Lombard Finance Expands LBTC to Sui Blockchain for Bitcoin Staking
1min read Lombard Finance is set to launch its liquid-staking Bitcoin token, LBTC, on the sui blockchain, marking its first expansion to a non-Ethereum Virtual Machine (EVM) compatible chain. This move extends LBTC beyond the blockchains it currently uses, which include Ethereum, Base, and BNB chains. The token is designed to install Bitcoin as collateral on decentralized finance (DeFi) applications, which on Sui currently have around $1.3 billion in total value locked (TVL).
Bringing LBTC to Sui means that users on the network will have access to Bitcoin staking rewards while being able to leverage the tokens across its decentralized finance protocols. The token is set to be supported by Sui Wallet and Phantom Wallet while being initially integrated into Cetus, Navi Protocol, and SuiLend — the network’s largest protocols by TVL. This strategic move reflects Lombard Finance’s 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. Lombard Finance’s co-founder Jacob Phillips revealed that there will be incentives to promote the adoption of Bitcoin in Sui-native DeFi applications to help incentivize 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, with more updates expected in the next few months.
Lombard Finance, a prominent player in the Bitcoin liquid staking sector, is set to launch its liquid-staking Bitcoin token, LBTC, on the Sui blockchain. This move marks Lombard Finance's first expansion beyond the Ethereum Virtual Machine (EVM) ecosystem, signaling a strategic shift towards broader blockchain integration. The launch is scheduled for Tuesday, and it is expected to enhance the liquidity and utility of Bitcoin within the Sui network.
The Sui blockchain has seen significant growth in its decentralized finance (DeFi) total value locked (TVL), increasing by 67.9% to $1.7 billion in the fourth quarter of 2024. This growth is attributed to the introduction of native tokens from various DeFi 
