Lombard Finance’s liquid token, LBTC, will be launched at the Sui Blockchain on Tuesday, marked its first expansion into a compatible virtual machine (EVM) chain.
Expansion expands the LBTC beyond the blockchains it currently uses, which includes the Ethereum, Base, and BNB chain. The token is intended to install Bitcoin as collateral in decentralized financial applications (DEFI), which in SUI currently has $ 1.3 billion in total amount locked (TVL).
Bringing LBTC to SUI means that users in the network will have access to Bitcoin staking rewards while the seizure of tokens throughout the decentralized financial protocol is being taken, according to a press release shared exclusively with CoinDesk.
The token is set to support the Sui Wallet and Phantom Wallet while first included in the Cetus, Navi protocol, and Suilend – the largest protocol of TVL’s network.
“This strategic move to SUI reflects our commitment to driving Bitcoin’s adoption of the innovative blockchain ecosystems, ensuring that Bitcoin holders may seamlessly participate in the future of on-chain while maintaining the highest security and liquidity standard,” said Lombard Jacob Phillips co-founder.
The LBTC has grown rapidly since its launch, with nearly $ 2 billion in circulation and 70% of its supply actively deployed to defi protocols including AAVE and MORPHO, according to the release.
In talking to CoinDesk, Phillips announced that there were “incentives to promote Bitcoin adoption in Sui-King Defi” applications to help incentive LBTC’s adoption to the network.
As for any potential expansion of other non -EVM networks, Phillips said Lombard was “Bitcoin’s eager bridge to any ecosystem leader in Defi Innovation. We will share more in front of that in the next few months.”
