A Bitcoin cross-chain liquidity staking protocol, Lombard, has announced its decision to convert all Wrapped Bitcoin (wBTC) to Lombard Bitcoin (LBTC) starting September 11. This strategic move aims to optimize restaking opportunities across various protocols, including EigenLayer, Symbiotic, and Karak.
Why Convert to LBTC?
The conversion of wBTC to LBTC is following the significant asset growth in ether.fi’s eBTC, which saw its value surge from $38 million to $61 million within a short period since the launch of restaking with LBTC last week. The protocol aims to simplify the process for users, enabling them to earn double returns through staking and restaking.
eBTC, a product of ether.fi, is designed to make participation easier for users who want to restake their Bitcoin in protocols like Symbiotic, Karak, and the soon-to-be-supported EigenLayer. With eBTC, participants can access double earnings by engaging in top-tier products that offer both staking and restaking rewards.
Benefits of High-Speed Restaking
One of the standout features of Lombard’s protocol is the high-speed restaking transactions. Users can reclaim yields without needing to constantly monitor deposit limits. ether.fi handles the automatic reclamation of LBTC deposits in Symbiotic as deposit limits are lifted, enhancing user convenience and efficiency. The recent deposit limit of 165 LBTC was filled in just 12 minutes, showcasing the high demand and rapid restaking process within the community.
Concrete Gains for Users
– LBTC generates staking yields from Babylon.
– eBTC benefits from restaking yields available from Symbiotic.
– Users can earn double returns through a combination of staking and restaking.
– Incentives are available from Lombard, Babylon Labs, ether.fi, Veda Labs, and Symbiotic.
– More yields and rewards are anticipated in the near future.
Lombard’s move reflects the growing interest in restaking protocols, allowing users to earn additional rewards by securing the network through their staked assets. As Lombard continues to expand its offerings, participants can expect increased opportunities to maximize their yields and engage with a diverse array of staking and restaking products.
