[Crypto projects](https://revain.org/projects/) › Lombard

# Lombard (BARD): how it works, supply and reviews

## In short

- **Type**: Issuer of Bitcoin-backed tokens (LBTC, BTC.b) on Ethereum, Base and other chains
- **Maximum supply**: BARD total supply 1,000,000,000
- **Risks and caveats**: Custody relies on trust in a permissioned consortium of 14 institutions; compromise of 10 or more could authorise unauthorised actions.
- **Checked**: 31 October 2026

## Key facts

- **Ticker**: BARD
- **Official site**: [lombard.finance](https://www.lombard.finance/)

Key facts checked on 31 October 2026 against official sources.

## What is Lombard

Lombard is a Bitcoin finance protocol that issues Bitcoin-backed tokens for use on other blockchains. LBTC is a yield-bearing token backed by deposited BTC, now earning through a covered-call options strategy run by Bitwise; BTC.b is a plain 1:1 Bitcoin token. BARD is the protocol's native token.

## Network and consensus

| Parameter | Details |
|---|---|
| Type | Issuer of Bitcoin-backed tokens (LBTC, BTC.b) on Ethereum, Base and other chains |
| Consensus | Lombard Ledger: a Cosmos appchain on CometBFT run by the Security Consortium |
| Deposits | BTC deposits need 6 Bitcoin confirmations and are checked by the Consortium and by Bascule before minting |
| Redemption | LBTC is burned and native BTC is sent within up to 10 days |
| Cross-chain | Transfers use Chainlink CCIP and need approval from both CCIP and the Consortium |

## Supply and issuance

| Parameter | Details |
|---|---|
| Maximum supply | BARD total supply 1,000,000,000 |
| Initial distribution | BARD: ecosystem 35%, core contributors 25%, foundation 20%, early investors 20% |
| Unlocks | 22.5% of BARD circulated at launch; the rest unlocks over 48 months |
| LBTC yield | LBTC is non-rebasing; yield raises its BTC exchange rate; targets 2.5% net APY in BTC terms, not guaranteed |
| Staking rewards | BARD staking closed on 17 September 2026; no rewards after 1 October 2026 |

## What BARD is used for

- LBTC: Bitcoin exposure on other chains that earns BTC-denominated yield, usable as DeFi collateral
- BTC.b: a 1:1 non-yield Bitcoin token for trading and short-term positions
- BARD: native protocol token; its staking programme closed in September 2026

## Who develops and governs Lombard

- **Legal entity**: LBTC issuer: LF Operations Inc. (Panama); backing may be held via LF (BVI) Ltd.
- **Foundation**: Lombard Finance Foundation (formerly Liquid Bitcoin Foundation), Cayman Islands
- **Governance**: 14-member Security Consortium; new members admitted by Consortium vote after KYB
- **Yield manager**: Bitwise Investment Manager, LLC runs the covered-call strategy with trading authority only
- **Open source**: Contracts verified on block explorers; code on GitHub (lombard-finance)

## History

| Date | Event |
|---|---|
| 2024 | Lombard is founded. |
| October 2025 | Lombard acquires BTC.b, originally launched by Ava Labs. |
| 17 August 2026 | LBTC stops staking with Babylon (13 August 2026) and switches to a Bitwise-managed covered-call strategy from 17 August 2026. |
| 16 September 2026 | Native minting and redemption end on Berachain, Katana, Sonic, Starknet and TAC. |
| 17 September 2026 | BARD staking closes. |

## Security and audits

- Audited by OpenZeppelin, Halborn, Veridise, Sherlock, ABDK and Cantina.
- Immunefi bug bounty with rewards up to $500,000 for critical smart contract bugs.
- Mints need signatures from both the Consortium and the independent Bascule Drawbridge; contract upgrades sit behind a 24-hour timelock.

## Security incidents

No security incident is recorded in the sources checked on 31 October 2026 (the company’s own channels and incident databases): [defillama.com/hacks](https://defillama.com/hacks), [hacked.slowmist.io/search](https://hacked.slowmist.io/search/), [rekt.news/leaderboard](https://rekt.news/leaderboard/), [lombard.finance/blog](https://www.lombard.finance/blog/), [docs.lombard.finance/learn/transparency/risks](https://docs.lombard.finance/learn/transparency/risks), [docs.lombard.finance/learn/security/audits](https://docs.lombard.finance/learn/security/audits), [docs.lombard.finance/learn/security/bug-bounty](https://docs.lombard.finance/learn/security/bug-bounty)

## Official BARD contracts

| Network | Contract address |
|---|---|
| Ethereum | [0x8236a87084f8B84306f72007F36F2618A5634494](https://etherscan.io/address/0x8236a87084f8B84306f72007F36F2618A5634494) |
| Ethereum | [0xB0F70C0bD6FD87dbEb7C10dC692a2a6106817072](https://etherscan.io/address/0xB0F70C0bD6FD87dbEb7C10dC692a2a6106817072) |
| Base | [0xecAc9C5F704e954931349Da37F60E39f515c11c1](https://basescan.org/address/0xecAc9C5F704e954931349Da37F60E39f515c11c1) |

Full list per chain on the Lombard smart contracts page; several chains are deprecated for native minting since 16 September 2026.

## Risks and caveats

- Custody relies on trust in a permissioned consortium of 14 institutions; compromise of 10 or more could authorise unauthorised actions.
- Up to 60% of LBTC backing is in a covered-call strategy that can lose value in sharp Bitcoin rallies and yield below target.
- Redemptions can take up to 10 days; the yield strategy and direct mint and redeem are closed to US and UK persons.
- LBTC trades on secondary markets and can diverge from its BTC exchange rate during stress.

## Official links

- Website: [www.lombard.finance](https://www.lombard.finance/)
- Docs: [docs.lombard.finance](https://docs.lombard.finance/)
- Security Consortium: [docs.lombard.finance/learn/security/consortium-members](https://docs.lombard.finance/learn/security/consortium-members)
- Smart contracts: [docs.lombard.finance/learn/transparency/smart-contracts](https://docs.lombard.finance/learn/transparency/smart-contracts)
- Source code: [github.com/lombard-finance](https://github.com/lombard-finance)
- Blog: [www.lombard.finance/blog](https://www.lombard.finance/blog/)

## Questions and answers

**What is Lombard LBTC?**

LBTC is a yield-bearing, non-rebasing token backed by BTC deposited with Lombard; its yield now comes from a covered-call strategy managed by Bitwise.

**Who holds the bitcoin behind LBTC?**

A liquidity buffer is held by Lombard's 14-member Security Consortium (10 of 14 signatures needed); up to 60% sits at Anchorage Digital Bank and Kraken in segregated Lombard-owned accounts.

**Is LBTC still staked on Babylon?**

No. LBTC backing was staked to Babylon until 13 August 2026; from 17 August 2026 its yield comes from Bitwise's covered-call strategy.

**What is the supply of BARD?**

BARD has a total supply of 1 billion tokens; 22.5% circulated at launch and the rest unlocks over 48 months.

**Has Lombard been hacked?**

Lombard states it has not had a security incident resulting in loss of user funds.

## Sources

- [Lombard — Home](https://www.lombard.finance/)
- [Lombard Docs — Overview](https://docs.lombard.finance/)
- [Lombard Docs — Assets](https://docs.lombard.finance/learn/products/assets)
- [Lombard Docs — Architecture](https://docs.lombard.finance/learn/architecture)
- [Lombard Docs — Consortium members](https://docs.lombard.finance/learn/security/consortium-members)
- [Lombard Docs — Tokenomics](https://docs.lombard.finance/learn/tokenomics)
- [Lombard Docs — Foundation](https://docs.lombard.finance/learn/tokenomics/foundation)
- [Lombard Docs — Risks](https://docs.lombard.finance/learn/transparency/risks)
- [Lombard Docs — Audits](https://docs.lombard.finance/learn/security/audits)
- [Lombard Docs — Bug bounty](https://docs.lombard.finance/learn/security/bug-bounty)
- [Lombard Docs — Smart contracts](https://docs.lombard.finance/learn/transparency/smart-contracts)
- [Lombard — LBTC Product Terms](https://docs.lombard.finance/resources/lbtc-product-terms)

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Page updated: 2026-10-31

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Source: https://revain.org/projects/lombard/