Sui Joins Forces with Babylon and Lombard to Revolutionize Bitcoin Staking

Sui Ventures into Bitcoin’s $1.8 Trillion Market Through Liquid Staking Partnership

By Estefano Gomez

Innovative Collaboration for Bitcoin Staking

Sui has embarked on an exciting new journey alongside Babylon Labs and Lombard Protocol, aiming to enhance Bitcoin staking while integrating Bitcoin liquidity into its decentralized finance (DeFi) ecosystem. This innovative collaboration opens the door for users to stake their Bitcoin using Babylon’s staking framework. In return, participants will receive LBTC, a liquid staking token from the Lombard Protocol, which will be minted seamlessly on the Sui platform.

Upcoming LBTC Launch and DeFi Integration

Set to debut in December, LBTC will serve as a vital asset in various DeFi activities, including lending, borrowing, and trading. This integration uniquely positions Sui to leverage Bitcoin’s immense market capitalization, which stands at a staggering $1.8 trillion. Lombard Protocol has already made significant waves within the Ethereum ecosystem, surpassing $1 billion in minted LBTC assets.

Infrastructure Development and Future Prospects

To support this initiative, Cubist will develop the essential infrastructure required for processes such as deposits, minting, staking, and bridging within the Sui blockchain. Fisher Yu, co-founder and CTO of Babylon Labs, expressed excitement about the partnership. He emphasized Babylon’s goal of creating native Bitcoin use cases that enhance its security and liquidity in decentralized networks. Yu also noted Sui’s alignment with this vision, which fuels their enthusiasm for collaboration. Moreover, the integration of LBTC into the Sui ecosystem is poised to attract major DeFi platforms like NAVI, currently recognized as the largest liquid staking issuer for Bitcoin. NAVI plans to establish liquidity pools for LBTC, further solidifying its role in this evolving landscape. “`html

Source: Cryptobriefing.com

“`