In brief
Lombard Finance is the latest firm to move its assets off LayerZero technology in favor of Chainlink.
The firm conducted an internal review of its technology, opting for Chainlink in the wake of the Kelp DAO exploit.
Lombard's assets make up more than $1 billion in Bitcoin-backed tokens.
Bitcoin decentralized finance (DeFi) firm Lombard Finance will replace LayerZero technology with Chainlink’s cross-chain interoperability platform (CCIP), following an extensive review of its Bitcoin asset tech stack in the wake of last month’s $292 million Kelp DAO exploit. The move comes one day after crypto exchange Kraken similarly opted for Chainlink CCIP to power its kBTC wrapped Bitcoin token, instead of LayerZero.“This decision prioritizes the safety and security of all Lombard users and reflects our commitment to maintaining the security record we've built since day one, zero security incidents and 100% uptime,” Lombard posted on X. The move will impact more than $1 billion in Lombard’s Bitcoin-linked assets across Solana, Ethereum, and Berachain. The firm will also discontinue use of LayerZero technology on Ethereum layer-2 network Morph and staking protocol Swell.
