Lombard's community presale is seriously undervalued! In the BTCFi space, everyone is always focused on TVL, but the real value isn't in how much is locked up, but whether it can capture the flow of funds! Whoever can convert 200,000 to 1,000,000 BTC into productive collateral first will define Bitcoin's role in DeFi and gain a long-term stable income stream! For example: ※ If there is a 1% penetration rate (200,000 BTC ≈ 12 billion USD) → at a 1.5% yield, an annual income of 180 million USD ※ If there is a 5% penetration rate (1,000,000 BTC ≈ 60 billion USD) → nearly 900 million USD in annual income ▰▰▰▰▰ Why is it considered undervalued? Today, the pricing of $BARD is a fully diluted valuation (FDV) of 450 million USD, but the story it corresponds to is not today's 1 billion USD TVL, but whether it can capture market share of BTC liquidity entry in the future! Even if it only captures 10%-20% of a 1% penetration rate, that would mean an annual income of 90 million to 180 million USD belonging to the governance layer. Compared to the 450 million FDV, it essentially discounts a long-term cash flow model! This is where I believe the market is undervaluing: People are still using the current TVL to apply formulas, rather than valuing based on future BTC flows! ▰▰▰▰▰ Lombard's position? Lombard has already demonstrated strong execution capabilities, as shown by: ※ On August 11, $LBTC launched, becoming the first institutional-grade BTC LST with native yields ※ In 92 days, it broke through 1 billion TVL and integrated with blue-chip protocols like Aave and Spark ※ At the same time, it initiated the $BARD community sale, prioritizing the community over VC direction. Compared to competitors like Stacks, Babylon, and Solv, $BARD is the only token that activates governance and yields simultaneously! ▰▰▰▰▰ Investment insights If you only look at the present, you might think that 450 million FDV is not cheap. But if you measure it using a medium to long-term scenario of 1%-5% BTC penetration rate, $BARD may be seriously undervalued! Because: ※ Its governance token is tied to cash flow distribution rights ※ This is the first protocol to truly scale BTC collateral absorption ※ Once the network effect is formed, the BTCFi space will converge as quickly as ETH LST, with winners taking all! ▰▰▰▰▰ Summary Today's pricing seems to provide a forward-looking valuation. But if you compare it with the potential income captured from BTC liquidity, it may indeed be an undervalued BTCFi project. The real reward is not today's 1 billion TVL, but the future of 1 million BTC collateral! Do you think it's undervalued?