Lombard Finance is set to deploy its liquid-staking bitcoin token, LBTC, on the Sui blockchain on Thursday, marking its first expansion to a non-Ethereum Virtual Machine (EVM) compatible chain.

The expansion extends LBTC beyond the blockchains it currently uses, which include Ethereum, Base, and BNB chains. The token is intended to enable bitcoin to serve as collateral for decentralized finance (DeFi) applications, which on Sui currently have approximately $1.3 billion locked in total value (TVL).

Bringing LBTC to Sui means that users on the network will gain access to bitcoin staking rewards while leveraging tokens across its DeFi protocols, as stated in a press release shared exclusively with CoinDesk.

The token will be supported by Sui Wallet and Phantom Wallet and will initially be integrated into Cetus, Navi Protocol, and SuiLend — the leading protocols by TVL on the network.

“This strategic move to Sui reflects our commitment to driving Bitcoin adoption in innovative blockchain ecosystems, ensuring that bitcoin holders can seamlessly participate in the future of on-chain finance while maintaining the highest standards of security and liquidity,” remarked Jacob Phillips, co-founder of Lombard Finance.

LBTC has quickly gained momentum since its launch, circulating nearly $2 billion, with 70% of its supply actively utilized in DeFi protocols such as Aave and Morpho, according to the press release.

Speaking to CoinDesk, Phillips indicated that there “will be incentives to promote the adoption of bitcoin in Sui-native DeFi applications” to encourage LBTC’s uptake on the network.

In terms of future expansions to other non-EVM networks, Phillips expressed that Lombard is “eager to bridge bitcoin to any ecosystem that is a leader in DeFi innovation. We will have more updates on that front in the coming months.”