The BTCFi season seems to have passed, and BTC's LST and LRT protocols are completing their TGEs in Q1 and Q2 of 2025. It now seems that Lombard Finance is the best place for BTC.
Given everyone's deep experience with the narrative of Bitcoin liquidity staking, I won't elaborate on the operation principle. This article will briefly introduce Lombard and analyze Dune Analytics data to understand its airdrop potential.
Lombard Finance
Lombard was established in April 2024, about a year since its open public use, with total financing of approximately $17 million, equipped with Lux points and potential airdrop opportunities.
Investment lineup: Led by Polychain, with investment institutions such as Franklin Templeton, Mirana, Babylon, and several leading exchanges participating. (Note: Binance Labs, now YZi Labs, announced investment in October 2024)
Participation method: Stake BTC to mint LBTC. Simply holding, participating in official DeFi Vaults, or self-staking DeFi protocols can earn Lux airdrop points (Note: Lux points calculation = staking days x LBTC amount x 1000)
Protocol fees: Lombard's revenue sources include 8% Babylon staking rewards and LBTC unstaking fees (fixed at 0.0001 LBTC, currently about $10, redemption takes 7-9 days)
User rewards: Babylon Yield (received from Lombard dApp's 'Staking Yield'), Lombard Lux (potential airdrop), DeFi Yield (DeFi gains or related airdrops)
What does Dune Analytics data say?
Lombard's TVL exceeds $1.6 billion, with total LBTC supply over 15,120 and about 54,567 holders.
1. LBTC Distribution and Changes:
Over 80% of the supply is concentrated in Ethereum.
The total amount starts to rise in November 2024, peaks in March 2025, and then begins to decline.
Possible reason: The BTCFi airdrop season starts in Q1 2025 and ends in Q2 2025. Based on the final yield, people's interest in BTCFi airdrops has slightly decreased.
2. LBTC Holding Address Distribution
If you hold more than 0.01 LBTC, you are among the top 1300 holding addresses (top 2.5%).
Interestingly, from mid to the end of June, the number of new LBTC holding addresses surged by 150,000. Is the market optimistic or is it insider information? (Conspiracy theorists will definitely say this is a project party or stakeholders' insider trading)
3. LBTC Competitor Comparison
Undoubtedly, LBTC is currently the leader in BTC's LST and LRT protocols. The combined supply of pumpBTC, SolvBTC, and uniBTC, which rank 2nd and 3rd, does not match that of LBTC, showing that BTC LST market users are actively betting on Lombard.
Summary
As one of the few unissued token protocols in this round of BTCFi, Lombard seems to be the only option left for people's funds after other projects have completed their token airdrops, which might also be a strategy.
If you have idle BTC and have no plans to sell in the short term, obtaining Lombard airdrop expectations through LBTC, Babylon staking rewards, participating in DeFi while maintaining Bitcoin liquidity might be a good choice.
By the way, according to Dune's data, the best liquidity for LBTC is on Uniswap (over 50% liquidity). I would recommend holding LBTC on Ethereum; interested parties can check the liquidity pool data on Dune themselves.
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※ Lombard 10x boost code:
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10% Lux points acceleration link placed in the top comment
※ The above content does not constitute investment advice. Users should operate according to their own risk tolerance, DYOR and participate in the investment market cautiously.
※ The attached image is from Lombard, Dune Analytics