Lombard Finance’s floating Bitcoin token, LBTC, launches on Sui-blockchain on Thursday and marks his first extension to a nonthereum virtual machine (EVM) compatible chain.
The expansion is expanding LBTC beyond the blockchains the one currently uses, which includes Ethereum, Base and BNB chains. The token is intended to install Bitcoin as security on decentralized financing (DEFI) applications, which at SUI currently has about $ 1.3 billion in the total value locked (tvl).
Bringing LBTC to SUI means that users on the network will have access to Bitcoin railings while being able to utilize tokens across its decentralized financing protocols, according to a press release that is sharing exclusively with Coindesk.
The token is set to be supported by Sui Wallet and Phantom Wallet, while originally integrated into Cetus, Navi Protocol and Suilend – the network’s largest protocols of Tvl.
“This strategic step to SUI reflects our commitment to drifting Bitcoin’s decision in innovative blockchain ecosystems, ensuring that Bitcoin holders can jerklessly participate in the future of on-chain funding while maintaining the highest standards of security and liquidity,” Lombard Finance’s co-founder Jacob Phillips said.
LBTC has grown quickly since launch, with almost $ 2 billion in circulation, and 70% of its supply actively implemented in defi protocols, including Aave and Morpho, according to release.
In a speech with Coindesk, Phillips revealed that “there will be incentives to promote the adoption of Bitcoin in SUI-native defications” to help incentive the adoption of LBTC on the network.
As for any potential expansion to other non-EVM networks, Phillips said Lombard is “eager to bridge Bitcoin to any ecosystem that is a leader in Defi Innovation. We want more to share on that front in the next few months.”
