The liquid Bitcoin token of Lombard Finance, LBTC, will be launched on the Sui Blockchain on Thursday, which marks its first extension to a non-Etherum Virtual Machine (EVM) compatible chain.
The expansion is expanding LBTC beyond the block chains that it is currently using, including Ethereum, Base and BNB chains. The token is intended to install Bitcoin as collateral on decentralized finance (Defi) applications, which have currently locked around $ 1.3 billion in total value on SUI (TVL).
Bringing LBTC to SUI means that users on the network have access to Bitcoin strikeings while they can use the tokens about his decentralized financial protocols, according to a press release that is shared exclusively with Coindesk.
The token is set to be supported by Sui Wallet and Phantom Wallet while initially integrated into Cetus, Navi Protocol and Suilend – the largest protocols of the network by TVL.
“This strategic relocation to Sui reflects our dedication to stimulating bitcoin acceptance in innovative blockchain ecosystems, so that bitcoin holders can seamlessly participate in the future of financing on chains while retaining the highest standards for safety and liquidity.
LBTC has grown rapidly since the launch, with almost $ 2 billion in circulation and 70% of its offer actively deployed in Defi protocols, including Aave and Morpho, according to the release.
Phillips has unveiled against Coindesk that there will “be incentives to promote the approval of Bitcoin in Sui-Native Defi applications” to stimulate the acceptance of LBTC on the network.
Regarding any possible expansion to other non-EVM networks, Phillips said that Lombard “bridging Williggende Bitcoin to any ecosystem that is a leader in Defi innovation. We will share more on that front in the coming months.”
