LBTC is a liquid staking token (LST) representing staked Bitcoin, issued by Lombard Finance. It maintains a 1:1 peg to BTC, currently trading near $75,817, and uses 8 decimals consistent with Bitcoin-denominated assets. On Base, LBTC is primarily deployed in an Aerodrome pool paired with Circle’s cbBTC, which holds approximately $4.26 million in total value locked and offers a base fee APY of ~0.018%.
Beyond Base, LBTC is actively utilized in Pendle markets on Ethereum, where its staking yield is structured into principal and yield tokens across multiple maturity dates ranging from late 2024 to late 2025. These markets show implied APYs between 2.5% and 31.5%, with Lombard and Corn operating as the top yield programs. The consistent "cheap_pt" regime across these markets indicates strong demand for yield tokenization and structured yield strategies around LBTC.