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$104,496 cross-chain liquidity staking protocol, Lombard, announced that starting from September 11, all Wrapped Bitcoin (wBTC) will be converted to Lombard Bitcoin (LBTC). The conversion of wBTC to LBTC aims to maximize restaking opportunities across various protocols, including EigenLayer, Symbiotic, and Karak.
The Value of Assets in the Protocol Rose from $38 Million to $61 Million in a Short Time
The conversion of wBTC to LBTC follows significant growth in ether.fi’s eBTC, whose asset value rose from $38 million to $61 million since the launch of restaking with LBTC last week.
The protocol aims to simplify the restaking process for users, allowing them to earn double returns through staking and restaking. eBTC, a product of ether.fi, is designed to facilitate easy participation for users who want to restake their Bitcoin in protocols like Symbiotic, Karak, and soon-to-be-supported EigenLayer. With eBTC, users can access double earnings by participating in market-leading products that offer both staking and restaking rewards.
While LBTC earns staking yields from Babylon, eBTC benefits from restaking yields available from Symbiotic. In addition to double yield opportunities, users can benefit from various incentives from Lombard, Babylon Labs, ether.fi, Veda Labs, and Symbiotic. Lombard also mentioned that more yields and rewards are on the horizon, enhancing potential benefits for participants.
Stands Out with High-Speed Restaking Transactions
One of the most intriguing aspects of Lombard’s protocol is that users can reclaim yields without constantly monitoring deposit limits. ether.fi automatically reclaims LBTC deposits in Symbiotic as deposit limits are lifted, making the process more user-friendly and efficient. For instance, the recent deposit limit of 165 LBTC was filled in just 12 minutes, indicating high demand and an extremely fast restaking process within the community.
On the other hand, Lombard’s move reflects the growing interest and participation in restaking protocols that allow users to earn additional rewards by securing the network through their staked assets. As the protocol continues to expand its offerings, users can expect more opportunities to maximize their yields and engage with a wide variety of staking and restaking products.
