The Bitcoin Token of Lombard Finance, LBTC, will be launched in the sui block chain on Thursday, marking its first expansion to a compatible virtual machine (EVM) non -Estereum (EVM) chain.
The expansion extends LBTC beyond the block chains it currently uses, which include Ethereum, Base and BNB Chains. The Token is intended to install Bitcoin as a guarantee in decentralized finance applications (DEFI), which in SUI currently have about $ 1.3 billion in total blocked value (TVL).
Bringing LBTC to Sui means that users on the network will have access to Bitcoin’s betting rewards while they can take advantage of tokens through their decentralized financial protocols, according to a press release shared exclusively with COINDESK.
The Token is compatible with the sui wallet and the ghost wallet, while initially they are integrated into Cetus, Navi and Suilend protocol, the largest protocols of the network by TVL.
“This strategic movement to Sui reflects our commitment to boost Bitcoin’s adoption in innovative blockchain ecosystems, ensuring that Bitcoin holders can participate without problems in the future of finance in the chain while maintaining the highest standards of safety and liquidity,” said Lombard Finance co -founder Jacob Phillips.
LBTC has grown rapidly since its launch, with almost $ 2 billion in circulation and 70% of its supply actively deployed for DEFI protocols, including Aave and Morpho, according to the statement.
Speaking to Coindesk, Phillips revealed that “there will be incentives to promote the adoption of Bitcoin in sui defy applications” to help encourage the adoption of LBTC on the network.
As for any possible expansion to other networks that are not EVM, Phillips said that Lombard is “anxious to unite Bitcoin to any ecosystem that is an innovation leader defi. We will have more to share on that front in the coming months.”
