Lombard Vault, a Bitcoin-focused yield product by Lombard Finance, surpassed the $100 million mark in TVL. At this time, the overall worth of deposits is at a document $114.5 million, in accordance with information from DefiLlama.
Lombard Vault launched in mid-September with about $40 million in TVL. Subsequently, its liquidity worth has practically tripled in below a month.
The product allows customers to deposit Wrapped Bitcoin (WBTC), LBTC (a liquid staking token representing Bitcoin deposited with Lombard), and different tokens to leverage decentralized finance (DeFi) methods, incomes an annual share yield (APY) of over 11%.
The vault, which was developed by Lombard in partnership with Veda, operates as an automatic yield administration resolution that strategically deploys Bitcoin-denominated deposits throughout varied DeFi merchandise, resembling Gearbox, Morpho Blue, Pendle, and Uniswap. It additionally presents automated compounding by changing all accrued DeFi rewards to LBTC.
Essentially the most generally deposited tokens in Lombard Vault are LBTC, PENDLE-LPT (a Liquidity Supplier Token representing Pendle deposits), and WBTC.
Lombard Vault noticed document influx volumes on Thursday, October 10, with greater than $17 million value of tokens being deposited on the platform. On at the present time, LBTC made up over 95% of the overall inflows.
LBTC is an Ethereum-based token backed by Bitcoin at a 1:1 ratio. The token earns a local yield from Babylon Staking.
On October 10, the overall worth of BTC deposits to mint LBTC was over $500 million, the very best degree for the reason that platform’s launch firstly of September. Subsequently, Lombard has minted over 8,300 LBTC tokens. Etherscan information exhibits LBTC is held by over 12,700 wallets, a rise of greater than 2,000 for the reason that finish of September.
In mid-July, we reported that Lombard raised $16 million in a Sequence A spherical led by Polychain Capital and joined by BabylonChain, dao5, Franklin Templeton, Foresight Ventures, Mantle EcoFund, and Nomad Capital.
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