Lombard Finance announces the launch of its liquid-staking bitcoin token, LBTC, on the Sui blockchain this Tuesday, marking a significant milestone as it extends its reach beyond Ethereum Virtual Machine (EVM) compatible chains. This strategic expansion not only broadens LBTC’s market but also enhances the flexibility and accessibility of Bitcoin in decentralized finance (DeFi) applications.
Currently, LBTC primarily operates on well-established blockchains including Ethereum, Base, and BNB chains. The introduction of LBTC to Sui opens new avenues for Bitcoin collateralization, an essential capability as the Sui blockchain boasts a robust total value locked (TVL) of approximately $1.3 billion in its DeFi ecosystem.
By making LBTC available on Sui, Lombard Finance ensures that users will have access to valuable Bitcoin staking rewards while simultaneously leveraging these tokens across various DeFi protocols on the network. Supported wallets like Sui Wallet and Phantom Wallet will facilitate this integration, initially rolling out within prominent protocols such as Cetus, Navi Protocol, and SuiLend, which command a significant share of the TVL.
Jacob Phillips, co-founder of Lombard Finance, emphasized the company’s commitment to fostering Bitcoin adoption within innovative blockchain environments. “This strategic move to Sui reflects our commitment to driving Bitcoin adoption in innovative blockchain ecosystems, ensuring that bitcoin holders can seamlessly participate in the future of on-chain finance while maintaining the highest standards of security and liquidity,” Phillips stated in a press release shared exclusively with CoinDesk.
Since its inception, LBTC has demonstrated impressive growth, nearly reaching $2 billion in circulation with 70% of its supply currently deployed in various DeFi protocols, including Aave and Morpho. This expansion marks a pivotal moment in the evolution of LBTC, with implications that could shape the future of Bitcoin’s role in decentralized finance.
As part of promoting LBTC’s adoption on Sui, Phillips hinted at upcoming incentives designed to foster the use of Bitcoin within Sui-native DeFi applications. The initiative aims to invigorate liquidity and participation in the burgeoning Sui ecosystem.
Looking ahead, Phillips expressed enthusiasm over potential expansions into other non-EVM networks. “We’re eager to bridge Bitcoin to any ecosystem that is a leader in DeFi innovation. We’ll have more to share on that front in the next few months,” he remarked, signaling Lombard Finance’s continued focus on expanding Bitcoin adoption across diverse blockchain landscapes.
