I saw that Lombard Finance bridged to an L2 called Etherlink on Tezos that I've never heard of
Now, as a tier one L2 hater, I didn't understand that move at all. But in my ever-growing pursuit of knowledge, I had to see why they did it (and why they're not on Solana yet either)
BUT ALSO as a BTC maxi, it makes sense to bring LBTC (or any wrapped bitcoin) onto any chain that has significant volume or users, so let's see what exactly this L2 has
Firstly, Lombard Finance has nearly $2BN in TVL of wrapped Bitcoin (LBTC) across a bunch of different chains (not Solana) like SUI, Base, BNB, etc
Etherlink has a total TVL of ~$20M (25th biggest L2), with their top-performing dApp having a TVL of ~$11M (a lending platform)
According to their site, they do 150k TXs a day, have nearly a million wallets, and have 1.2 second block times (🤨)
Their largest token is bridged USDC, which had $1.2M of volume in the past 24 hours, and second highest had $70 of volume! (by MC)
So there are no crazy performing memecoins, protocols, Bitcoin DeFi, or anything else really on this L2 just like every other L2
Which begs the question, why in the goddamn hell did they bridge to this L2?
I think it's because...why not? Why not bridge to every single chain possible? Why not bridge to all the other 100 top L2s? To spread the holy gospel of wBTC everywhere?
Even if the TVL on any of these top 100 L2s are abysmal, it's still a low effort thing to do to spread your seed on all onchain places. If you can combine like $100M TVL across a hundred different chains, then why not?
ALSO: I see this more as Etherlink getting LBTC rather than LBTC getting Etherlink
This is the view that I have on most things: the "why not?" angle compared to the "why even do this?" But I can understand why wasting resources on bridging to random L2s could also not be worth it
As for Solana, I think they're just waiting for a good time to do it. Makes no sense not to add LBTC to Solana with other BTC goats like zBTC
My only question, and I beg them for this dearly, is WHEN Solana?
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