Lombard Finance’s comprehensive solution is poised to unlock the potential of Bitcoin’s $154B DeFi market, enabling users to stake BTC with minimal setup and earn a current annual yield of 3%.
Unlocking Bitcoin‘s $154B DeFi Opportunity
Lombard Finance has launched a software development kit (SDK) that enables BTC staking with minimal setup, targeting the estimated $154 billion in bitcoin sitting idle on centralized exchanges.
Bitcoin is a decentralized digital currency that allows for peer-to-peer transactions without the need for intermediaries.
It was created in 2009 by an individual or group using the pseudonym Satoshi Nakamoto.
Bitcoin uses cryptography to secure and verify transactions, with a decentralized network of computers working together to record all transactions on a public ledger called the blockchain.
As of 2022, there are over 18 million Bitcoins in circulation, with a total market capitalization of over $1 trillion.
The new toolkit allows users to stake BTC to mint a liquid staking token called ‘LBTC’ , which can be automatically deposited into Lombard’s DeFi Vault for a current annual yield of 3%. This move aims to further bring BTC into the decentralized finance (DeFi) economy, unlocking new earning opportunities for BTC holders.
The integration of the SDK with leading cryptocurrency exchanges ‘Binance‘ and ‘Bybit‘ has already shown promising results. The platforms have integrated the SDK, which routes staked BTC into Lombard’s DeFi Vault, marking a significant step towards bringing more bitcoin into the DeFi ecosystem.
“Bybit” and “Binance” are among the early adopters of the SDK, which targets $154 billion in idle bitcoin. The toolkit offers new revenue streams for these platforms and a way to keep users engaged through a new DeFi offering. Lombard says that this integration will help increase user engagement and provide an additional source of income.
The launch of the SDK is part of Lombard’s broader strategy to bring more bitcoin into the DeFi economy. The protocol expanded last month with the launch of its liquid-staking bitcoin token, ‘LBTC’ , on the Sui blockchain. This move has helped to grow the Bitcoin staking market, which has seen significant growth over the past seven months.
The current annual yield of 3% for ‘LBTC’ is attractive to investors looking for new earning opportunities. The fact that users can stake BTC with minimal setup makes it easier for them to participate in the DeFi economy. Lombard’s co-founder Jacob Phillips notes that this complexity has been removed, making it more accessible for both platforms and users.
The integration of xVerse, Metamask, and Trust Wallet is also being supported, further expanding the reach of the SDK. These additional wallet integrations will provide new revenue streams for these platforms and help to keep users engaged through a new DeFi offering.
