Lombard LBTC is a liquid staking token on Ethereum representing BTC staked on Babylon Protocol. Yield is generated from Babylon staking rewards distributed across four institutional Finality Providers, with BTC custody secured by Cubist CubeSigner HSM infrastructure.
AUM
$552m
Net APY
0.09%
Active Users
23k
Type
Liquid Staking
Network
Ethereum
CCC+
High RiskCeiling A-
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CurrentPotential
This rating is based solely on publicly available information. DeFi protocol risk assessed across Security, Strategy and Operations on the AAA–D scale. The range from CCC+ to A- reflects the gap between the current assessment and the potential rating achievable if all identified improvement areas are addressed.
SCSSmart Contract Security94
KMPKey Management Permissions68
MMarket82
LLiquidity56
CCollateral100
PMProtocol Mechanics68
ICEInfra Counterparty Exposures92
PCEProtocol Counterparty Exposures73
GGovernance33
FRFinancial Resilience24
TLCTeam Legal Compliance71
DTDocumentation Transparency78
Performance
Assets Under Management · 30D▼ 23.81%
$552m
Over the last 30 days, the total value of Lombard LBTC has dropped 23.81% with $172.44M in outflows.
Net APY · 30D▼ 76.67%
0.09%
Over the last 30 days, the APY has decreased from 0.38% to 0.09%.
Active Users · 30D▲ 0.03%
23k
Over the last 30 days, active users have increased by 0.03%, reaching 23.4K wallets.
Market Details
ChainEthereum
TreasuryNot reported
Code AuditsOpenZeppelin ↗Halborn ↗Veridise ↗Sherlock ↗Cantina ↗Ackee Blockchain ↗Immunefi (Audit Competition) ↗
Stated Withdrawal Time7-9 days
Component Ratings
Contract Addresses
Smart Contract0x8236...634494
Timelock0x055E...E77e59
BARD Token0xf0DB...6e9754
LBTCv (DeFi Vault)0x5401...77D57c
ConsortiumGovernance0xdad5...ea95E4
Oracle (RedStone PoR)0xb415...f0bc81
Key Strengths
S1Extensive audit coverage from top-tier security firms including multiple independent reviews plus an audit competition
S2Security Consortium of approximately 15 institutional members requiring supermajority consensus for all critical operations
S3Dual Proof of Reserves oracles from independent providers verify BTC reserves match LBTC supply across all chains in real time
S4Real-time monitoring with automated pausing capabilities from multiple independent security layers including invariant checks
Key Risks
R1Proxy upgrade timelock of only one hour is significantly below the recommended threshold, allowing rapid contract changes with limited community review
R2All BTC backing depends on a single HSM infrastructure provider; a sustained outage could block all BTC withdrawals
R3Consortium signer wallet addresses are not publicly disclosed despite named institutional members, preventing on-chain independence verification
R4No treasury reserves, backstop fund, or safety module has been disclosed, leaving users unprotected against edge-case losses
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