Symbiotic, Chainlink, and Lombard launch industry-first layer for cross-chain Bitcoin transfers
The move creates a robust security framework using restaked digital assets to protect and incentivize cross-chain Bitcoin transfers.
Key Takeaways
- Symbiotic, in partnership with Chainlink and Lombard, launched a cryptoeconomic guarantee layer for cross-chain Bitcoin transfers.
- The new system allows BARD holders to stake tokens for up to 15% APY, integrating decentralized collateral for enhanced security.
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Three blockchain infrastructure providers, Symbiotic, Chainlink, and Lombard, have teamed up to launch a first-of-its-kind guarantee layer for cross-chain Bitcoin transfers, according to a Monday announcement.
The system protects Lombard Staked Bitcoin (LBTC) as it moves between blockchains, using Chainlink’s Cross-Chain Interoperability Protocol (CCIP) as its security backbone, the team stated.
The collaboration also brings two new Symbiotic vaults, including one holding up to $100 million in LINK and the other up to 20 million BARD. Each is backed by a Symbiotic-powered monitoring network that verifies LBTC transfers via CCIP.
BARD holders can stake their tokens in the vault via the Lombard App to secure cross-chain LBTC transfers and earn up to 15% APY, as noted in the announcement.
“Symbiotic turns passive crypto assets into a 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 Symbiotic co-founder Misha Putiatin.
Chainlink Labs’ chief business officer, Johann Eid, stated that working with Symbiotic and Lombard will bolster economic guarantees for LBTC transfers, showcasing CCIP’s ability to meet diverse security needs.
The integration combines Symbiotic’s permissionless restaking, CCIP’s modular security, and Lombard’s Bitcoin infrastructure to create a dual-layer protection system that scales with demand.
“LBTC holders want the freedom to move their Bitcoin wherever the best opportunities are, but they also expect uncompromising security,” said Lombard co-founder Jacob Phillips.
Phillips noted that using restaked collateral alongside CCIP enhances the economic protections for users, while every BARD staked contributes to reinforcing LBTC’s integrity.
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