First-depositor / share-inflation guard
Lombard Finance's assessment for RD-F-075 — scored gray on the v1.7.0 rubric. The evidence below is the curator's reasoning for this score.
Evidence summary #
N/A — LBTC is not a share-vault with first-depositor mechanics. Minting is permissioned: each LBTC requires dual authorization from Consortium (10-of-15) and Bascule, confirming a real BTC deposit with 6 confirmations on Bitcoin. There is no 'first depositor' who could inflate share price — each token is minted 1:1 against verified BTC. No donation-attack surface. This factor is not applicable to the core LBTC ERC-20 architecture.
Sources #
- URLIntroducing the Bascule Drawbridge — CubistCubist Bascule Drawbridge blog: independent BTC deposit verification before LBTC minting; dual-auth requiredretrieved 2026-05-05
- LBTC Design — Lombard Technical DocsLombard arch docs: 'Minting: Creates new supply after authorization from both the Security Consortium and Bascule'; 'Before any mint, Bascule independently verifies that the BTC deposit exists on the Bitcoin network with 6 confirmations'retrieved 2026-05-05
Methodology #
Determine whether the vault has a first-depositor guard (seed deposit on deploy, virtual-share offset, or floor-check).
See the full factor methodology and distribution across all protocols →