“The MOVE MARKS LBTC’s FIRST INTEGRATION WITH A NON-EVM BLOCKCHAIN, Bringing Bitcoin As A Collalateral in Defi To A Broader Ecosystem.”, – WRITE: www.coindesk.com
The Expansion Extends LBTC Beyond the Blockchains It Currently Uses, Which Include Ethereum, Base, and Bnb Chains. The token is meant to install Bitcoin as collateral on Decentralized Finance (Defi) Applications, WHICH ON SUI CURRENTLY HAVE AUND $ 1.3 Billion in Total Value Locied (TVL).
Bringing Lbtc to Sui Means That Users On the Network Will Have Access to Bitcoin Staking Rewards While Being Able to Leverage of the Tokens Across Its Decentralized Finance. Exclusivly with Coindesk.
The token is set to be supeported by sui Wallet and Phantom Wallet While Being Initial Integrated Into Cetus, Navi Protocol, and Suilend – The Network’s Largest Procols by TV.
“This Strategic Move to Sui Reflects Our Commitment to Driving Bitcoin Adoption in Innovative Blockchain Ecosystems, ENSURING THAT BITCOIN HOLDERS CAN Seamlesly Highest Standards of Security and Liquidity, ”SAID LOMBARD FINANCE’S CO-FOUNDER JACOB PHILLIPS.
LBTC HAS GRAWN RAPIDLY SINCE ITS LAUNCH, WITH Nearly $ 2 Billion in Circulation and 70% of Its Suppply Actively DEPLYED IN DEFI PROTOCOLS INCLUDING AAVE AND MORPO, ACCORDING TOO.
Speaking to Coindesk, Phillips Revealed Thatrere “Will Be Incentives To Promote of Bitcoin in Sui-Native Defi Applications” to Help Incentivize The Netcu.
As for any potential expansion to Other Non-Evm Networks, Phillips Said Lombard Is “Eager to Bridge Bitcoin to Any Ecosystem that is a Leader in Defi inno. NEXT FEW MONHS. ”
