Expansion Beyond Ethereum: A New Era for LBTC
Lombard Finance is preparing to launch its innovative liquid-staking bitcoin token, LBTC, on the Sui blockchain this Thursday. This marks a significant milestone as it represents the first foray of LBTC into a blockchain that is not compatible with the Ethereum Virtual Machine (EVM).
Broadening Horizons: LBTC’s Cross-Chain Potential
The introduction of LBTC to the Sui blockchain signifies a strategic move to expand its reach beyond its current operations on established platforms such as Ethereum, Base, and BNB chains. The primary objective of LBTC is to enable users to utilize bitcoin as collateral within decentralized finance (DeFi) applications. Notably, the Sui network currently boasts an impressive total value locked (TVL) of approximately $1.3 billion.
Unlocking Bitcoin Staking Rewards
By integrating LBTC into the Sui ecosystem, users will gain access to bitcoin staking rewards while simultaneously leveraging their tokens across a variety of DeFi protocols. This integration promises to enhance the overall utility of bitcoin on the Sui network, creating new opportunities for users to maximize their investments.
Supported Wallets and Initial Protocol Integrations
The LBTC token will be compatible with popular wallets such as Sui Wallet and Phantom Wallet. Initially, it will be integrated into several of Sui’s leading DeFi protocols, including Cetus, Navi Protocol, and SuiLend, effectively tapping into the network’s largest platforms by TVL.
A Commitment to Bitcoin Adoption
Jacob Phillips, co-founder of Lombard Finance, emphasized the significance of this launch, stating, “This strategic move to Sui reflects our commitment to driving Bitcoin adoption in innovative blockchain ecosystems. We want to ensure that bitcoin holders can seamlessly participate in the future of on-chain finance while maintaining the highest standards of security and liquidity.”
Rapid Growth and Future Incentives
Since its inception, LBTC has experienced remarkable growth, with nearly $2 billion circulating and approximately 70% of its supply actively utilized in DeFi protocols, including prominent platforms like Aave and Morpho. Phillips also revealed plans to introduce incentives aimed at promoting the use of bitcoin in Sui-native DeFi applications, which will further encourage the adoption of LBTC on the network.
Looking Ahead: Future Expansions
When asked about potential expansions to other non-EVM networks, Phillips expressed enthusiasm, stating that Lombard Finance is eager to bridge bitcoin to any leading ecosystem in DeFi innovation. He assured that more information on this front would be shared in the coming months, hinting at exciting developments ahead for LBTC and its users.
