Lombard Finance to Launch its Liquid-Staking Bitcoin Token LBTC on Sui

Lombard Finance’s liquid-staking bitcoin token, LBTC, volition motorboat connected the Sui blockchain connected Tuesday, marking its archetypal enlargement to a non-Ethereum Virtual Machine (EVM) compatible chain.

The enlargement extends LBTC beyond the blockchains it presently uses, which see Ethereum, Base, and BNB chains. The token is meant to instal bitcoin arsenic collateral connected decentralized concern (DeFi) applications, which connected Sui presently person astir $1.3 cardinal successful full worth locked (TVL).

Bringing LBTC to Sui means that users connected the web volition person entree to bitcoin staking rewards portion being capable to leverage the tokens crossed its decentralized concern protocols, according to a property merchandise shared exclusively with CoinDesk.

The token is acceptable to beryllium supported by Sui Wallet and Phantom Wallet portion being initially integrated into Cetus, Navi Protocol, and SuiLend — the network’s largest protocols by TVL.

“This strategical determination to Sui reflects our committedness to driving Bitcoin adoption successful innovative blockchain ecosystems, ensuring that bitcoin holders tin seamlessly enactment successful the aboriginal of on-chain concern portion maintaining the highest standards of information and liquidity,” said Lombard Finance’s co-founder Jacob Phillips.

LBTC has grown rapidly since its launch, with astir $2 cardinal successful circulation and 70% of its proviso actively deployed successful DeFi protocols including Aave and Morpho, according to the release.

Speaking to CoinDesk, Phillips revealed that determination "will beryllium incentives to beforehand the adoption of bitcoin successful Sui-native DeFi applications" to assistance incentivize the adoption of LBTC connected the network.

As for immoderate imaginable enlargement to different non-EVM networks, Phillips said Lombard is "eager to span bitcoin to immoderate ecosystem that is simply a person successful DeFi innovation. We'll person much to stock connected that beforehand successful the adjacent fewer months."