Symbiotic Partners with Chainlink and Lombard for Cross-Chain LBTC Transfers – Crypto News – Crypto News
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Symbiotic Partners with Chainlink and Lombard for Cross-Chain LBTC Transfers Symbiotic Partners with Chainlink and Lombard for Cross-Chain LBTC Transfers

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Symbiotic Partners with Chainlink and Lombard for Cross-Chain LBTC Transfers – Crypto News

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9 months ago

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Lombard’s native BARD token is set to launch later this week.

Security-focused staking protocol Symbiotic has partnered with Lombard and Chainlink for cross-chain Bitcoin transfers.

The integration will monitor all cross-chain transfers of Lombard Staked Bitcoin (LBTC) through the Chainlink Cross-Chain Interoperability Protocol (CCIP) for an economically secure multi-chain experience.

Symbiotic is introducing two new vaults alongside the activation, with a $100 million LINK vault and a 20 million BARD vault, where stakers can earn attractive yields, according to a release shared with The Defiant.

BARD is Lombard’s native token that is slated to launch later this week.

Symbiotic is the third-largest restaking platform in DeFi per DeFiLlama, with $1.28 billion in total value locked, only trailing Babylon and EigenLayer.

Symbiotic TVL – DeFILlama

“Symbiotic turns passive crypto assets into modular, active security infrastructure. Integrating our restaking framework with Chainlink CCIP for cross-chain LBTC transfers showcases how decentralized collateral can be deployed quickly and permissionlessly to reinforce cross-chain value flows and deliver tangible benefits to end users,” said Misha Putiatin, the co-founder of Symbiotic.

When asked about future scalability, Putiatin told The Defiant, “Staked, verifiable bridging is new, so it’s difficult to predict exact scaling paths. But the general staking logic still applies: staking is first and foremost an incentive alignment mechanism. I expect upcoming multichain apps and bridges to use a mix of their own tokens, supplemented and scaled with blue-chip assets like BTC, ETH, or LINK, depending on their security requirements.”

Bitcoin DeFi protocol Lombard currently boasts $1.5 billion in TVL, after reaching an all-time high of $2.2 billion in May.

“LBTC holders want the freedom to move their Bitcoin wherever the best opportunities are, but they also expect uncompromising security. Pairing CCIP’s modular architecture with Symbiotic’s restaked collateral gives our community stronger economic guarantees through staking,” said Jacob Phillips, the co-founder of Lombard.

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