Interpretation of @JamieCrawleyCD's article as a Coindesk journalist: What he and I see is generally consistent; Lombard wants to transform Bitcoin from digital gold into a cornerstone of capital markets! Interpreting Bitcoin's passive value and the active world of DeFi: Bitcoin has long been treated as digital gold, more for holding than for use. This has left trillions of dollars in BTC dormant in wallets, disconnected from the yields and liquidity of DeFi. Liquid Staking offers another possibility: Bitcoin can not only be a store of value but also serve as collateral and liquidity in on-chain capital markets! Lombard's approach is very practical: 🔻 Deposit BTC into the protocol, with trustless staking through Babylon at the base level 🔻 Users receive LBTC, which can be used in DeFi 🔻 Meanwhile, the native BTC continues to generate staking rewards in the background This achieves a dual benefit: retaining BTC exposure while using LBTC to circulate in protocols like Aave, Morpho, Pendle, etc.! Moreover, LBTC is designed to be multi-chain compatible (Ethereum, Base, BNB Chain, etc.), avoiding liquidity fragmentation! ▰▰▰▰▰ Market Size Comparison The article makes a comparison: ※ The LST market for Ethereum (represented by stETH) has a market cap of about $38 billion ※ The LST market for Bitcoin is still in its early stages, with a total market cap of only about $2.5 billion; ※ Among them, Lombard's LBTC accounts for $1.4 billion, close to a 40% share! ▰▰▰▰▰ BARD and the Foundation Last week, Lombard announced two things: ※ The establishment of the Liquid Bitcoin Foundation; independently managing the protocol, funding research, education, and ecosystem development ※ The launch of $BARD, as a governance and utility token, alongside a $6.75 million community sale This means that the growth curve of LBTC will no longer rely solely on the product but will be supported by a governance framework, foundation operations, and community sales for the next phase of development! The article also quotes co-founder Jacob Phillips, who views this community sale as an invitation to the 260,000 LBTC holders and the larger Bitcoin community! ▰▰▰▰▰ My Understanding This article made me realize that the story of BTC LST is far from its climax. If the LST market for ETH can develop to a market cap of $38 billion, then a market of Bitcoin's size could potentially go even further. Currently, Lombard's position is somewhat like early Lido; the product is already operational, holding a dominant share, and has a foundation and token for long-term support! At this stage, the pricing of BARD is not just about today's $1.4 billion TVL but whether it can accommodate more BTC liquidity in the future! ▰▰▰▰▰ Biggest Insight The narrative of Bitcoin as digital gold is intersecting with the narrative of on-chain capital markets. Lombard's combination of BARD and the foundation will be a key driver in advancing the on-chain story of Bitcoin!