2025 wasn’t the year BTCFi went mainstream.

But it was the year BTCFi stopped being a hypothesis.

And for @Lombard_Finance, 2025 was the year they made LBTC hard to kill.

– Launched Aug ’24
– Fastest BTCFi protocol to $1B TVL
– Peaked above 21k BTC staked by Q1 (~0.1% of circulating supply)
– ~40–50% share of Babylon-based LSTs early on

But then they stopped optimizing for headlines.
The most important Lombard moves in 2025 barely trended on CT:

• Expanded the Security Consortium to ~15 independent institutions
(exchanges, MMs, mining pools → less mint/redeem concentration risk)

• Migrated BTC.b from Avalanche onto Lombard architecture
(quietly shifting from “yield product” to neutral BTC infrastructure)

• Pushed LBTC beyond EVM into Solana and Sui
(execution environments optimized for throughput, not financial abstraction)

By year-end, the numbers told a different story than the narrative:

– 40–50% market share among Babylon-based LSTs
– ~$3B cumulative net new BTC minted onchain
– 260k+ unique holders / minters
– ~$1.4–1.5B TVL (16.5–17k BTC collateralized)
– 100+ DeFi integrations, all gated by formal risk review
– Live on 15+ chains, including non-EVM
– $1M+ protocol revenue (fees + vaults, excluding emissions)
– $BARD launched (governance + staking)
– 70–82% of LBTC consistently deployed in DeFi

Utilization became the real KPI.

By December, LBTC quietly became the 4th largest Bitcoin derivative – behind WBTC, BTC.b, and cbBTC – while remaining decentralized and yield-bearing.

2026 is where that starts to get priced.