The expansion extends LBTC beyond the blockchains it currently uses, which include Ethereum, Base, and BNB chains.
Liquid-staking bitcoin token LBTC, created by Lombard Finance, will be launching on the Sui blockchain on Thursday, marking its first foray into a chain that is not compatible with the Ethereum Virtual Machine (EVM).
This move will expand LBTC beyond the blockchains it currently operates on, which include Ethereum, Base, and BNB Chain. The token is designed to facilitate the use of bitcoin as collateral within decentralized finance (DeFi) applications, of which there is about $1.3 billion in total value locked (TVL) on Sui.
The introduction of LBTC to Sui is expected to provide users of the network with the opportunity to earn bitcoin staking rewards and integrate the tokens within DeFi protocols, as disclosed in a press release shared exclusively with CoinDesk.
The token will be compatible with Sui Wallet and Phantom Wallet, and is set for initial integration with Cetus, Navi Protocol, and SuiLend, which are among the largest protocols on the network in terms of TVL.
“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,” said Lombard Finance co-founder Jacob Phillips.
Since its launch, LBTC has experienced rapid growth, with nearly $2 billion of the token now in circulation and about 70% of its supply actively deployed within DeFi protocols such as Aave and Morpho, as stated in the release.
In conversation with CoinDesk, Phillips mentioned that there “will be incentives to promote the adoption of bitcoin in Sui-native DeFi applications” to help encourage the use of LBTC on the network.
When asked about the possibility of further expansion to other non-EVM networks, Phillips noted that Lombard is “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.”
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