Lombard to Proceed with WBTC→LBTC Conversion from September 11
CryptoNewsTerminal Staff10 Sep, 2024
Lombard to Proceed with WBTC→LBTC Conversion from September 11
Bitcoin restaking protocol Lombard has announced that "the conversion of WBTC to LBTC will proceed from September 11 (local time)." The announcement was made via the project's official Twitter account. LBTC is a wrapped bitcoin from Lombard that offers staking capabilities. It can be restaked on EigenLayer, Symbiosis, and Karat Network. Lombard is a non-custodial, trustless protocol that allows users to stake their BTC without having to lock their funds in a smart contract. This makes it a more flexible and secure option than traditional staking methods. The WBTC→LBTC conversion will allow users to easily convert their WBTC into LBTC, which can then be restaked on Lombard to earn rewards. The conversion process will begin on September 11 and will be completed by September 15. During this time, users will not be able to deposit or withdraw WBTC or LBTC from Lombard. Lombard is a project of the Electric Capital team, which is also behind the popular cryptocurrency wallet Argent.
