In an effort to streamline Bitcoin (BTC) staking, Lombard Finance has released a software development kit (SDK). Its SDK allows for easy, one-click BTC staking with little-to-no setup for wallets, exchanges, and other platforms.
The release represents a concerted effort to bring BTC more fully into the decentralized finance (DeFi) economy. Today there’s about $154 billion in bitcoin that have never been moved from centralized exchanges – it’s a largely market-emptying opportunity.
The new toolkit lets users stake BTC to mint a new liquid staking token, called LBTC. LBTC can then be automatically deposited into Lombard’s DeFi Vault, which is paying approximately 3% APY right now.
Lombard’s DeFi Vault now boasts over $200M in total value locked. Bitcoin staking using Lombard’s model started 7 months ago and quickly grew into a $4 billion market. Bybit and Binance are two of the SDK’s first proponents.
Once crashing at an exponentially increasing log scale can change this dynamic and use it. In addition to realizing these benefits, the program offers a mechanism to onboard users and maintain their engagement via a new DeFi product.
"Once viewed solely as a store of value, Bitcoin is now increasingly being integrated into DeFi, unlocking new earning opportunities for BTC holders," - Jacob Phillips, co-founder of Lombard Finance.
Lombard Finance stated that their SDK takes the hassle out of development for both the platforms and the end-user. Lombard Finance is a Bitcoin infrastructure developer. As mentioned, the SDK is home to some of the most dollar-specific $154 billion in idle bitcoin.
