I used to think
$BTC yield was the whole game.
Clip some $BTC, earn a few points, stay long spot, move on.
That trade is finished.
The marginal $BTC holder today is not asking what the APY is.
They’re asking how many times the same $BTC can be reused without breaking its risk profile.
That’s where @lombard_finance enters the picture.
Why Yield Was Only the Entry Point?
$LBTC earns native $BTC yield through staking. That’s obvious. That gets attention.
But the real unlock from Lombard is not the yield. It’s what happens after the yield is turned on.
$LBTC stays liquid.
$LBTC stays $BTC-denomin