TL;DR
- Lombard Finance will launch its liquid staking Bitcoin token, LBTC, on the Sui blockchain, expanding its presence beyond EVM-compatible chains.
- The integration will allow users to earn Bitcoin staking rewards and use the tokens in DeFi applications within Sui, which currently has $1.3 billion in total value locked (TVL).
- LBTC is already available on several networks, including Ethereum and BNB Chain, with nearly $2 billion in circulation and a high percentage of its supply being used in DeFi protocols.
Lombard Finance has announced the launch of its liquid staking Bitcoin token, LBTC, on the Sui blockchain. This expansion marks the first integration of LBTC with a chain that is not compatible with the Ethereum Virtual Machine (EVM), significantly broadening access to the DeFi ecosystem and bringing Bitcoin as collateral to new decentralized applications, which will undoubtedly benefit many users, especially those seeking alternative ways to use their Bitcoin holdings in the DeFi space.
With this integration, users on the Sui network will not only gain access to Bitcoin staking rewards but also have the ability to utilize the tokens through DeFi protocols within Sui, which currently has a total of $1.3 billion in TVL. Among the protocols that will initially support LBTC are Cetus, Navi Protocol, and SuiLend, which are the most prominent on the network in terms of TVL, providing a strong foundation for LBTC’s use in DeFi.
Growth and Adoption Strategy
Lombard Finance co-founder Jacob Phillips pointed out that this strategic move reflects the company’s commitment to bringing Bitcoin to innovative blockchain ecosystems.
“We are 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.
The launch of LBTC not only enhances Bitcoin’s interoperability in the DeFi world but also promises to drive the adoption of Bitcoin on Sui-native platforms. According to the company, there are currently nearly $2 billion in circulation of LBTC, with 70% of its supply actively deployed in DeFi protocols such as Aave and Morpho, highlighting its rapid acceptance within the ecosystem and the increasing popularity of LBTC across multiple chains.
As for future expansions, Phillips mentioned that Lombard is eager to bring LBTC to other blockchain ecosystems that are leaders in DeFi innovation.
“We’ll have more details on this in the coming months,”
added the co-founder, anticipating a promising future for LBTC and its integration into more networks. With this move, Lombard Finance continues to demonstrate its forward-thinking approach to bringing Bitcoin adoption beyond its traditional borders, increasingly connecting users with the most innovative DeFi solutions on the market.
