Collaborative effort between Symbiotic, Chainlink, and Lombard for cross-blockchain Bitcoin transaction facilitation
In a groundbreaking collaboration, Symbiotic, Chainlink, and Lombard have announced the launch of the industry's first cryptoeconomic guarantee layer for secure cross-chain Bitcoin (BTC) transfers. This innovative model positions itself as foundational infrastructure for the next generation of cross-chain DeFi security.
The partnership aims to establish a replicable framework for securing broader DeFi infrastructure, including oracles and settlement layers. This systemic resilience strengthens with network growth, offering a robust solution for the growing DeFi landscape.
The integration will introduce immediate token utility for BARD holders. By staking into the vault via the Lombard App, BARD holders can secure cross-chain LBTC transfers while earning up to 240% APY. Two new Symbiotic vaults will be introduced, backed by a Symbiotic-powered monitoring network that verifies LBTC transfers via CCIP and issues alerts in case of discrepancies.
One of the staking vaults will hold up to $100 million of Chainlink's native token, LINK, while the other will have 20 million of Lombard's upcoming native token, BARD. This dynamic customization of protection levels for the guarantee layer, enabled by Symbiotic's modular architecture, allows partners to adjust protection levels without disrupting ongoing operations.
To address the need for holders to move their Bitcoin (BTC) freely without compromising security, Lombard's Co-founder, Jacob Phillips, explains that pairing CCIP's modular architecture with Symbiotic's restaked collateral gives the LBTC community stronger economic guarantees through staking. This partnership reinforces Lombard Staked Bitcoin (LBTC) as the leading institutional-grade, yield-bearing Bitcoin asset trusted by top DeFi protocols.
Each BARD staked reinforces the robustness of LBTC, aligning incentives and strengthening the integrity of Lombard's interoperability stack. Misha Putiatin, Symbiotic's co-founder, states that the protocol turns passive crypto assets into modular, active security infrastructure.
The integration of Symbiotic's restaking framework with Chainlink's Cross-Chain Interoperability Protocol (CCIP) for cross-chain LBTC transfers showcases how decentralized collateral can be deployed quickly and permissionlessly to reinforce cross-chain value flows. This collaboration delivers a dual-layer protection system for cross-chain Bitcoin (BTC) transfers, setting a new standard for cross-chain Bitcoin derivatives.
The protocol revealed that the tokenomics will be shared on September 16, while the airdrop and other participant allocation claims will take place on September 18. The future of cross-chain DeFi security is undoubtedly exciting, and this partnership between Symbiotic, Chainlink, and Lombard is a significant step towards realizing that vision.
