Token

Solv Protocol

Maple

DeFi

Bitcoin liquid staking token LBTC is up for a major boost as the venture capital arm of crypto exchange Binance is <a href="https://crypto.news/binance-labs-invests-in-bitcoin-liquid-staking-project-lombard/" rel="noopener noreferrer nofollow">investing in Lombard.</a> This move taken by Binance Labs showcases how the crypto industry is interested in expanding Bitcoin’s DeFi capabilities.
The cofounder of Lombard Jacob Phillips underlined how this will ensure the company's attempt at <a href="https://yellow.com/asset/lbtc" rel="noopener noreferrer nofollow">LBTC</a> expansion in new blockchain networks. The project wants to create new opportunities for Bitcoin holders in the DeFi landscape.
Lombard’s liquid staking token has already surpassed $640 million in total value locked (TVL) in just 2 months of its launch in August this year. LBTC is being used in various DeFi strategies like institutional borrowing, yield generation and lending across platforms like Morpho, Maple Finance and Pendle.
Binance Labs’ investment in Lombard is happening when the market capitalization of Bitcoin has surpassed $1.3 trillion, showcasing the growth potential of Bitcoin-based DeFi products. However, Bitcoin DeFi only accounts for 0.1% of the total market capitalisation of the cryptocurrency with a TBL of over $1.3 billion.
Binance Labs’ Lombard investment is in line with the increasing market interest in Bitcoin DeFi solutions as seen in the Solv Protocol working to unlock Bitcoin liquidity for lending, yield generation and staking. These enhancements in the Bitcoin ecosystem seek to help Bitcoin holders go beyond trading and holding the digital asset.

Binance Labs Taps Into the Growing Potential of Lombard’s Liquid Staking Token LBTC

Yellow News

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