The first two phases, Solayer and Sahara, both performed well on Buildpad. Many people feel that the third phase, @Lombard_Finance, isn't as popular as the previous two, but I believe it has a longer-term focus. Bitcoin has a massive market capitalization, but it has long remained dormant, lacking suitable infrastructure. This is the significance of Lombard—it transforms BTC into an asset that can truly be supported by the financial system. Their $LBTC is the only interest-bearing BTC asset. It surpassed $1 billion in TVL within 92 days of launch and currently stands at $1.5 billion, capturing 57% of the BTC LST market and generating $5 million in annualized revenue. Lombard Ledger, comprised of institutions such as OKX, Galaxy, DCG, and F2pool, provides security. The DeFi side integrates with leading protocols like Aave, Pendle, and Maker, while the CEX side is also available on the Bybit and OKX apps. In other words, Lombard has propelled BTC from its dormant state to a liquid, interest-earning, and reusable asset. This leads me to view Lombard as fundamental infrastructure for the BTC ecosystem, rather than a narrative spin. Compared to the new stories of Solayer and Sahara, Lombard is more of a necessary underlying narrative. As long as BTC's long-term logic holds, the protocols that provide its liquidity will continue to hold value. 📌 Public Offering Information: FDV $450 million, total 6.75 million, subscription period August 26th–29th, 100% unlocked upon listing. There may be some short-term market noise, but from a long-term perspective, Lombard represents the gradual migration of Bitcoin capital onto the blockchain. This infrastructure-like positioning means its value comes more from the accumulation of time and scale. So I will keep an eye on it and take this $BARD opportunity seriously.