Lombard Finance Launches LBTC on Sui Blockchain

Lombard Finance’s liquid-staking bitcoin token, LBTC, will launch on the Sui blockchain on Thursday, marking its first expansion to a non-Ethereum Virtual Machine (EVM) compatible chain.

The expansion extends LBTC beyond the blockchains it currently uses, including Ethereum, Base, and BNB chains. The token is designed to install bitcoin as collateral on decentralized finance (DeFi) applications, which on Sui currently hold around $1.3 billion in total value locked (TVL).

Bringing LBTC to Sui allows users on the network to access bitcoin staking rewards while leveraging the tokens across its Decentralized Finance protocols, according to a press release shared exclusively with CoinDesk.

The token will be supported by Sui Wallet and Phantom Wallet and will initially integrate into Cetus, Navi Protocol, and SuiLend — the network’s largest protocols by TVL.

Jacob Phillips, co-founder of Lombard Finance, stated, “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.”

LBTC has grown rapidly since its launch, with nearly $2 billion in circulation and 70% of its supply actively deployed in DeFi protocols including Aave and Morpho, according to the release.

Speaking to CoinDesk, Phillips revealed 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.

Regarding potential expansion to other non-EVM networks, Phillips mentioned 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.”