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Lombard Finance Expands Liquid-Staking Bitcoin Token to Sui Blockchain

Breaking New Ground in DeFi Ecosystems

Lombard Finance is proud to announce the launch of its liquid-staking bitcoin token, LBTC, on the Sui blockchain, marking its first expansion to a non-Ethereum Virtual Machine (EVM) compatible chain.

Expanding Horizons in DeFi

The expansion extends LBTC beyond its current presence on Ethereum, Base, and BNB chains, allowing users to access bitcoin staking rewards and leverage tokens across decentralized finance (DeFi) protocols on the Sui network, currently valued at over $1.3 billion in total value locked (TVL).

Innovative Integration with Sui Ecosystem

LBTC will be supported by Sui Wallet and Phantom Wallet, with initial integration into Cetus, Navi Protocol, and SuiLend, the network’s largest protocols by TVL.

“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,” said Lombard Finance’s co-founder Jacob Phillips.

Rapid Growth and Adoption

LBTC has experienced rapid growth 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.

Incentivizing Adoption

Speaking to CoinDesk, 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.

Future Expansion Plans

As for potential expansion to other non-EVM networks, Phillips stated that 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.”

Conclusion

Lombard Finance’s expansion to the Sui blockchain marks a significant milestone in the adoption of its liquid-staking bitcoin token, LBTC. With its successful integration into the Sui ecosystem, LBTC is poised to further accelerate the growth of DeFi applications and promote the widespread adoption of Bitcoin in innovative blockchain ecosystems.

FAQs

• Q: What is the significance of Lombard Finance’s expansion to the Sui blockchain?
  A: The expansion marks the first time LBTC will be available on a non-Ethereum Virtual Machine (EVM) compatible chain, extending its reach and adoption beyond its current presence on Ethereum, Base, and BNB chains.
• Q: What are the key benefits of LBTC on the Sui blockchain?
  A: Users will have access to bitcoin staking rewards and be able to leverage tokens across decentralized finance (DeFi) protocols on the Sui network, currently valued at over $1.3 billion in total value locked (TVL).
• Q: What are the future plans for LBTC’s expansion to other non-EVM networks?
  A: 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."