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.@Lombard_Finance, @build_on_bob, and @arbitrum, how can we build a hybrid Bitcoin capital market? Summary Lombard's yield-bearing $LBTC and BTC.b provide movable Bitcoin liquidity, while BOB builds an EVM-compatible execution layer secured by Bitcoin along with the BitVM bridge. Arbitrum offers deep DeFi liquidity and stable market infrastructure based on Ethereum. The three chains combine Lombard's CCIP-based lock-mint bridge, BOB's BitVM peg and OP-Stack bridge, and Arbitrum's rollup bridge or LayerZero router to move BTC within about 1-2 hours, deploying the same Solidity code on both L2s and returning Babylon staking yields and DeFi fees to Bitcoin holders. As a result, a circular structure is formed where Bitcoin collateral simultaneously earns base yields from Babylon, leveraged yields from BOB, and capital market yields from Arbitrum. 1. Liquidity Bridge Structure Bitcoin is converted to LBTC through Lombard's CCIP bridge and then moves through BOB's OP bridge and Arbitrum's rollup bridge. Each segment maintains a processing time of around 1 hour and low fees, combining different security models such as Chainlink's proofs, BOB's anti-fraud structure, and Arbitrum's rollup validation. With the future introduction of BitcoinOS's ZK bridge, trust-minimized transfers are expected to be possible in about 30 minutes. 2. Developer Environment and Compatibility Both BOB and Arbitrum have full EVM compatibility, allowing the same bytecode to be deployed on both sides. BOB provides an SDK that integrates with Bitcoin wallets, and Arbitrum supports WASM-based extensions through Stylus. Developers can easily deploy the same code to both networks using Hardhat commands. 3. Revenue Structure Fundamentally, Lombard's LBTC earns about 1% base yield through Babylon staking. After depositing into BOB's Veda vault, an additional yield of 4-8% can be generated, and further interest and fee income arise from Aave, GMX, Pendle, etc., on Arbitrum. Overall, the combined yield rate of the three chains exceeds 6%, and the earnings are automatically converted to Bitcoin for reinvestment. 4. On-chain Liquidity Status As of October 2025, Arbitrum's BTC-related TVL is approximately $890 million, BOB's is about $250 million, and Lombard's is around $1.3 billion. Arbitrum has liquidity concentrated around large DeFi protocols, while BOB shows rapid growth even in a testnet state. Lombard forms the foundational liquidity of the three networks based on a multi-chain approach. 5. Risks and Design Trade-offs Lombard forms a social trust layer with a multi-signature structure involving 15 institutions and complements it with Chainlink's proofs. In contrast, BOB's BitVM aims for complete decentralized verification but has high Bitcoin fees. The rollup of Arbitrum and the challenge period of BitVM may delay capital rotation, but LP's deposit guarantees mitigate speed issues. Additionally, the trustless Bitcoin-Arbitrum bridge has not yet been fully commercialized, necessitating an intermediate step via Ethereum. Conclusion First, Lombard provides yield-bearing Bitcoin-based assets that enable inter-chain movement, forming the center of BTCFi liquidity. Second, BOB lays the foundation for the formation of a Bitcoin-based credit market by combining Bitcoin security and Solidity compatibility. Third, Arbitrum allows Bitcoin collateral to access leverage, derivatives, and yield markets through mature DeFi infrastructure. Fourth, combining the three bridges creates a practical structure for moving Bitcoin within about 2 hours, with overlapping security at each stage enhancing safety. Fifth, the combined yield structure of Babylon staking, BOB vault, and Arbitrum DeFi yields implements a Bitcoin-centered capital market comparable to Ethereum-based strategies.

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