It is worth exploring the strategic value of Lombard in the BTCFi field.
Many people still regard it merely as a Bitcoin staking platform, but in reality, its vision, execution capability, and development roadmap far exceed the narrow framework of "BTC staking."
1/ Infrastructure Vision
Lombard's goal is very clear:
"Just as Tether and Circle are to stablecoins."
It is not limited to a single LST product but aims to build a complete Bitcoin infrastructure, divided into three phases:
Phase One: Activate Liquidity (Distribution Layer)
Lombard DeFi Market
LBTC—Yield-bearing Bitcoin
DeFi Treasury
Phase Two: Bitcoin Capital Markets (Middle Layer)
Lombard SDK—enabling all exchanges and wallets to integrate staking functions
New cross-chain BTC (similar to wBTC)
Structured and tokenized products (such as basis trading treasury)
Phase Three: Bitcoin Economy (Underlying, Future)
Lombard Ledger—anyone can develop on it based on Bitcoin
Most BTCFi projects only stay at a single function, while Lombard is building a foundational platform layer for other protocols to build upon. This "infrastructure as a service" model has greater growth potential than a single staking product.
2/ Product Validation
In just 92 days since launch, LBTC's TVL has surpassed $1 billion, making it the fastest-growing yield-bearing token in crypto history.
Currently, LBTC occupies 57% of the Bitcoin LST market, firmly holding a leading position. It is already the fourth-largest BTC derivative, following WBTC, cbBTC, and BTCB—none of which generate yield.
More critically, LBTC has been integrated into over 100 DeFi protocols, including top platforms like Aave, Pendle, Etherfi, Maple, Curve, and Morpho.
This is not just a concept but a business model that has been validated and is highly aligned with the market.
3/ Team and Endorsement
The Lombard team members come from Coinbase, Ripple, and Deutsche Bank, combining both crypto-native and traditional finance experience.
The project has raised $17 million, with investors including Polychain Capital, Franklin Templeton, and YZi Labs, making this combination of institutions nearly unmatched in the Bitcoin DeFi space.
Investment Perspective: Is Lombard's public offering worth paying attention to?
Benchmark Cases:
Ondo brings institutions into RWA
Ethena brings institutions into stablecoins
Lombard is bringing institutions into on-chain Bitcoin
Buidlpad History:
Previous projects performed well—Solayer peaked at 4 times, Sahara AI at 2.3 times. While history will not simply repeat itself, it can provide a reference for potential returns.
Of course, linear extrapolation overlooks many variables, but in terms of opportunity magnitude, Lombard's upside potential remains very considerable.
Core Question: Can it transition from product to platform?
The key is not whether Lombard has a successful product—it already does. The real question is whether it can develop into a foundational platform supporting the Bitcoin capital market.
Based on current progress, the answer leans towards affirmation:
Team background (Coinbase, Ripple, Deutsche Bank) ensures execution capability
Investment institutions (Polychain, Franklin Templeton) provide strategic resources
Product validation (rapid growth of LBTC, DeFi integration) proves market demand
In summary, Lombard is no longer just a staking protocol; it is on the path to becoming a foundational platform for Bitcoin finance.
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