Lombard Finance Launches Liquid-Staking Bitcoin Token LBTC on Sui Blockchain
Lombard Finance is launching its liquid-staking bitcoin token, LBTC, on the Sui blockchain, expanding beyond Ethereum-compatible chains. Key details include:
- LBTC will enable bitcoin to be used as collateral in DeFi applications on Sui, which has a total value locked (TVL) of $1.3 billion.
- Users can earn staking rewards while leveraging LBTC across Sui's DeFi protocols.
- Supported wallets include Sui Wallet and Phantom Wallet, with initial integration into Cetus, Navi Protocol, and SuiLend.
- LBTC circulation is nearing $2 billion, with 70% deployed in DeFi protocols like Aave and Morpho.
- Incentives are planned to promote bitcoin adoption in Sui-native DeFi applications.
- Lombard Finance is exploring expansion to other non-EVM networks to further integrate bitcoin into DeFi ecosystems.