Bitcoin Capital Markets about to go nuclear !!! I’ve covered @Lombard_Finance before, and they’ve now announced their $BARD launch. Real question, should you participate? Comes down to whether Lombard has real PMF for BTC's DeFi problem. $BTC is a $2.2T asset, but >95% just sits idle. There’s never been a Lido-equivalent… until Lombard shipped LBTC. The numbers tell a story: ▸ $1.7B TVL in 92 days ▸ ~40% of BTC LST market share ▸ 260K+ holders (4th largest BTC derivative) ▸ Backed by a consortium of 14 institutions Integrated with Aave, Pendle, Morpho, Spark across 12 chains. The TAM is what makes it interesting: ▸ $ETH LSTs alone are ~$70B (~12% of supply) ▸ $BTC DeFi is just ~$8B (<0.4% of BTC supply) Even if just 5-10% of BTC wakes up to DeFi , that's $100-230B flowing on-chain. Lombard's already grabbed 19% of the entire BTC DeFi pie while it's still tiny. ➱ Coming to $BARD sale structure: They are doing 1.5% of total supply sale on @Buildlpad with terms : ▸ FDV: $450M ▸ 100% TGE unlock ▸ Ticket size: $50–$5K (higher if Lux holder) For context, ETHFi launched at ~$3.6B FDV with ~$3B TVL, Ethena launched at ~$15B FDV with ~$2.1B TVL. So this is pretty fair for a project building the full Bitcoin capital markets stack at 1.5B TVL ----- ➱ Getting in: Standard Buildlpad drill - KYC and pray to the allocation gods. This one's gonna be a high demand, so use every edge: 10% of the community round is reserved for creators, so drop quality content before Aug 25 to secure priority access. That’s my take on $BARD , quite bullish here and I’ll be participating. Might follow up with a price prediction post next.