Lombard Finance has introduced its yield-bearing Bitcoin token, LBTC, to the Solana blockchain, expanding the asset’s circulation to one of the industry’s largest smart-contract networks
Lombard Finance has introduced its yield-bearing Bitcoin token, LBTC, to the Solana blockchain, expanding the asset’s circulation to one of the industry’s largest smart-contract networks. The SPL-formatted coin is fully backed by bitcoin and pays holders roughly 1% annualised yield, with more than US$1.5 billion already issued across multiple chains.
LBTC is secured by a decentralised validator consortium that provides real-time proof of reserves, allowing users to earn yield without giving up custody of the underlying bitcoins. The token debuted earlier this year and amassed US$1 billion in total value locked within 92 days on Ethereum, Base, Sui and BNB Chain, according to project disclosures.
On Solana, LBTC is immediately tradable or deployable as collateral through leading decentralised-finance venues including Jupiter Exchange, Kamino Finance, Drift Protocol and Meteora. Lombard says the rollout marks a step toward making its platform for bitcoin liquidity as foundational to the crypto ecosystem as leading stablecoins are to dollar transactions.
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Source: https://thedefiant.io/news/defi/lombard-launches-1-5-b-yield-bearing-bitcoin-token-on-solana-b3811777
