Lombard Finance has migrated over $10 billion in Bitcoin-backed assets to Chainlink's cross-chain interoperability protocol (CCIP) following a security review prompted by the Kelp DAO exploit. This move, part of a broader security upgrade, aims to enhance Bitcoin liquidity across multiple blockchain networks. Chainlink CCIP will now serve as Lombard's exclusive cross-chain infrastructure for its Bitcoin-backed assets, LBTC and BTC.b. The migration follows the Kelp DAO vulnerability incident in April, which resulted in $292 million in losses and increased scrutiny on cross-chain bridge systems. Lombard's decision to adopt Chainlink CCIP reflects a shift in the industry towards more secure cross-chain solutions, with an estimated $4 billion in assets migrating to Chainlink. The protocol's security features, including independent node operators and rate-limiting mechanisms, are designed to protect users and support institutional adoption of Bitcoin-based DeFi markets.
Lombard Finance Migrates $10B in Bitcoin Assets to Chainlink CCIP
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