Sui taps Bitcoin’s $1.8 trillion market with liquid staking integration

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Cryptobriefing2024/11/26 06:44

By:Cryptobriefing

Key Takeaways

Sui blockchain will integrate Bitcoin through Babylon Labs and Lombard Protocol, enabling Bitcoin staking in Sui's DeFi ecosystem.
LBTC, a liquid staking token, will be minted on Sui and serve as a core asset within its financial ecosystem.

Sui has partnered with Babylon Labs and Lombard Protocol to introduce Bitcoin staking and integrate Bitcoin liquidity into its DeFi ecosystem.

The integration will allow users to stake Bitcoin through the Babylon staking protocol and receive LBTC, Lombard Protocol’s liquid staking token, natively minted on Sui.

Starting in December, LBTC will serve as a core asset for lending, borrowing, and trading activities, aiming to tap into Bitcoin’s $1.8 trillion market capitalization.

Lombard has already established its presence on Ethereum, with its LBTC token surpassing $1 billion in minted assets.

Cubist will develop the infrastructure for deposits, minting, staking, and bridging operations on Sui.

“Babylon builds native use cases for BTC to bring Bitcoin security and liquidity to decentralized systems. We are excited that Sui shares this vision,” said Fisher Yu, co-founder CTO of Babylon Labs.

As LBTC integrates into Sui’s ecosystem, key DeFi protocols like NAVI, the largest liquid staking issuer for Bitcoin, have expressed plans to support LBTC pools.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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