How To Qualify for the Lombard Finance LBTC on Sui Airdrop and Earn Yield on Bitcoin

Are you looking to put your Bitcoin to work while simultaneously positioning yourself for a potentially significant Sui ecosystem airdrop? Lombard Finance’s LBTC liquid staking token on Sui Network offers an exciting opportunity to do just that.  I’ll show you how to position your Web3 wallets to qualify for the Lombard Finance airdrop with $LBTC on Sui while also earning yield on your Bitcoin.

Who is Lombard Finance and What is LBTC on Sui?

Lombard Finance is on a mission to transform Bitcoin from a simple store of value asset into a productive yield bearing tool. Their flagship product, LBTC, is a secure Bitcoin Liquid Staking Token (LST) that is natively cross-chain compatible and designed to empower users to utilize Bitcoin across various DeFi protocols.

Key benefits of LBTC on Sui liquid staking token include:

• 1:1 backing with Bitcoin (un-stake anytime to get your $BTC back)
• Ability to earn native yield on your Bitcoin
• Use across DeFi protocols on multiple blockchains including Sui, Ethereum, and Base
• Potential to qualify for multiple airdrops

Lombard Finance raised $16 million and recently announced that LBTC is live on Sui Network, making it the first non-EVM chain to integrate.  I think it’s significant they chose Sui over Solana for their first non-Ethereum Virtual Machine blockchain to launch their Bitcoin liquid staking token on.

Lombard Lux Points

Lombard Finance created a points program called “Lombard Lux” that rewards users for staking Bitcoin and utilizing $LBTC across various DeFi protocols. The Lombard Lux rewards calculation formula is the following:

Lombard Lux = Days × LBTC × 1,000

Users receive 10 Lombard Lux points for holding 0.01 LBTC over one day.  To learn more abound Lombard Lux points and how to qualify for the airdrop I encourage you to check out Jussy’s Post on X.

Step-by-Step Guide to Staking Native Bitcoin on Sui for LBTC

1. Connect Your Sui Wallet to Lombard Finance Staking Site

• Visit Lombard Finance’s staking page here: Lombard.Finance/app/stake
• Click “Connect Wallet” and select Sui Wallet (you can also use Phantom Wallet)
• Accept the terms and Sign the message to confirm your wallet ownership

2. State the Amount of $BTC You want to Stake and Confirm Your LBTC Receive Wallet Address

• Enter the amount of Bitcoin you want to stake (minimum 0.002 BTC recommended to qualify for airdrops)
• Click “Get LBTC on Sui”
• Sign Message: “To finish connecting your account, please sign a message with your wallet to confirm your ownership.” Go ahead and sign the message in your Sui wallet.
• Confirm your LBTC destination address (this should be your Sui wallet receive address – it’s where the LBTC tokens will be deposited when minting is complete)

3. Send Bitcoin to the Deposit Address

• Copy the deposit address provided by Lombard Finance
• Open your Bitcoin wallet that has the $BTC you want to stake on Sui in it – in this example we use Xverse wallet
• In your Xverse wallet, click on Bitcoin, click Send, paste the “Deposit BTC To” address provided by Lombard Finance, Send the exact amount of $BTC to stake that you specified (in step 2)
• The transaction will be broadcasted to the Bitcoin mempool.
• Wait for 6 confirmations (approximately 30 minutes to 1 hour depending on Bitcoin mempool activity)

4. Receive LBTC on Sui in Your Sui Wallet

Once the transaction is complete, you’ll receive the equivalent amount of LBTC to the Bitcoin you staked in your specified Sui wallet. This completes the basic qualification to receive Lombard Lux points and future airdrops.

Note: Make sure to watch our video tutorial above to see an example of this Bitcoin staking for LBTC process.

Alternative Method to Acquire LBTC on Sui

If you don’t want to go through the Bitcoin staking process with Lombard Finance, you can simply swap some $SUI for $LBTC on any Sui ecosystem DeFi protocols such as:

• Cetus
• Bluefin
• Turbos Finance
• 7K Aggregator
• Aftermath Finance
• Hop Aggregator

Swapping Sui native tokens ($USDC, $WAL, ect.) for LBTC on Sui will allow you to use the liquid staking token for various DeFi activities such as supplying liquidity and lending which are potential airdrop qualifiers.  However, directly staking Bitcoin on Sui is the strongest Lombard Finance airdrop qualifier.

Lend LBTC on Suilend for $DEEP Rewards and 3x Lombard Lux Points

To potentially increase your qualification level for the Lombard airdrop, put your LBTC to work in Sui’s DeFi ecosystem.  When you lend LBTC on Suilend Protocol, you’ll earn APY in $DEEP tokens and get a 3x boost on your Lombard Lux points.  You also set yourself up for a potential second airdrop.  Follow the steps below to lend your LBTC on Suilend:

• Connect your Sui wallet to Suilend and find LBTC in the assets list
• Deposit your LBTC to Suilend
• Earn approximately 2.7% APY in $DEEP token rewards
• Receive 3x Lombard Lux points

Your lending position on Suilend is represented as an NFT in your Sui wallet.  You can withdraw your LBTC on Sui from Suilend at any time without penalty.

Use your LBTC to Supply Liquidity on Sui Ecosystem DeFi Protocols

Another way to earn additional yield on LBTC and potentially qualify for the Lombard Finance airdrop is to use it provide liquidity on the following Sui ecosystem DeFi protocols:

• Bluefin (LBTC – SUI pool)
• Cetus (LBTC – SUI pool)
• Aftermath (LBTC – SUI pool)

This allows you to earn yield with LBTC on protocol trading fees while potentially qualifying for the Lombard Finance airdrop.

Why Lombard Finance LBTC On Sui Matters

Lombard Finance launching their liquid staking token LBTC on Sui is significant for several reasons:

1. It allows Bitcoin holders to earn yield while still maintaining full ownership of their $BTC.
2. It positions active users for not one but potentially multiple Lombard Finance airdrops.
3. It showcases Sui Network’s growing DeFi ecosystem as the first non-EVM chain chosen by Lombard Finance.

The integration of Lombard Finance’s LBTC on Sui Network provides an exciting opportunity for Bitcoin holders. By following the steps in this guide, you can potentially qualify for multiple airdrops while putting your $BTC to work with DeFi.

Have you started staking your Bitcoin with Lombard Finance? If so, let us know your experience in the comments below!

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.