Lombard Is Not Just Another LST I’ve been saying this for a long time: Lombard is not an LST protocol for BTC. Yes, LST is one of its products - but only as a tool to attract whales. The real vision of Lombard is much bigger. At its core, Lombard's mission is to move BTC from the Bitcoin network to other chains in a fully decentralized and secure way. This is the same role that WBTC has played since 2019, and that cbBTC and BTCB have been filling since 2024. Those are its true competitors - not other LST protocols. A better analogy is stablecoins. Circle and Tether take real fiat money from companies and issue it onchain across multiple networks using different minting mechanisms and cross-chain standards. Lombard does the exact same thing - but for Bitcoin instead of fiat. From this perspective, Lombard is more comparable to stablecoin issuers than to LST protocols. Not because they compete directly, but because their business models are fundamentally similar. That’s why comparing Lombard to other LST projects is misleading. LST is only an additional feature - nothing more. We can already see this in action: with @katana , Lombard launched a new standalone asset, $BTCK, built entirely on its infrastructure. This shows that @Lombard_Finance is not just another LST protocol, but a BTC infrastructure business - a category of its own. And here’s why that matters: approached this way, Lombard has virtually no growth ceiling.