BTC LST · BARD · $0.72B TVL. Screen grades as of November 12, 2026: Solvency BB, Legitimacy BBB, Growth BB. LBTC leader; young protocol, unlock-heavy, custodial-adjacent trust assumptions.
| Input / Grade | July 27, 2026 | November 12, 2026 |
|---|---|---|
| TVL | $1.5B | $0.72B |
| 12-month TVL change | -35% | -60% |
| Worst 90-day drawdown | 45% | 28% |
| Drawdown scored | 45% (90-day only, v1.0) | 60% (worse of 90-day and 12-month, v1.1) |
| Solvency (credit grade) | BB · 52 | BB · 45.8 |
| Growth | BB · 56.3 | BB · 51 |
TVL figures: DefiLlama, parent-level listing. The July 27, 2026 TVL was an analyst estimate and may have used a narrower definition, so part of the TVL difference can be definitional. Only these three inputs were refreshed in the re-screen; sustainability, unlocks, risk, audits, team, delivery, governance, category share and momentum were left as the July 27, 2026 estimates.
Solvency screens at BB (45.8 / 100), unchanged from the July 27, 2026 screen. The worst 90-day TVL drawdown is 28% and 12-month TVL change is -60%. TVL stability is scored on the 12-month decline of 60%, because it is worse than the latest 90 days. Sustainability ratio (1x), unlock pressure (15%) and risk quality (6 / 10) are carried over from July 27, 2026.
Legitimacy screens at BBB (61 / 100). No Legitimacy input was refreshed in the November 12, 2026 re-screen, so the grade is unchanged from July 27, 2026.
Growth screens at BB (51 / 100), unchanged from the July 27, 2026 screen. TVL is $0.72B, -60% over twelve months (it was -35% at the previous screen). Category share (60%) and momentum (5 / 10) are carried over from July 27, 2026.
The credit grade is Solvency BB. Legitimacy is BBB and the Growth outlook is BB; the weakest axis is Solvency. These grades use TVL data as of November 12, 2026 and qualitative inputs from July 27, 2026.
The credit grade answers one question: can Lombard survive stress and pay its users back. Legitimacy (BBB) and the Growth outlook (BB) are published beside it and are never averaged into it. Weakest axis: Solvency.
Lombard's LBTC is the leading liquid bitcoin staking token — the wrapper through which most staked BTC reaches DeFi — giving it ~60% share of a category that barely existed two years ago. The screen scores a young leader carrying young-protocol risks.
Solvency screens at BB. The sustainability ratio (~1x) is thin, ~15% of supply unlocks over the next year, and the 45% drawdown tracks the BTC-fi retracement. The risk score (6/10) carries the structural point: LBTC's security model includes custodial-adjacent trust assumptions in the consortium securing deposits — closer to a federation than to trustless staking.
Legitimacy screens at BBB: adequate audits, a credible team, and delivery that has kept pace with the category. Governance is minimal (4/10) at this stage, with the consortium and team holding effective control.
Growth screens at BB: category dominance and fair momentum against a 35% TVL decline. Like Babylon upstream of it, its growth resumes if and when BTC-fi yields become real rather than points-denominated.
Composite BB. Category leadership with concentrated trust assumptions. A full rating would center on the custody/consortium model — the input that most differentiates BTC 'staking' wrappers from their Ethereum analogues.
