Bitcoin transfer partnership: Chainlink, Symbiotic, and Lombard team up for cross-chain transactions
In a significant development for the cryptocurrency industry, Symbiotic, Chainlink, and Lombard have announced a partnership to create the first cryptoeconomic guarantee layer for secure cross-chain Bitcoin transfers. This collaboration is set to revolutionize the way Bitcoin moves across various blockchains.
The partnership integrates Chainlink's Cross-Chain Interoperability Protocol (CCIP) to secure transfers of Lombard Staked Bitcoin (LBTC) across blockchains. This integration will introduce immediate token utility for BARD holders, enabling them to stake into the vault via the Lombard App to secure cross-chain LBTC transfers while earning up to 240% APY.
Two new Symbiotic vaults will be introduced, backed by a Symbiotic-powered monitoring network that verifies LBTC transfers via CCIP and issues alerts in case of discrepancies. Each BARD staked reinforces the robustness of LBTC, aligning incentives and strengthening the integrity of the interoperability stack.
Misha Putiatin, Symbiotic's co-founder, stated that the protocol turns passive crypto assets into modular, active security infrastructure. Symbiotic's modular architecture will allow Lombard and partners to dynamically customize protection levels, with value transferred and no disruption to ongoing operations.
Jacob Phillips, Lombard's Co-founder, highlighted that LBTC is a chain asset, meeting demand across networks rather than being confined to one. This freedom aligns with the needs of LBTC holders who seek the freedom to move their Bitcoin wherever the best opportunities are, but without compromising security.
The tokenomics for BARD will be shared on September 16, and the airdrop and other participant allocation claims will take place on September 18. The collaboration reinforces LBTC's position as the leading institutional-grade, yield-bearing Bitcoin asset.
The integration of Symbiotic, Chainlink, and Lombard delivers a 'dual-layer protection system' for cross-chain Bitcoin derivatives. This model is positioned as foundational infrastructure for the next generation of cross-chain DeFi security. The new system scales with demand and sets a new standard for cross-chain Bitcoin derivatives.
The collaboration establishes a replicable framework for securing broader DeFi infrastructure such as oracles and settlement layers, potentially opening up a world of opportunities for future partnerships and developments.
Lombard recently discussed the launch of its native token, stating that it is redefining how Bitcoin moves and that BARD will be at the core of this movement. The upcoming tokenomics and airdrop events are highly anticipated within the cryptocurrency community.
It's important to note that this partnership is not directly related to the $1.58 billion Solana Treasury launched by Forward Industries, which is another significant development in the cryptocurrency industry.
This article does not contain information about the Bank of England's proposal to cap stablecoin ownership. For updates on that topic, please refer to separate sources.
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