Preface

Recently, a wave of bull markets has driven most projects to successively launch public sales and TGE. From the sensational ICO of Pump Fun in July this year to the upcoming Linea and other highly anticipated projects like Monad and Berachain announcing their TGE plans, along with the recently concluded Lombard community token public sale, the entire market is exhibiting unprecedented activity.

Imagine this: you originally wanted to raise $6.75 million to buy a small house, but a group of people insists on giving you $94.7 million to buy a villa—this is the true picture of the $BARD token community sale in the third quarter of 2025. This "epic carnival" on the Buidlpad platform set dual historical records for speed and scale: oversubscribed by 1400%, with 21,340 participants from 132 countries flooding in, turning a normal fundraising activity into a global carnival.

This is no coincidence. Behind these seemingly "out of control" numbers lies a bigger story: the spring of Bitcoin DeFi infrastructure has finally arrived, and it has come more fiercely than anyone else.

Community-Driven Model Reshaping the Fundraising Landscape

Let’s first appreciate how this "beautiful accident" happened. The team originally designed a three-phase sales process, aiming to elegantly complete a community financing. However, the user-generated content activity in the first phase received 23,500 creative submissions—enough to hold a small creative festival. By the KYC and subscription phase, 130,000 applications came pouring in like snowflakes, forcing the platform to become "bounty hunters," working overnight to clear over 100,000 bot accounts trying to take advantage. Ultimately, 21,340 "survivors" completed this epic funding commitment.

This level of excitement is reminiscent of a concert ticket rush, except this time everyone is scrambling for investment opportunities. Similar scenes of madness have been frequent this year: Plasma's $500 million instant ICO left people dumbfounded, and Sahara AI's oversubscription on the same platform was equally impressive. Clearly, the market is sending us an important signal—retail investors are tired of only being able to "pick up the pieces" in the secondary market; they want opportunities to stand on the same starting line as institutional investors.

Interestingly, the data from participants across 132 countries tells us that this is not a localized celebration, but a truly global event. From the auroras in the Nordic countries to the coconut groves at the equator, from coffee shops on Wall Street to late-night offices in Tokyo, investors around the world are focused on the same thing: the future of Bitcoin infrastructure. According to Maestro's latest report, the entire Bitcoin DeFi (BTCFi) market experienced over 22 times growth in 2025, with total locked value surging over 2000%. As Jacob Phillips, co-founder of Lombard, stated: "The momentum during the community sale was evident, and the results clearly indicate the market's confidence in the ability to drive on-chain Bitcoin demand to new heights." This deep alignment between the community and the project sets a new standard for participation in the industry.

Market Validation of Bitcoin On-Chain Financial Infrastructure

If the numbers above are shocking, the technological achievements behind them are even more astonishing. Bitcoin, the "silent giant" of the crypto world, has long been like a reclusive martial arts master—everyone knows it’s powerful, but it rarely "takes action" in the DeFi arena. However, this situation is undergoing a dramatic change.

Take Bitcoin staking as an example; Babylon's success is nothing short of phenomenal. This project has enabled Bitcoin to achieve native staking for the first time, attracting 24,000 Bitcoins (approximately $1.5 billion) in a single open event in October 2024, with the entire process taking only 1 hour and 40 minutes. Even more astonishing, their first round of 1,000 Bitcoins was snapped up in just 74 minutes. This scene is reminiscent of the lines during the iPhone launch, except this time the ones lining up are Bitcoin whales.

The liquid staking token (LST) sector is flourishing. Lombard's LBTC reached a locked value of $1 billion in just 92 days, becoming the first Bitcoin LST recognized by blue-chip protocols like Aave, Spark, and EigenLayer; meanwhile, 12 other LST protocols like pumpBTC, Lorenzo, and Allo are also vying for a piece of the pie. It’s like the "Warring States" period of Bitcoin DeFi, with various factions showcasing their unique skills.

The competition for infrastructure is even more intense. BOB combines Bitcoin security with Ethereum DeFi capabilities through BitVM technology, claiming to become the "gateway to Bitcoin DeFi"; Arch Labs is developing ArchVM, attempting to achieve Turing-complete smart contracts on the Bitcoin base layer; Hemi claims to be the "largest programmable layer on Bitcoin," embedding Bitcoin nodes into the Ethereum virtual machine. These projects are like adding various "plugins" to Bitcoin, allowing this martial arts master to finally showcase its skills in the DeFi arena.

The most interesting aspect is the innovation in token economics. From the four major functional designs of $BARD (protocol governance, staking rewards, priority access, fee discounts) to the upcoming BABY token reward mechanism from Babylon, and various LST token yield distribution models, the entire industry is exploring how to allow the community to truly share in the dividends of infrastructure development. This design philosophy is becoming a new benchmark in the industry; after all, who wouldn’t want a "first-class ticket" to the financial future of Bitcoin?

Industry Development Prospects and Investment Value

Now let’s broaden our perspective. The current explosion of Bitcoin DeFi infrastructure may just be the prologue to a grander story. Consider this: Bitcoin, as the largest cryptocurrency by market capitalization, has a DeFi ecosystem that is still far from matching its status—it's like the world's richest person living in a rental apartment, which is simply unreasonable.

Institutional funds are flooding into this field at an unprecedented rate. When traditional financial giants start to seriously consider Bitcoin allocation, they are not looking for simple buy-and-hold strategies, but rather professional financial products that can generate returns, provide liquidity, and meet compliance requirements. This is where the value of Bitcoin LST and related infrastructure lies—they transform "digital gold" into "yield-generating assets."

From a technological development perspective, what we see now may only be the tip of the iceberg. Compared to the maturity of the Ethereum staking ecosystem, Bitcoin staking and liquidity release are just getting started. With more innovative products being launched and the regulatory environment gradually clarifying, the growth potential of this market is simply unimaginable.

Most interestingly, ecological funds like the Liquid Bitcoin Foundation are using community funds to drive the development of the entire industry, a model that is more sustainable than traditional venture capital—after all, using community money for community building creates a perfectly aligned incentive mechanism.

Looking ahead, we are likely to see Bitcoin become one of the most important asset classes in a multi-chain DeFi ecosystem. Projects that can provide full-stack solutions, build strong community foundations, and gain recognition from mainstream protocols will dominate this emerging market. And this record-breaking $94.7 million community sale may well be remembered in history as the beginning of this new era.

After all, when 21,340 individuals from 132 countries simultaneously say "yes" to a project, it is no longer just an investment—it's a global referendum on the future of Bitcoin.

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