BNB Smart Chain (BSC)

The BNB Smart Chain, or BSC, is a Layer-1 chain first launched by Binance in 2019. BSC is part of the BNB ecosystem, consisting of several chains. More info here. The native token standard for BSC is the BEP-20, comparable to Ethereum's ERC-20, allowing it to run Ethereum based dApps. Boasting a market cap of almost $4.3 billion dollars, BNB Smart Chain hosts a wide array of DeFi protocols where LBTC can be used.

BTCB, or Bitcoin BEP-20, is a wrapped form of Bitcoin on the Binance Smart Chain (BSC) network. Users can deposit their Bitcoin on Binance, and via the Binance Bridge users can redeem an equivalent amount of BTCB on the BSC network. As of October '24, 65,140 BTCB were circulating out of a total supply of 65,300. However, BTCB does not accrue yield. Users can stake BTCB on BSC, which is backed by BTC, and mint LBTC on BSC. LBTC minted on BSC is a yield bearing form of BTCB.

DeFi Integrations:

There are currently no DeFi integrations for LBTC.

Stay tuned for updates! Rewards:

Users staking BTCB and minting LBTC on BNB Smart Chain will receive 1x Lux and 1x Babylon points.

Smart Contracts:

See an overview of smart contracts.

Mechanism

As BTCB is backed 1:1 to BTC, Lombard can directly mint LBTC on BSC and still guarantee users a 1:1 backing to BTC.

BTCB is accepted by the Lombard protocol for direct minting of LBTC within defined risk parameters. These parameters are designed to restrict the amount LBTC minted on BSC for a given time. This is done to limit Lombard's temporary exposure to non-native BTC assets (i.e. BTCB), and ensure ethical protocol functionality LBTC users.

A Private Market Maker (PMM) is used to control the exchange of LBTC for BTCB, ensuring the corresponding underlying BTC is staked safely into Babylon.

Further info can be found on the PMM and LBTC smart contracts here.

Note: there is currently no option available to unstake LBTC from BSC. More info will be given in the future on when this is available.

How to stake BTCB and mint LBTC on BSC:

Step 1: Connect Wallet

Ensure your wallet is connected to the BSC network. User's LBTC balances on the Ethereum and BSC network are independent. Supported Wallets include Binance Web3 Wallet, Trust Wallet, SafePal, and MetaMask.

Step 2: Navigate to stake BTCB portal

Under the GetLBTC tab, select Stake within the stake BTCB window, or click on BTC within the staking portal under You stake, and select BTCB from the dropdown menu.

Step 3: Stake & Mint

After staking BTCB, LBTC will be automatically minted on BSC.