scaling paths. However the basic staking logic nonetheless applies: staking is firstly an incentive alignment mechanism. I count on upcoming multichain apps and bridges to make use of a mixture of their very own tokens, supplemented and scaled with blue-chip belongings like BTC, ETH, or LINK, relying on their safety necessities.”
Bitcoin DeFi protocol Lombard at present boasts $1.5 billion in TVL, after reaching an all-time excessive of $2.2 billion in Might.
“LBTC holders need the liberty to maneuver their Bitcoin wherever the very best alternatives are, however in addition they count on uncompromising safety. Pairing CCIP’s modular structure with Symbiotic’s restaked collateral offers our group stronger financial ensures via staking,” stated Jacob Phillips, the co-founder of Lombard.
