BTC.b is currently only live on Avalanche, with its Ethereum deployment and broader cross-chain expansion still pending. The asset was acquired by Lombard Finance from Ava Labs in October 2025 and is currently undergoing a migration process that includes testing and security audits. Post-migration, BTC.b will transition from the existing Avalanche Bridge SGX enclave-based key system to Lombard’s security model (previously assessed during the LBTC onboarding), while maintaining the same token address on Avalanche. Because the BTC.b token contract on Avalanche is immutable, a new AssetRouter contract will be introduced to handle withdrawals under the updated design, according to the preliminary technical details shared in Lombard’s blog.
LlamaRisk will provide a comprehensive assessment once full details are available, following the completion of the Avalanche-side migration and the Ethereum token deployment, which are expected to be done in Q4 2025. Optionally, the DAO may consider pausing the BTC.b market on Avalanche during the brief migration window to maintain protocol safety, although Lombard has indicated that existing protocol integrations will remain unaffected.
Disclaimer
This review was independently prepared by LlamaRisk, a DeFi risk service provider funded in part by the Aave DAO. LlamaRisk is not directly affiliated with the protocol(s) reviewed in this assessment and did not receive any compensation from the protocol(s) or their affiliated entities for this work.
The information provided should not be construed as legal, financial, tax, or professional advice.