Lombard's public sale valuation is 450 million, while Babylon's FDV is only 490 million??? I’ve seen quite a few people discussing @Lombard_Finance's community round public sale on Buidlpad, backed by Polychain and YZI, and it’s the third carefully selected public sale on @buidlpad. Overall, everything is top-notch, but I won’t dwell on that since others have already talked about it extensively. Instead, I’ll share my understanding of Lombard and whether it’s worth participating from a valuation perspective. Lombard's public sale valuation is 450 million, while Babylon's current FDV is only 490 million USD. I found this puzzling, so I delved deeper to understand what this is all about. Let’s start with wbtc. Wbtc is a cross-chain wrapped version of BTC because the BTC main chain doesn’t support smart contracts. Seeing the lending and LP mining activities thriving in the ETH ecosystem, I decided to entrust my BTC to BitGo, which then gives me wbtc on the ETH chain, allowing me to engage in yield farming on ETH. This is the original demand that led to the creation of wbtc. Understanding the logic of wbtc makes it easier to grasp Lombard. Lombard's core product is its LBTC. I first encountered LBTC while mining on the Sui chain. In fact, LBTC is available on 12 chains, including Ethereum, Base, Solana, and BNB Chain, and it comes with yield, similar to stETH, making it a type of LST asset, which distinguishes it from the earlier wbtc assets. So, what’s the significance of this? When LBTC appears in various chain DeFi, for example, as the exclusive yield-bearing BTC collateral on Aave, or when LBTC is used for LP and lending mining on the Sui chain, or even appears on CEX trading lists, people gradually adapt to the idea that "this is BTC, and it’s yield-bearing BTC." Yes, that’s the situation. This scenario is somewhat akin to the early days of USDT and USDC, where the US dollar, as a real asset, couldn’t be directly brought on-chain and was naturally isolated from the chain. Then Tether said, "You can collateralize real USD with me, and I’ll give you a USDT on-chain, pegged to the value of 1 dollar." Is that a joke? Looking back, is it still a joke? Haha. The relationship between BTC and LBTC is quite similar to that between real USD and USDT/USDC. The limitations of BTC on its own chain and the existing active chain ecosystems are also naturally isolated. Now the context is clear. Lombard essentially plays the role of Tether and Circle, but Lombard's target asset product is BTC, while Tether and Circle target the US dollar. The product logic and development path are the same, so Lombard's valuation system can be well referenced against Circle (for public listing). The total circulation of USDC across chains is 67 billion, while LBTC is about 1.5 billion. Circle (NYSE: CRCL) has a market cap of about 29 billion USD, and the ratio of USDC's volume to Circle's market cap is approximately 0.43, with LBTC at 1.5 billion. Correspondingly, the valuation of Lombard's bard token would be 645 million. However, it’s important to realize that Lombard currently holds a monopoly advantage in the LST BTC field and is in the early growth stage, which allows for greater imagination. In the valuation comparison, the leading stablecoin is Tether's USDT, but Tether is not publicly listed, so we can only reference Circle as the second leader. As the first leader, Lombard has an additional leader premium. Considering the factors of the Buidlpad public sale, the bard token valuation should be higher than 645 million, while the public sale valuation of 450 million is a relatively safe and good participation value.