# Lombard LBTC: Supply by Chain, Bitcoin Reserves and Babylon Stake

> Lombard LBTC tracker: supply by chain, BTC in Lombard's Bitcoin addresses, the share staked on Babylon, LBTC's exchange rate, mints and redemptions.

Markdown copy of https://voltfincrypto.com/apps/lombard-lbtc-tracker

**Question:** How much LBTC exists, and is the bitcoin behind it on Bitcoin and staked through Babylon?

- Kind: Dashboard in Voltfin Vantage
- Topic: [Bitcoin](https://voltfincrypto.com/topics/bitcoin)
- Chains: Bitcoin, Ethereum, Base, BNB Chain, Avalanche, Sui
- Status: Planned. The data is not published yet, so this page states no figure; each figure will open its receipt when it is.

LBTC is Lombard's yield-bearing bitcoin token: BTC deposited with Lombard is staked through Babylon, and LBTC, minted one for one at deposit, gains value in BTC as staking rewards are added to its exchange rate. This dashboard reads LBTC's supply on every chain it is issued on and sets it against the bitcoin Lombard holds on Bitcoin and the part of it staked through Babylon.

The bitcoin is controlled by Lombard's Security Consortium, a group of institutions that jointly approve deposits, mints and redemptions and hold the keys through threshold signing. That is a different trust model from a single custodian's, and the dashboard shows what can be checked about it on-chain: the BTC in Lombard's published addresses, the staking outputs that delegate it and the mints that match each deposit.

LBTC moves between chains by burning on one and minting on another, so supply on each chain adds up without counting a coin twice. BTC.b, the bitcoin token Lombard took over from Avalanche's bridge, earns no yield and is shown on its own line. Every figure names its block and read.

## Blueprint

### Supply and backing

LBTC on every chain against the bitcoin held and staked behind it.

- **LBTC supply** (LBTC): LBTC totalSupply added across every chain it is issued on, at each chain's day-end block.
- **BTC in Lombard addresses** (BTC): Bitcoin held in Lombard's published deposit and staking addresses at the latest Bitcoin block.
- **Share staked on Babylon** (%): BTC in active Babylon staking outputs delegated to Lombard's finality provider, as a share of Lombard's reserves.
- **BTC per LBTC** (BTC): LBTC's exchange rate in BTC from its rate source on Ethereum at the latest update.
- **LBTC supply by chain** (LBTC): LBTC supply on each chain it is issued on, per day.
- **Reserves against supply** (BTC): BTC in Lombard's addresses beside LBTC supply times its exchange rate, by day.

### Flows and use

Mints, redemptions, BTC.b and where LBTC is used.

- **Minted, 30 days** (LBTC): LBTC minted against confirmed Bitcoin deposits in the last 30 days.
- **Redeemed, 30 days** (LBTC): LBTC burned for redemption to Bitcoin in the last 30 days.
- **BTC.b supply by chain** (BTC.b): Supply of BTC.b, the non-yield bitcoin token Lombard took over from Avalanche's bridge, on each chain, kept apart from LBTC.
- **Where LBTC is used**: LBTC held by lending markets, DEX pools and vaults on each chain at the latest block, with each contract named.

Filters: Chain (Every chain LBTC is issued on).

## How it will be measured

- LBTC supply is totalSupply on each chain at its day-end block; cross-chain transfers burn on one chain and mint on the other, so the chains add up, and each transfer is matched to its message.
- Reserves are the balances of the Bitcoin addresses Lombard publishes for deposits and staking, read from the UTXO set at the latest block.
- Babylon stake is the value of active staking outputs whose finality provider is Lombard's, found by parsing staking transactions on Bitcoin.
- The exchange rate is read from LBTC's rate source on Ethereum at each day's last block, and each update is recorded.
- Where LBTC is used comes from the balances of known lending markets, DEX pools and vaults on each chain.

## Data it needs

- `token_supply_daily` (to build): Total supply of each registry token on each chain at day end: wrapped BTC, liquid staking tokens, tokenized assets and other tracked tokens.
- `bitcoin_supply_daily` (to build): Bitcoin issued, supply by coin age band and by output script type (including coins whose public keys are already exposed), supply last moved long ago, and cost-basis measures.
- `address_labels` (to build): Labels for known addresses: exchanges, bridges, protocols, funds, treasuries, sanctioned addresses and known attackers.
- `yield_rates_daily` (to build): Supply rates, staking yields and vault share-price growth per pool and vault per day, in one comparable table.
- `lending_markets_daily` (to build): Supply, borrow, utilization and rates per lending market (Aave, Morpho, Spark, Compound, Euler and others) at day end.
- `bridge_flows_daily` (to build): Deposits into and withdrawals out of canonical and major third-party bridges by chain, token and day, plus escrow balances at day end.
- Source: LBTC totalSupply on each chain it is issued on and BTC.b supply on its chains, at day-end blocks
- Source: Balances of Lombard's published Bitcoin deposit and staking addresses in the UTXO set
- Source: Babylon staking transactions on Bitcoin that delegate to Lombard's finality provider
- Source: LBTC exchange rate updates on Ethereum
- Source: Mint and burn events with their Bitcoin deposit references and cross-chain messages
- Source: LBTC balances of lending markets, DEX pools and vaults

## Questions

### What is LBTC?

LBTC is Lombard's yield-bearing bitcoin token. BTC deposited with Lombard is staked through Babylon, and LBTC gains value in BTC through its exchange rate as staking rewards are added. It is issued on several chains and moves between them by burning and minting.

### Who holds the bitcoin behind LBTC?

Lombard's Security Consortium, a group of institutions that jointly approve deposits, mints and redemptions and control the Bitcoin keys through threshold signing. The bitcoin sits in outputs on Bitcoin, which the dashboard reads directly.

### How is LBTC different from WBTC or cbBTC?

WBTC and cbBTC are custodial tokens whose bitcoin earns nothing. LBTC's bitcoin is staked through Babylon, so the token earns staking rewards, and custody is shared by a consortium rather than held by one firm. Each model rests on different trust assumptions.

### What is BTC.b?

A bitcoin token first issued by Avalanche's bridge and taken over by Lombard in 2025. Unlike LBTC it earns no yield. The dashboard keeps its supply apart from LBTC so the two are never added together.

### How long does it take to redeem LBTC for BTC?

A redemption burns LBTC and asks the consortium to release BTC on Bitcoin. Because most of that BTC is staked, it may first have to wait out Babylon's unbonding period. The dashboard shows redemptions requested and paid each day.

## Glossary

- **Security Consortium**: The group of institutions that approves Lombard's deposits, mints, redemptions and transfers and jointly controls its Bitcoin keys.
- **Finality provider**: An operator that signs blocks on Babylon's chain and receives BTC delegations; Lombard delegates its staked BTC to its own.
- **Burn and mint**: A cross-chain transfer that destroys tokens on the source chain and creates them on the destination, so total supply stays the same.
- **Yield-bearing token**: A token whose balance stays fixed while its exchange rate rises, so its holder's claim on the underlying asset grows.

## Related apps

- [Babylon Bitcoin Staking Tracker: BTC Staked and Finality Providers](https://voltfincrypto.com/apps/babylon-bitcoin-staking-tracker)
- [Solv SolvBTC: Supply by Chain, Reserves and xSolvBTC Yield](https://voltfincrypto.com/apps/solv-solvbtc-reserves)
- [Bitcoin Liquid Staking Tokens Compared: LBTC, xSolvBTC and More](https://voltfincrypto.com/apps/bitcoin-liquid-staking-tokens)
- [Wrapped Bitcoin Supply by Chain and Issuer](https://voltfincrypto.com/apps/wrapped-bitcoin-supply-by-chain)
- [Bitcoin DeFi Lending: WBTC and cbBTC on Aave and Morpho](https://voltfincrypto.com/apps/btc-defi-lending-wbtc-cbbtc)
- [Bitcoin Halving Countdown and Block Reward](https://voltfincrypto.com/apps/bitcoin-halving-countdown)

Build it in Voltfin Studio: https://app.voltfincrypto.com/signup?next=%2F