Bitcoin Updates: Lombard’s BTC.b Initiative Bridges DeFi Shortcomings Left by Major Centralized Players
- Lombard Finance acquires BTC.b from Ava Labs to expand Bitcoin DeFi offerings, transitioning infrastructure while retaining Avalanche integrations. - BTC.b, valued at $502M, integrates with Aave and BENQI, complementing Lombard's $1.3B LBTC token to offer yield and non-yield bitcoin assets across chains. - The $2.1T bitcoin market has less than 1% onchain activity, with BTC.b's permissionless minting and MegaETH launch aiming to bridge liquidity gaps left by centralized alternatives. - The internally neg
Lombard Finance has taken over BTC.b, the Avalanche-based bridged
Launched in 2022, BTC.b boasts a market capitalization of $502 million and is utilized by DeFi platforms such as
For Lombard, this purchase accelerates its goal of developing a comprehensive Bitcoin DeFi ecosystem. Co-founder Jacob Phillips pointed out that BTC.b is a strong addition to Lombard’s current yield-generating token, LBTC, which has a market cap of $1.3 billion. The platform now provides both yield and non-yield bitcoin assets across several blockchains, filling the void left by centralized options like cbBTC and
This deal also introduces new features through the Lombard SDK, allowing developers to integrate bitcoin directly into their applications. BTC.b will be the primary bitcoin asset on MegaETH at launch, with future plans to broaden its reach across multiple chains. Phillips further noted that both institutional and retail participation in Bitcoin DeFi is still in its early stages, with under 1% of bitcoin’s $2.1 trillion market cap currently active onchain.
The agreement comes after several months of negotiations between the two firms and was managed internally without outside advisors. Although the financial details remain confidential, this move highlights the increasing momentum for connecting Bitcoin liquidity with DeFi platforms.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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