CoFounder @Lombard_Finance prev: Polychain, Perennial
NYC
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I think this is a new DeFi First?
$500mn+ asset acquisition
Here's the gist of it:
BTC onchain is broken.
Users want the real thing — not branded wrappers, high mint/redeem fees, and gated access.
At best, your current BTC wrapper is a 3rd or 4th priority for the team operating it. Users, Developers, and Bitcoin deserve better.
Lombard + BTC.b will make BTC in DeFi better than BTC on CEXs. You'll be using Bitcoin onchain & you won't even know it.
The Gameplan:
- Direct integration to apps (Branded as "BTC")
- Permissionless (and free) mint/redeem
- Full suite of developer tools to craft the perfect UX
- Accessible to all major ecosystems with unified liquidity
- Institutional-grade security (backed by OKX, Kraken, DCG, Galaxy, etc...)
Partnering with Avalanche was the perfect launchpad for this shared vision.
BTC.b:
- $500mn+ TVL (with no incentives)
- Trusted by @aave @GMX_IO and all other major apps on AVAX
- Led by a team leading the charge in institutional crypto
BTC.b will become the foundation of our proliferation of BTC onchain. A credibly neutral, multichain Bitcoin primitive — built to look, feel, and act exactly like the underlying BTC, but with enhanced access & capabilities.
BTC will come onchain & never go back.
Coming to @ethereum @solana @HyperliquidX @megaeth @monad and many more very soon.
EXCLUSIVE: Lombard Finance acquires BTC.b, Avalanche's bridged bitcoin asset, from Ava Labs theblock.co/post/376974/lomb…
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It's actually pretty amazing how much progress the space has continued to make in the face of this setback.
Most impactful: it came at a pivotal time. Institutions in the process of coming onchain... now even more risk averse than before. This perhaps will be looked back upon as having altererd the end state fabric of defi, as products & risk models have had to adjust.
As someone who wants to see defi progress as fast as possible... I of course am disappointed by this. This setback likely slowed us down by a year or more.
Though the pragmatist in me thinks it was perhaps the best thing for the industry.
Much of DeFi is back to the basics, simplifying protocols, removing excess risk, focused on a core set of use cases.
Biggest downside is that anything long-tail is getting cut --> and this is where DeFi has always had the most PMF.
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Onchain BTC users have been some of the hardest hit.
If you were already a little skeptical of defi — that hack affirmed your biggest concerns.
BTC is begging to come onchain... but it's not in the business of taking meaningful principal risk.
Hardest part of my job today is convincing large LPs that DeFi is save -- something that can't be argued... only shown.
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On stage Tuesday in Singapore.
What Do Institutions Demand From Digital Asset Yield Products?
Hunter Horsley (@HHorsley), CEO at @Bitwise, Jacob Phillips (@JacobPPhillips), Co-Founder at @Lombard_Finance, and Elizabeth Yenko (@hey_elizabethy), Head of Digital Assets Strategy at @NYLIManagement Investment Management, unpack the institutional demand side in the day’s second panel, moderated by Steve Lee (@xxstevelee), Managing Partner at @NeoclassicCap.
⏱️ 10:30 AM SGT
📍Raffles Hotel, Singapore
Catch Hunter, Jacob, Elizabeth, and Steve on the stage!
Digital Asset Yield Summit is where private capital explores onchain yield: a tightly curated room of 300 institutional allocators and asset managers. Service Provider passes are sold out. A few complimentary spots remain open for LPs and Allocators:
🔗 Request an Invite → daysevent.com/singapore#pass…
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Live in 5 minutes 🔔
Join @AsadIshmael, Gordon Grant and @JacobPPhillips live at 1pm ET discussing putting your bitcoin to work. Tune in!
x.lingyaoai.com/i/broadcasts/1RKZzBObB…
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In crypto, we would call this a governance attack
BREAKING: President Trump says he will issue a $5,000 "dividend" to every adult citizen in the US if the Republicans win the midterm elections.
There are currently ~245 million US citizens age 18+, meaning this dividend would cost ~$1.2 trillion.
This would mark the biggest economic stimulus payment since the pandemic.
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Onchain vs offchain:
- Lower borrowing costs
- Higher LTVs
(h/t @syphercapital)
borrowonbitcoin.com/
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Tokens are responding to fundamentals.
One of the best developments of the bear market.
$ZRO is up 12% after @LayerZero_Core unveiled ATLAS, a headless exchange built on its Zero blockchain.
Venues plug in and keep 20-65% of the trading fee. 75% of what remains buys and burns ZRO.
No launch date yet, and Zero hasn't reached mainnet.
Read more here:
thedefiant.io/news/blockchai…
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One of the longest institutional track records, now available onchain.
The new LBTC.
4.5 years trading Bitcoin volatility. Positive every quarter, across every market condition since 2022.
Led by Bitwise's derivatives team. Previously available only to Bitwise's largest clients, now available to anyone holding LBTC.
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Any good collaboration tools for LLMs?
Goal: Allow a colleague to take over a chat/project exactly where I left off (google docs for claude)
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Offchain yield with as much transparency as onchain yield.
LBTC V2 Transparency Dashboard will be the most in-depth publicly available dashboard for an institutional yield strategy.
What are we missing?
lombard.finance/transparency…
Lombard brought $billions in BTC onchain — Time for round 2.
The new & improved LBTC:
- Covered Call Strategy
- Managed by @Bitwise
- Targeting 2.5% net APY
+
The most in-depth transparency/risk dashboard of any onchain asset.
Announced today @Lombard_Finance.
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Jacob Phillips retweeted
Very excited about this news.
Bitwise's derivatives portfolio management team, led by @tradecoin14 will be generating income/yield on Bitcoin from a durable source — volatility.
Lombard then brings that onchain.
Onchain Finance you might say.
.@Bitwise is now running a Bitcoin covered-call options strategy for Lombard.
Onchain assets are starting to be managed the way institutional capital always has been.
A milestone for productive Bitcoin.
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Lombard brought $billions in BTC onchain — Time for round 2.
The new & improved LBTC:
- Covered Call Strategy
- Managed by @Bitwise
- Targeting 2.5% net APY
+
The most in-depth transparency/risk dashboard of any onchain asset.
Announced today @Lombard_Finance.
LBTC proved demand for yield-bearing Bitcoin. Today, we double down on that thesis.
LBTC is moving to institutional yield. @Bitwise will manage a covered-call options strategy with a 4.5-year legacy track record, to generate LBTC's yield, targeting 2.5% net APY paid in Bitcoin.
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Jacob Phillips retweeted
The Signal 2026. Where Digital Finance Converges.
A symposium on October 14 in New York.
Institutional investors and industry professionals may apply to attend. luma.com/thesignal2026
This year's speakers include (with more to come):
Alex Alden (BTIG)
@mikebelshe (@BitGo)
@carlosdomingo (@Securitize)
@BoHines (@tether USAT)
@aya_kantor (@august_digital & @upshift_fi)
Amar Kuchinad (@CopperHQ)
@StaniKulechov (@aave)
@JacobPPhillips (@Lombard_Finance)
@DavidLRipley (@krakenfx)
@matthew_sigel (@vaneck_us)
Jamie Walker (@usbank)
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Bitcoin continued to dominate as the preferred collateral.
@Lombard_Finance & @FlowTraders thread the needle for institutions who want to borrow stablecoins but can’t post onchain collateral (the @CapApp model)
Onchain BTC collateral -> posted to back stablecoin lenders -> who lend directly to leading Institutions.
Introducing the Bitcoin Onchain Credit Strategy, opening access to institutional credit markets for Bitcoin holders.
@FlowTraders is among the first institutional participants using the Strategy, contributing a fixed premium to borrow stablecoins onchain.
Built in partnership with @capapp, @symbioticfi, and @chainlink.
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Tons of stablecoins launched with Bridge (@Stablecoin) — Now Bridge has their own (and a long list of partners).
Reminds me of Global Dollar Network (USDG), though a few of @global_dollar's flagship partners also partnered with @openstandard (Anchorage, OKX, Galaxy).
Introducing Open USD: a stablecoin built for the internet economy, designed by the businesses growing it.
joinopenstandard.com/blog/in…
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So much confusion here could have been avoided by noting this was an equity deal.
Very interesting assuming this deal comes with strategic benefits.
@krakenfx has been making big moves in the onchain space.
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Live with @alexeiZamyatin!
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