Over the past 36 hours, we've spoken to funds interested in earning a hassle-free return on millions of dry powder, people demanding to restake LBTC with
@symbioticfi, and institutions wanting to be part of the evolution of Bitcoin.
We also spoke to a bunch of people eager to Super Yield Farm
™ @use_corn (shout out
@spadaboom1) and discussed with Corn the killer videos we’ll make when LBTC joins their fields of yields.
There were DMs with exchanges on LBTC listings, wallet integrations, campaigns, and more. And there were the real ones who just wanted an access code to our Private Beta, motivated to get in before
@babylonlabs_io Mainnet launch (‘wen code’ x10000000), and those who tried to break the WebApp but couldn’t.
This tells us one thing: LBTC is a universal Bitcoin primitive, valuable to every protocol, chain, and person with a stake in the digital economy.
Here are the stats you'll remember:
As of 17:00 UTC on August 22nd:
TVL: $38M
Circulating supply: 655 BTC
Users: 130
BTC Token Ranking: 6 / 21
Check out our Dashboard for live data:
dune.com/optimus/lombard In the past 24 hours:
We launched Lombard’s Private Beta on Mainnet after 4 months of engineering and product design. A team of 20, along with some big brains over at Cubist, have built a secure, trust-minimized, DeFi-native liquid Bitcoin so that anyone—individuals or institutions—can do more with their Bitcoin.
We saw the demand for LBTC - $38M deposits in 24 hours for an asset that doesn’t typically move out of cold storage shows the belief in the team behind the asset LBTC, and the demand for it’s utility. Whilst a big Day 1 is encouraging, that’s not the mission. The mission is to make Bitcoin an economically active participant in the trillion-dollar industry it started.
We staked into Babylon but soon realized that spending $800K to stake the 250 BTC we had planned to would not make sense. Check
@JacobPPhillips's math.
x.com/JacobPPhillips…
We stopped at 2 BTC and immediately reallocated the pay-day to mining pools to initiatives that will yield more value to the community and Lombard as the developers and distributors of LBTC.
We plan to be the supply-side to Babylon’s security market so LBTC has a steady native yield, but that starts when PoS networks begin to use Bitcoin’s economic security later this year.
We fixed a bunch of kinks on the front end thanks to our amazing community that worked with our product team to fix the plane while flying. Hours ago, we didn’t fully support Gnosis Safe, and now we do thanks to the patience of our early adopters and ‘
@th3m477 and Olivia going gangster mode’ (Matt D) and building it in.
All current stake, mint, and swap features will be upgraded to welcome the general public next week, and if there’s anything missing for you please let us know.
We’re more confident than ever. Next week is going to be HUUUGEEE. All of this LBTC (now up $2M since the time of starting this post) will begin to flow through DeFi on Ethereum where the bulk of activity is today.
LBTC’s early adopters, both on the protocol and user side, are ready to start lending, borrowing, and farming with their infinitely better Bitcoin. We kinda want to get it out now, marketing says its best to wait.
gm/ga/gn & thanks!
🙂