Comparison and Analysis of Bitcoin Pie Infrastructure: @Lombard_Finance, @build_on_bob, @PortaltoBitcoin Three major projects are leading the expansion of Bitcoin pie infrastructure as of October 2025. Lombard Finance holds over $1.3 billion in deposits and a 57% market share in Bitcoin LST, driving a liquid staking ecosystem through an institution-centered consortium validation model. BOB realizes the combination of Bitcoin and EVM based on a hybrid Layer 2 architecture, while Portal to Bitcoin enables trustless atomic swaps through the HTLC protocol, allowing for bridge-less exchanges. Each targets the $2.3 trillion Bitcoin liquidity market with different technological paradigms: consortium-based staking, hybrid rollups, and atomic swaps. Lombard Finance issues a 1:1 Bitcoin collateral staking token called $LBTC, with network operations conducted through a validation consortium involving 14 institutions. The deposited Bitcoin is staked through the Babylon protocol to generate yields, which are automatically reflected in the value of LBTC. The security structure consists of a two-thirds majority consensus, CubeSigner HSM hardware security, cross-chain transfers via Chainlink CCIP, and Cubist's Bascule dropbridge oracle system. BOB adopts a hybrid Layer 2 model that combines the proof-of-work security of Bitcoin with the EVM capabilities of Ethereum. It processes transactions in an optimistic rollup manner using the OP Stack and Kailua framework, anchoring state to Bitcoin blocks through the BitVM light client. This allows Bitcoin to be utilized directly within smart contracts without wrapping, and Bitcoin-native dApps can be operated through a solver network and ZK proof systems. Portal to Bitcoin is an atomic swap protocol that allows users to directly exchange Bitcoin with assets from other chains like Ethereum and Solana using hash time-locked contracts (HTLC). It is based on the BitScaler channel, which extends the Lightning Network, enabling rapid swaps through a set of validator nodes and automated market-making algorithms. Transactions are conducted in a trustless manner, and automatic refunds occur if the expiration point is reached. In terms of security, Lombard's consortium model offers high stability through decentralized validation among institutions, but there are concerns about centralization. BOB combines optimistic rollups with Bitcoin anchoring to pursue fast settlements while maintaining Bitcoin-level security. Portal to Bitcoin implements a completely non-custodial environment where no one holds the user's assets, ensuring security through a structure that automatically cancels if cryptographic conditions are not met. Regarding liquidity and execution, Lombard provides cross-chain transfers using Chainlink CCIP, with settlements occurring within approximately 2 minutes to a maximum of 1 hour. BOB implements intent-based routing through LayerZero, enabling deposits and withdrawals to the Bitcoin main chain via the BitVM bridge. Portal finds the optimal path between DEX and CEX using AI-based smart routing, with most transactions completed within 1 minute. In terms of ecosystem integration, Lombard shows the widest DeFi integration, connecting with major protocols like Aave, Uniswap, Curve, Pendle, and Eigenlayer, and is deployed across more than 15 chains. BOB has protocols like Uniswap v3 and Aave v3 already deployed, with over 120 projects integrated. Portal allows for direct swaps between Bitcoin-native assets and Runes, Ordinals, etc., designed to enable DeFi entry without bridges. Looking at operational and economic indicators, Lombard has $1.3 billion in deposits and over 260,000 users, with daily trading volume around $1.94 million. BOB protects approximately $250 million in assets and processes over 67,000 transactions daily. Portal recorded a daily trading volume of $34 million immediately after its mainnet launch, with $1.5 billion in swaps conducted during the testnet period. In governance structure, Lombard maintains a dual system of voting and consortium validation through the $BARD token, verifying the 1:1 Bitcoin collateral status through a real-time proof of reserves system. BOB promotes open governance and plans to introduce a token-based decision-making system in the future. Portal elects validator nodes based on the PTB token, with validators designated through competitive bidding each month. Comparing the security models of the three projects, Lombard has secured regulatory friendliness and stability through an institution-centered consensus structure, but it is far from complete decentralization. BOB achieves economic security based on Bitcoin's hash rate while maintaining compatibility with the Ethereum ecosystem. Portal guarantees maximum asset protection through a completely trustless structure, but initial validator participation and liquidity shortages remain short-term challenges. In terms of performance, Lombard provides stability suitable for large institutional transactions, while BOB offers a 2-second block time and Bitcoin-based payment finality. Portal can complete most swaps within 1 minute due to its channel-based structure. Overall, Lombard Finance provides the foundation for Bitcoin DeFi as an institution-centered trust-based infrastructure, while BOB presents a hybrid architecture that combines Bitcoin's security with Ethereum's flexibility. Portal to Bitcoin realizes new Bitcoin interoperability through a completely non-custodial exchange method. Each project complementarily addresses the core challenges of decentralizing Bitcoin liquidity, programmable scalability, and trustless bridges, and the future success of the market is likely to be determined by the balance of security, liquidity, and adoption rates.