Lombard Finance Shifts $1 Billion Bitcoin Assets to Chainlink
- Lombard Finance is moving over $1 billion in Bitcoin-backed tokens from LayerZero to Chainlink.
- The decision follows a $292 million exploit involving Kelp DAO due to LayerZero’s vulnerabilities.
- Lombard’s assets are spread across Ethereum, Solana, and Berachain networks.
- The firm will also adopt Chainlink’s Cross-Chain Token (CCT) standard for minting and burning tokens.
- Lombard BTC (BTC.B) and Lombard Staked BTC (LBTC) have a combined market cap exceeding $1 billion, with LBTC alone valued at $816 million.
Following the Kelp DAO exploit, Lombard Finance has decided to transition its significant Bitcoin-backed assets from LayerZero technology to Chainlink’s cross-chain interoperability platform (CCIP). This strategic move is aimed at enhancing security and maintaining their zero-incident record.
This transition underscores the growing preference for Chainlink’s secure infrastructure among major crypto projects, as evidenced by Lombard’s substantial asset migration and adoption of new token standards. (Source)
