BTC.b, a longtime BTC asset, is transitioning to Lombard’s structure and product suite, enabling multi-chain growth and deeper DeFi integration. Tokens, balances, and integrations stay unchanged. No motion is required from the proprietor. Non-compulsory actions for protocols.
overview
BTC.b has been the cornerstone of Avalanche DeFi since 2022, with roughly $550 million in circulation and tight integration with Aave, GMX, BENQI, and LFJ. Lombard is buying BTC.b’s infrastructure and associated property, and Lombard Protocol might be answerable for BTC.b’s bridge operations and safety structure, whereas sustaining full continuity of present customers and integrations. BTC.b will first migrate to the identical trusted structure as LBTC, after which Lombard will orchestrate decentralization and integration throughout choose chains and main DeFi protocols.
Powered solely by Lombard’s clear and verifiable protocol structure, BTC.b would be the subsequent technology Bitcoin asset constructed for the decentralized economic system. Allow-free, non-custodial, and safe. BTC.b brings institutional-level safety to on-chain Bitcoin with out institutional gatekeepers.
This migration accomplishes three targets:
Enhanced safety: Multi-tier structure with decentralized verification by a consortium of main establishments
Multichain extension: Within the preliminary stage, native deployment to Ethereum, Katana, Mega ETH, Solana
Improved entry: It is possible for you to to create permissionless mints instantly from native BTC by means of the Lombard app and entry them alongside your LBTC.
issues that do not change
For customers and protocols, the rapid actuality is easy. BTC.b will stay the identical token, balances, addresses, and integrations is not going to change. What modifications is the expansion alternative for BTC.b. New chains, deeper liquidity, expanded DeFi integrations and alternatives, and a cleaner path for builders to combine native BTC into their apps by means of Lombard’s SDK.
For customers:
Identical token: Contract tackle, image and title stay the identical
Identical backing: 1:1 native BTC reserve with out rehypothecation or staking
Identical steadiness: All holdings, addresses and pockets integrations stay unchanged
Identical integration: Aave, GMX, BENQI, LFJ, and all DeFi protocols proceed to work effective
For protocols:
Contract tackle stays unchanged
The protocol now not must name the BTC.b sensible contract’s “unwrap” perform to withdraw to native Bitcoin. Because the BTC.b contract is immutable, you must use the brand new Lombard contract for this objective.
The earlier “unwrap” perform anticipated BTC to be withdrawn to a selected tackle generated by the core pockets from the identical seed because the Avalanche tackle.
In Lombard, a newly deployed “AssetRouter” sensible contract have to be explicitly supplied with a recipient within the “redeemForBTC” perform.
Normal worth feed will proceed to work
Proof of Reserve feed have to be up to date to Lombard-based feed if accessible from Chainlink
Current liquidity swimming pools and lending markets stay unaffected
The BTC.b you at the moment maintain is the BTC.b you’ll maintain after the transition is accomplished in This autumn. That is an infrastructure improve, not a token migration.
what’s new
Multi-chain growth
Within the preliminary phases, BTC.b will broaden past Avalanche to Ethereum mainnet, Katana, MegaETH, and Solana.
direct casting
Anybody can mint BTC.b instantly from native Bitcoin by means of the Lombard app. No intermediaries, no KYC, no geographic restrictions (besides in licensed jurisdictions).
SDK integration
BTC.b joins Lombard’s SDK to allow builders to supply customers with the next options:
Native BTC deposits and one-click Bitcoin earnings entry inside accomplice functions
Native pockets integration (already works with Binance and Bybit)
Streamlined developer implementation
Vault merchandise built-in throughout BTC.b and LBTC
Enhanced safety structure
This migration implements a multi-layered safety mannequin with minimal belief, which is detailed within the subsequent part.
Expertise structure: What’s altering?
The present Avalanche bridge makes use of Intel SGX enclaves and the Warden community to index Bitcoin and coordinate transactions. The brand new structure implements a number of impartial safety layers with decentralized verification and is designed to scale BTC.b throughout a number of chains whereas sustaining verifiability and operational self-discipline.
Structure comparability
Present mannequin (avalanche bridge):
SGX enclave-based key separation
Observer Community for Multi-Get together Approval
Centralized bridge operations
New mannequin (Lombard protocol):
Key administration with {hardware} safety modules (HSMs)
15-member safety consortium with BFT consensus
Twin layer validation with Cubist Bascule and Lombard Consortium
Byzantine fault-tolerant Lombard Ledger for traceability and transparency
present standing
new state
Why this structure issues
The brand new safety mannequin gives:
No single level of failure: Requires majority settlement amongst 15 impartial validators
Protection in depth: 4 impartial safety layers that require verification of all operations
Clear verification: Actual-time proof of reserve through Chainlink feed
{Hardware}-based safety: Key safety is rooted in Cubist’s vHSM (FIPS 140 HSM + Nitro Enclave).
Cross-chain consistency: Unbiased collateral verification on all chains
Unbiased third get together audit: The safety structure and sensible contracts have been audited by OpenZeppelin, Veridise, and Halborn. All audits are public.
Safety mannequin particulars
Layer 1: Distributed verification
The safety consortium will substitute the Warden community with 15 impartial digital asset establishments, together with OKX, Galaxy, DCG, Wintermute, Figment, Kiln, Antpool, F2Pool, and Kraken. This Proof-of-Authority community operates the Lombard Ledger, a Byzantine fault-tolerant consensus layer that transparently data all protocol operations on-chain.
All transactions require majority settlement amongst validators, eliminating single factors of failure.
Layer 2: Key administration with HSM
Within the new safety mannequin, safety consortium members use Cubist’s CubeSigner platform to handle keys and signal transactions. In contrast to earlier fashions that used SGX enclaves to reconstruct keys and coordinate Warden approval, consortium members signal transactions however shouldn’t have entry to the personal key materials. As an alternative, the keys stay in Cubist’s safe {hardware}, which makes use of a mix of FIPS 140 HSM and Nitro Enclave for added safety. Moreover, these keys are additional locked down by a number of safety insurance policies, limiting consortium members from solely signing sure varieties of transactions accredited by a majority of the events (e.g., deposit-backed mints).
Layer 3: Governance coverage
A number of safety insurance policies govern key utilization.
Time lock: Imposing delays for delicate operations
Multi-party authorization (MPA): A number of consortium members should approve all transactions and coverage modifications
Buying and selling restrictions: Keys can solely signal sure pre-approved transaction varieties
Layer 4: Unbiased Bridge Verification
Two impartial programs confirm all operations.
Cubist drawbridge: Confirm collateral consistency throughout Bitcoin and vacation spot chains (Avalanche C chain, Ethereum, and so forth.).
Chainlink CCIP: BTC.b validates collateral throughout the chains being bridged by offering safe cross-chain messaging and real-time proof-of-reserve validation.
This double-verification method ensures one-to-one backing by an impartial audit layer.
Deposit movement
Verified deposit: Customers deposit BTC to a deterministic tackle that encodes the vacation spot EVM tackle on the Avalanche C-chain. This permits tackle validation and protects in opposition to phishing.
Validating consensus: The Safety Consortium validates and notarizes deposit transactions by means of BFT consensus on the Lombard Ledger.
Double verification: Each Bascule and CCIP have independently verified corroboration.
casting: BTC.b tokens might be minted to the user-specified tackle after passing all validations.
Withdrawals (burns) observe the identical multi-layered verification course of in reverse.
For builders: Integration updates
avalanche developer
The contract tackle stays the identical, however the BTC redemption movement has modified. The earlier “unwrap” performance has been deprecated and builders should redeem it utilizing the brand new Lombard adapter.
Non-compulsory updates:
core pockets consumer
The Lombard SDK might be embedded natively inside the core pockets on day 1, permitting customers to accumulate BTC.b within the core pockets.
new integration
Lombard SDK gives easy integration of protocols, wallets, and platforms.
timeline
Present standing: Migration underway, testing and safety audit underway
Anticipated launch: This autumn 2024
Migration course of:
Completion of ultimate safety audit
Mainnet deployment and validation interval
Seamless cutover with minimal downtime for customers
Submit-launch monitoring and assist
Each the Lombard and Avalanche groups will present common updates by means of their official channels as milestones are accomplished. Please subscribe to our official channel for detailed progress updates.
BTC.b will proceed to function Avalanche’s major Bitcoin bridge whereas increasing to turn out to be a real multi-chain Bitcoin asset with institutional-grade safety and permissionless entry.
FAQ
Do I must do something about my BTC.b? no. The token is not going to change, so that you need not do something.
Will there be downtime? This migration is designed to supply a seamless cutover with minimal switch or integration disruption. Minting and redemption of BTC.b is predicted to be unavailable for as much as two hours. Customers will expertise a slight delay if transactions are submitted in the course of the cutover, however they won’t have to fret about dropping their funds.
What if my lending protocol has BTC.b? Your place will proceed as regular. Protocol integration isn’t affected.
The place can I get technical assist? Communicate with a Lombard consultant through Discord or the web site’s intercom characteristic.
Please contact Lombard with any questions relating to this migration. By way of Discord or through the web site’s Intercom characteristic. For partnership inquiries, please go to lombard.finance.
