Lombard Finance Brings Bitcoin Staking Token LBTC to Sui Blockchain

Lombard Finance is set to launch its liquid-staking bitcoin token, LBTC, on the Sui blockchain this Thursday, marking a significant step in expanding bitcoin’s role in decentralized finance (DeFi). This move introduces LBTC to its first blockchain outside the Ethereum Virtual Machine (EVM) family, joining networks like Ethereum, Base, and BNB Chain where it’s already active.

The Sui blockchain, known for its fast and scalable design, currently holds about $1.3 billion in total value locked (TVL) across its DeFi applications. With LBTC’s arrival, users on Sui can now stake their bitcoin to earn rewards while using the token as collateral in various financial protocols. This dual functionality aims to make bitcoin more versatile in the growing world of on-chain finance.

According to a press release shared exclusively with CoinDesk, LBTC will integrate with Sui’s top DeFi platforms, including Cetus, Navi Protocol, and SuiLend. The token will also be supported by popular wallets like Sui Wallet and Phantom Wallet, making it accessible to a wide range of users.

Jacob Phillips, co-founder of Lombard Finance, highlighted the importance of this expansion. “This strategic move to Sui reflects our commitment to driving Bitcoin adoption in innovative blockchain ecosystems,” he said. “We want bitcoin holders to participate seamlessly in the future of on-chain finance, with top-tier security and liquidity.”

Since its debut, LBTC has seen impressive growth, boasting nearly $2 billion in circulation. About 70% of its supply is already powering DeFi protocols like Aave and Morpho on other networks. On Sui, Phillips hinted at upcoming incentives to encourage users to adopt LBTC within the platform’s native DeFi tools, though details remain under wraps.

Looking ahead, Lombard Finance isn’t stopping with Sui. Phillips told CoinDesk the company is exploring other non-EVM networks that lead in DeFi innovation. “We’re eager to bridge bitcoin to any ecosystem pushing the boundaries of decentralized finance,” he said. “Expect more updates in the coming months.”

This launch underscores a broader trend of blending bitcoin’s stability with the flexibility of DeFi, offering users new ways to put their assets to work. As Lombard Finance expands LBTC’s reach, the crypto community will be watching to see how this move shapes bitcoin’s role in blockchain ecosystems worldwide.