Lombard Finance to Launch Its Liquid Staking Bitcoin Token LBTC on Sui
Lombard Finance Launches Its Liquid Bitcoin Token LBTC on Sui
The move marks LBTC's first integration with a non-EVM-compatible blockchain, allowing Bitcoin to be used as collateral in DeFi for the broader ecosystem.
Posted by Francisco Rodriguez | Edited by: Aoyon Ashraf Updated: March 6, 2025 18:44 UTC Published: March 6, 2025 13:00 UTC
What you should know:
- Lombard Finance is set to launch its liquid Bitcoin token LBTC on the Sui platform.
- This expansion aims to provide institutional Bitcoin liquidity to the emerging Layer 1 ecosystem.
- LBTC has seen rapid growth since its inception and is available on multiple EVM networks including Ethereum, Base, and BNB Chain.
On Thursday, Lombard Finance's liquid Bitcoin token LBTC will launch on the Sui blockchain, marking its first step onto a chain that is not compatible with the Ethereum Virtual Machine (EVM).
This expansion takes LBTC beyond the blockchains it currently uses, including Ethereum, Base, and BNB. The token is designed to use Bitcoin as collateral in decentralized finance (DeFi) applications, which currently have about $1.3 billion in total value locked (TVL) on Sui.
According to a press release shared exclusively with CoinDesk, the introduction of LBTC to Sui will allow network users to access Bitcoin staking rewards and use the tokens in their decentralized finance protocols.
The token is expected to be supported by Sui Wallet and Phantom Wallet, and will initially be integrated into major TVL network protocols such as Cetus, Navi Protocol, and SuiLend.
“This strategic move towards Sui underlines our commitment to bringing Bitcoin into innovative blockchain ecosystems, ensuring that Bitcoin holders can easily participate in the future of blockchain-based finance while maintaining the highest standards of security and liquidity,” said Jacob Phillips, co-founder of Lombard Finance.
According to the press release, LBTC has seen rapid growth since its launch, with around $2 billion in circulation and 70% of its supply actively used in DeFi protocols like Aave and Morpho.
In an interview with CoinDesk, Phillips said that “incentives will be implemented to promote Bitcoin adoption in Sui DeFi applications” to help LBTC spread across the network.
As for a possible expansion to other non-EVM networks, Phillips noted that Lombard “intends to connect Bitcoin to any ecosystem that is leading the way in DeFi innovation. We’ll have more details to share on this front in the next few months.”
