Cross-chain Bitcoin transmissions formalized between Symbiotic, Chainlink, and Lombard partnership
In a pioneering collaboration, Symbiotic, Chainlink, and Lombard have announced the launch of an industry-first cryptoeconomic guarantee layer for secure cross-chain Bitcoin transfers. This partnership aims to redefine the landscape of cross-chain Bitcoin derivatives, setting a new standard that scales with demand.
The integration will introduce immediate token utility for BARD holders, enabling them to stake into the vault via the Lombard App to secure cross-chain LBTC transfers while earning up to 240% APY. On the other hand, the staking vaults will hold up to $100 million of Chainlink's native token, LINK, and 20 million of Lombard's upcoming native token, BARD.
Chainlink's Cross-Chain Interoperability Protocol (CCIP) is integrated into the system to secure transfers of Lombard Staked Bitcoin (LBTC) across blockchains. This collaboration reinforces LBTC's position as the leading institutional-grade, yield-bearing Bitcoin asset trusted by top DeFi protocols.
Two new Symbiotic vaults have been introduced, backed by a Symbiotic-powered monitoring network that verifies LBTC transfers via CCIP and issues alerts in case of discrepancies. This dual-layer protection system ensures the security of cross-chain Bitcoin derivatives, reinforcing the robustness of LBTC.
The collaboration also establishes a replicable framework for securing broader DeFi infrastructure such as oracles and settlement layers. By pairing CCIP's modular architecture with Symbiotic's restaked collateral, LBTC holders will benefit from stronger economic guarantees through staking, as explained by Jacob Phillips, Lombard's Co-founder.
Misha Putiatin, Symbiotic's co-founder, stated that the protocol turns passive crypto assets into modular, active security infrastructure. Symbiotic's modular architecture will allow Lombard and partners to dynamically customize protection levels, with value transferred and no disruption to ongoing operations.
The tokenomics for BARD will be shared on September 16, and the airdrop and other participant allocation claims will take place on September 18. This model is positioned as foundational infrastructure for the next generation of cross-chain DeFi security.
While the Bank of England has proposed capping stablecoin ownership, no information about any UK crypto groups criticizing this proposal was provided in the paragraph. Meanwhile, Forward Industries has launched a Solana Treasury with a $1.58 billion purchase, a fact not directly related to the partnership between Symbiotic, Chainlink, and Lombard.
Lombard recently discussed the launch of its native token, stating that it is redefining how Bitcoin moves and that BARD will be at the core of this movement. Jacob Phillips emphasized that LBTC is a chain asset, meeting demand across networks rather than being confined to one.
This partnership reinforces the commitment of these three entities to pushing the boundaries of cross-chain DeFi security and creating a more robust, scalable, and secure infrastructure for the future of digital assets.
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