The Bitcoin token with the use of Lombard Finance liquid, LBTC, will be launched Thursday on the AU blockchain, marking its first expansion to a compatible chain of non -ethereum virtual machine (EVM).
The expansion extends LBTC beyond the blockchains he currently uses, which include the Ethereum, Base and BNB channels. The token is intended to install Bitcoin as a guarantee on decentralized financing applications (DEFI), which SUP currently have around $ 1.3 billion in total locked value (TVL).
Bring LBTC to SUD means that network users will have access to Bitcoin Slaking rewards while being able to take advantage of the tokens through its decentralized funding protocols, according to a press release shared exclusively with Coindesk.
The token should be supported by Suis Wallet and Phantom Wallet while initially integrated into Cetus, Nav Protocol et Suilend – the largest protocols on the network by TVL.
“This strategic transition to follows our commitment to stimulate the adoption of Bitcoin in innovative blockchain ecosystems, ensuring that Bitcoin holders can participate transparently in the future of chain financing while retaining the highest safety and liquidity standards,” said the co-founder of Lombard Finance, Jacob Phillips.
The LBTC has increased rapidly since its launch, with almost $ 2 billion in traffic and 70% of its supply actively deployed in DEFI protocols, notably Aave and Morpho, according to the press release.
Addressing Coindesk, Phillips has revealed that there will be “incentives to promote the adoption of bitcoin in sui-swivel challenges” to encourage the adoption of LBTC on the network.
As for any potential expansion to other non -EVM networks, Phillips said that Lombard was “eager to reject bitcoin to any ecosystem which is a leader in DEFI innovation. We will have more to share on this front in the coming months.”
