⚡️ Fren, Bitcoin is no longer a new thing, but it has a strange phenomenon. Its value is significant, yet it mostly just lies quietly.

In a $2 trillion asset pool, less than 1% is truly liquid. Just think about it, such a vast amount of wealth is hardly being utilized, isn't this a black hole of efficiency?

In the past, the most common way to play with Bitcoin was to buy and just hold it. People referred to it as digital gold, and thus the static and low-efficiency nature of gold was naturally inherited.

Less than 1% of BTC flows into DeFi, and the essence is not user laziness, but rather a lack of infrastructure: no lending, no yield curves, no risk pricing, let alone on-chain credit expansion. The so-called BTCFi has always remained at the level of wishful thinking.

What Lombard (LBTC) does is simple yet crucial: it transforms Bitcoin into capital from a position. It allows it to be pledged, borrowed, circulated, and generate returns. It sounds like a cliché from traditional finance, but it is precisely these structural elements that have supported modern capital markets for decades. What Bitcoin lacks is not the next narrative, but rather filling in this most fundamental foundation.

An asset that can be collateralized, valued, and circulated will transition from a dormant state into economic activity; once a positive cycle is formed, BTC will truly possess the attributes of capital, rather than just being a speculative tool.

Many people say that the value of Bitcoin lies in its digital scarcity, but if there really is a second layer of value, it must be to enable this scarcity to be utilized, rather than locked away.

The prototype of the BTCFi capital market may have started from the step of turning Bitcoin into usable capital. LBTC is not leveraging a narrative, but rather the underlying reconstruction of the Bitcoin economy. For an asset pool of 2T, this step has been long overdue.

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