Products Overview

Lombard provides the infrastructure for Bitcoin Capital Markets onchain. The protocol transforms idle BTC into productive, yield-earning capital that moves freely across blockchains while maintaining institutional-grade security through a consortium of leading digital asset firms.

Lombard’s product suite addresses three core needs: representing Bitcoin onchain, earning yield on Bitcoin, and building applications with Bitcoin.

Assets

Lombard issues two Bitcoin-backed tokens, each designed for different use cases.

LBTC: Lombard Staked Bitcoin

LBTC is Lombard’s flagship product: a yield-bearing Bitcoin token backed by BTC staked through the Babylon protocol. When you deposit BTC with Lombard, your Bitcoin is staked to secure Proof-of-Stake networks known as Bitcoin Secured Networks (BSNs). In return, you receive LBTC, a liquid token you can use across DeFi while your underlying BTC earns yield.

Unlike traditional staking where your assets are locked, LBTC gives you full liquidity. You can lend it, provide liquidity, use it as collateral, or bridge it to other chains, all while continuing to earn staking rewards.

LBTC uses a non-rebasing design. Rather than receiving additional tokens, the exchange rate between LBTC and BTC increases over time as yield accrues. Each LBTC becomes redeemable for progressively more BTC, making it straightforward to track your position’s value.

BTC.b: Bridged Bitcoin

BTC.b is a non-yield Bitcoin asset designed for users who need strict 1:1 BTC parity. Originally launched by Ava Labs, BTC.b was acquired by Lombard in October 2025 to provide a complementary product for different use cases.

Where LBTC is optimized for earning yield over time, BTC.b is optimized for speed and simplicity. The exchange rate is always exactly 1:1 with BTC, redemptions are faster, and there’s no yield mechanism to consider. This makes BTC.b well-suited for trading, short-term collateral needs, and applications where predictable pricing matters more than yield.

Together, LBTC and BTC.b give users flexibility: hold LBTC for long-term yield accumulation, or use BTC.b when you need straightforward Bitcoin representation without the yield component.

Vault Shares

Lombard Vaults provide automated DeFi yield strategies for Bitcoin holders. Rather than manually deploying your Bitcoin across protocols, you deposit into a vault and receive share tokens representing your position. The vault handles strategy execution, rebalancing, and yield optimization.

Bitcoin Earn accepts multiple Bitcoin assets and deploys them across curated DeFi strategies. This allows holders to earn additional yield on top of LBTC’s base staking rewards through lending, liquidity provision, and other DeFi opportunities.

Infrastructure

Lombard’s infrastructure layer provides the security, bridging, and developer tools that power the ecosystem, including Bitcoin Smart Accounts (BSA) for institutional access to onchain finance.

Bitcoin Connect

Bitcoin Connect is Lombard’s builder platform for integrating Bitcoin functionality into applications. Connect provides the infrastructure for staking flows, redemptions, cross-chain transfers, and portfolio tracking.

The Lombard SDK is a complete, deployment-ready toolkit within Connect for launching onchain Bitcoin products and strategies.

Bitcoin Smart Accounts

Bitcoin Smart Accounts (BSA) are the first rail between institutional custody and onchain finance. Institutions add a Smart Account designation to their existing custody account, and their Bitcoin is recognized onchain through BTC.b receipt tokens. The underlying Bitcoin never leaves the qualified custodian, and legal title and beneficial ownership remain with the holder at all times.

The architecture uses partially signed Bitcoin transactions (PSBTs) and time locks to form emulated covenants, enabling programmable locking on Bitcoin without changing custody. Each account is fully isolated.

BSA is built for asset managers, crypto funds, corporate treasuries, and high-net-worth individuals who hold Bitcoin at qualified custodians and want to access DeFi without transferring assets, surrendering control, or triggering tax events.

The first integration is with Morpho, where BTC held in custody can be used as collateral to borrow stablecoins or earn yield. A strategic partnership with Bitwise Asset Management extends BSA to additional institutional holders, with more custodians and protocols rolling out through 2026.

Security Consortium

The Lombard Security Consortium is a network of institutional members operating the Lombard Ledger, a transparent verifiable blockchain. Every critical operation (deposits, mints, redemptions, and cross-chain transfers) requires cryptographic signatures from a supermajority of consortium members. This distributed trust model ensures no single party can compromise the protocol.

Cross-Chain Infrastructure

LBTC and BTC.b are natively available across multiple blockchains. Lombard uses industry-standard bridging infrastructure, custom built with Chainlink, to enable secure cross-chain transfers. The protocol implements dual verification where both the bridge validators and the Security Consortium must approve all transfers.

Yield

Lombard unlocks yield opportunities for Bitcoin through native staking, DeFi integrations, and Bitcoin Earn vault strategies.

Bitcoin Staking

Lombard stakes deposited BTC to secure Proof-of-Stake networks without bridging or wrapping. When you hold LBTC, your underlying Bitcoin is actively securing Bitcoin Secured Networks (BSNs). These networks pay for Bitcoin security in their native tokens, which are converted to BTC and reflected in LBTC’s increasing exchange rate.

This is native Bitcoin yield, not lending, not liquidity mining, but genuine staking rewards from providing economic security to blockchain networks.

DeFi Integrations

LBTC is integrated across major DeFi protocols, enabling holders to compound yield through lending, liquidity provision, and restaking. You can supply LBTC to lending markets like Aave and Morpho, provide liquidity on DEXs like Uniswap and Curve, or explore yield strategies through aggregators like Pendle.

Because LBTC is an ERC-20 token available on multiple chains, it works seamlessly with existing DeFi infrastructure. The base staking yield continues to accrue regardless of how you deploy your LBTC.

Lux Rewards

The Lux program rewards users for deploying LBTC and BTC.b across eligible DeFi protocols.

Participants earn Lux points based on their deployment activity, which convert to BARD token allocations at the end of each season.

Season 3 is live with three multiplier tiers: DEX Liquidity at 1x, Lending Collateral at 3x, and Bitcoin Earn/Lombard Strategies at 6x.

Eligible chains include Ethereum, Solana, Avalanche, MegaETH, and Base.

Passive holding of LBTC or BTC.b does not earn Lux.

Next Steps

• Assets — Deep dive into LBTC, BTC.b, fees, and contract addresses
• Infrastructure — Security Consortium, bridging, and oracles
• Yield — How yield works and where it comes from
• Protocol Architecture — How Lombard’s security model works end-to-end
• Token Economics — $BARD distribution, staking, and governance
• Access DeFi — Explore DeFi opportunities with LBTC and BTC.b