Bitcoin DeFi protocol Lombard launching BARD token community sale at $450 million valuation on Buidlpad

Lombard, the Bitcoin DeFi protocol behind liquid staking token LBTC, is preparing to launch its native BARD token alongside the introduction of an independent governance body, the Liquid Bitcoin Foundation, and a pre-launch community sale on Buidlpad.

The community sale will raise $6.75 million by distributing 1.5% of BARD’s total supply on Buidlpad, implying a fully diluted valuation of $450 million, Lombard co-founder Jacob Phillips told The Block. He declined to disclose the token’s total supply.

The sale opens for KYC registration and subscription on Aug. 26 at 12:00 p.m. UTC and closes Aug. 29 at 11:59 a.m. UTC. Eligible participants can then contribute between Sept. 1 and Sept. 2, with settlement and refunds scheduled by Sept. 4 at 2:00 p.m. UTC. Users can participate using the USD1 stablecoin, BNB, or LBTC on Buidlpad.

Priority access will be given to LBTC holders, existing Lombard users, and participants in a promotional campaign creating content about Lombard and Buidlpad ahead of the KYC period. "10% of the sale is reserved for creators and educators who spotlight Lombard's role in building Bitcoin's next chapter," Phillips said.

Phillips declined to comment on the token generation event date, saying details will be announced "in the coming weeks and months."

Lombard's Liquid Bitcoin Foundation

Lombard has also established the Liquid Bitcoin Foundation, a governance entity that will oversee protocol development, partnerships, research, and grants. Phillips said the grants program will support both commercial projects and public goods aimed at growing the ecosystem.

Buidlpad, the ICO platform hosting the BARD sale, was founded by Erick Zhang, who also runs Nomad Capital, one of Lombard’s investors. Its competitors include Echo, launched by Jordan "Cobie" Fish, and the Delphi Labs-incubated Legion.

Lombard’s core product is LBTC, a yield-bearing bitcoin token with roughly $1.5 billion in total value locked. LBTC is integrated with Aave, Etherfi, Pendle, and other protocols, and secured by a consortium of 14 digital asset firms, including Galaxy, Wintermute, and OKX. Around LBTC, Lombard has built a broader stack: a security layer anchored by its own blockchain, middleware such as an SDK used by Bybit and Binance to embed BTC yield, and cross-chain wrappers like BTCK on Katana. On the distribution side, Lombard operates vaults and aggregation tools to channel bitcoin into onchain yield strategies.

“Lombard is building a full-stack suite of infrastructure to accelerate Bitcoin capital markets onchain,” Phillips said.

Founded in 2024, Lombard previously raised $17 million in seed funding led by Polychain Capital, with participation from Franklin Templeton, Bybit, YZi Labs (previously Binance Labs), and others.

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