Lombards liquid staking Bitcoin token, LBTC, launches on the Sui blockchain

Lombards 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

Lombard Finance is expanding the availability of its liquid staking Bitcoin token, LBTC, to the Sui blockchain.

This integration marks the first time that LBTC is being introduced on a chain that is not compatible with the Ethereum Virtual Machine (EVM), further expanding the token’s accessibility within the DeFi ecosystem and introducing Bitcoin as collateral to new decentralized applications.

The move will benefit users who are seeking ways to engage with their Bitcoin in the DeFi space beyond the protocols that are focused on the Ethereum blockchain.

With the integration, Sui users will be able to benefit from the Bitcoin staking rewards and use the tokens in DeFi protocols within Sui, which currently has $1.3 billion in TVL. Among the protocols that will initially support LBTC are Cetus, Navi Protocol, and SuiLend, the most prominent on the network in terms of TVL.

Growth and Adoption Strategy

Lombard Finance co-founder Jacob Phillips said that the move highlights the company’s commitment to bringing Bitcoin to the most 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 will not only enhance 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 is nearly $2 billion in circulation of LBTC, with 70% of its supply deployed in DeFi protocols such as Aave and Morpho, showcasing the rapid acceptance of the token within the ecosystem and the increasing popularity of LBTC across multiple chains.

As for future expansions, Phillips mentioned that Lombard is keen on bringing LBTC to other blockchain ecosystems that are at the forefront of DeFi innovation.

“We’ll have more details on this in the coming months,” added the co-founder, envisioning a promising future for LBTC and its integration into more networks.

With this move, Lombard Finance continues to demonstrate its approach to bringing Bitcoin adoption beyond its traditional limits, connecting users with the most innovative DeFi solutions.