BARD is the native utility and governance token of the Lombard protocol, a decentralized finance (DeFi) project focused on creating on-chain capital markets for Bitcoin. The token is central to the Lombard ecosystem and is used for network security through staking, participating in governance, and sharing in protocol revenue. ^{[1] [2]} BARD exists as an ERC-20 token on Ethereum and as a BEP-20 token on BNB Smart Chain. ^{[7] [5]}​

History

The BARD token generation event (TGE) and subsequent exchange listings occurred in mid-September 2025. The token was listed on exchanges such as Bitget and WEEX on September 18, 2025. ^{[6] [3]} Prior to its public launch, a community sale raised $6.75 million from 21,340 participants at a Fully Diluted Valuation (FDV) of $450 million. ^{[1] [4]} Following its market debut, the BARD token experienced price volatility, recording an all-time low of $1.72 on March 5, 2026. ^[7]

Utility

The BARD token has several core functions within the Lombard ecosystem:

• Governance: BARD holders can propose and vote on key protocol decisions, including the selection of validator sets, adjustments to fee structures, the product roadmap, and the allocation of ecosystem grants managed by the Liquid Bitcoin Foundation. ^[1]
• Security: The token is staked to secure the protocol’s infrastructure. Specifically, it is used to safeguard the cross-chain transfers of the LBTC token via the Symbiotic monitoring network. ^{[9] [3]}
• Revenue Share: Stakers of BARD are eligible to receive a share of the protocol's revenue, which is generated from fees on staking, redemptions, and usdBARd minting. ^[8]
• Protocol Access: BARD holders can receive benefits such as priority access to new products, preferential commercial terms, and enhanced functionality within the ecosystem. ^[1]

Tokenomics

The BARD token has a fixed total supply of 1 billion tokens, with an initial circulating supply of 225 million (22.5%) at the Token Generation Event. ^{[1] [7]} The BARD token address on Ethereum is 0xf0DB65D17e30a966C2ae6A21f6BBA71cea6e9754. ^[9]​

The total supply of BARD is allocated across four main categories with distinct vesting schedules:

Category	Allocation (Tokens)	Allocation (%)	Vesting & Unlock Schedule
Ecosystem	350,000,000	35%	Varies by sub-category.
↳ Season 1	40,000,000	4%	1.5% at TGE, 1.5% after 6 months, 1% after 12 months.
↳ Ecosystem Activation	110,000,000	11%	100% unlocked at TGE for user incentive programs.
↳ Community Sale	15,000,000	1.5%	100% unlocked at TGE.
↳ Ecosystem Development	185,000,000	18.5%	4.25% unlocked at TGE, linear unlock over 24 months.
Core Contributors	250,000,000	25%	12-month cliff, followed by a 48-month linear unlock.
Early Investors	200,000,000	20%	12-month cliff, followed by a 48-month linear unlock.
Liquid Bitcoin Foundation	200,000,000	20%	4.25% unlocked at TGE, linear unlock over 36 months.
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Staking Mechanism

BARD staking occurs exclusively on the Ethereum mainnet and serves to secure the protocol's cross-chain infrastructure. When users stake their BARD tokens, they receive stBARD, a liquid staking token that represents their staked position and accrued rewards. The value of stBARD increases over time as rewards are added to the staking vault. ^[9]​

​Staking rewards were structured in epochs with a promotional Annual Percentage Yield (APY) that began in September 2025. The APY started at 240% and was designed to decrease over several epochs to a long-term rate of 30%. In addition to BARD rewards, stakers can earn points from partner protocols, including Symbiotic and Mellow Finance. ^[9]​

The unstaking process requires a mandatory 21-day withdrawal period. During this time, the staked funds remain at risk of slashing until the epoch concludes. Upon claiming after the withdrawal period, the user receives their principal BARD plus all accrued rewards. ^[9]​

Airdrops

The Lombard protocol has allocated a portion of the BARD supply for distribution to the community through a series of airdrops. ^[1]​

Season 1

Season 1 distributed 40 million BARD (4% of the total supply) across three phases. The first phase (1.5% of total supply) was at the TGE, the second (1.5%) occurred six months post-TGE, and the third (1%) is scheduled for twelve months post-TGE. Each phase provides a 90-day window for eligible users to claim their tokens. ^{[9] [5]}​

Season 2

Season 2 has an allocation of 15 million BARD (1.5% of the total supply). These tokens were made available for claiming after the conclusion of the season's point-earning program, known as the "Lux Program." ^{[9] [5]}​

Other Distributions

Additional airdrops have included a distribution of 10 million BARD to Binance users who participated in Simple Earn and On-Chain Yields products. ^[5]​