Sui Enters Bitcoin Staking Market with Partnerships and Liquid Staking Token

Sui, a rapidly growing decentralized finance (DeFi) ecosystem, is expanding its offerings by entering the Bitcoin staking market through partnerships with Babylon Labs and Lombard Protocol. The collaboration targets the $1.8 trillion Bitcoin market, aiming to tap into its liquidity and drive growth in DeFi adoption on Sui.

Key Partnerships and Benefits

Babylon Labs and Lombard Protocol have joined forces to offer Bitcoin staking opportunities to Sui users. BTC holders can stake their coins on Babylon, while receiving Lombard’s liquid staking token LBTC, which will be natively minted on Sui.

  • BTC stakers will benefit from Lombard’s liquid staking token, which provides a secure and efficient way to stake Bitcoin on Sui.
  • Lombard’s liquid staking token will be minted on Sui, allowing for seamless integration with the DeFi ecosystem.
  • The partnership enables BTC holders to participate in the next generation of on-chain finance without compromising security or liquidity.

Long-term Potential and Benefits for Sui

According to Jacob Phillips, co-founder of Lombard, “Bitcoin’s $1.8 trillion market capitalization represents immense untapped potential.” The partnership seeks to strengthen Sui’s DeFi ecosystem by enhancing lending, borrowing, and trading activities.

“Together, we are building a future where Bitcoin holders can fully participate in the next generation of on-chain finance without compromising security or liquidity,” added Phillips.

Growing DeFi Ecosystem

Sui, launched in 2023, is rapidly growing within the DeFi space. Data from DeFiLlama shows the network currently holds $1.7 billion in total value locked. The SUI token has surged more than 380% over the past year, hitting an all-time high of $3.92 on Nov. 17.

Next Steps and Future Development

Starting in December, Sui will offer BTC staking opportunities, introducing LBTC to its growing user base. The partnership with Cubist, a hardware-backed key management platform, provides a low-latency multi-chain signer supporting over $1 billion in non-custodial Babylon staking and BTC collateral on Lombard.

Conclusion

As the DeFi space continues to evolve, partnerships like this one between Sui, Babylon Labs, and Lombard Protocol are expected to drive growth and innovation. With its growing DeFi ecosystem and expanding offerings, Sui is well-positioned for continued success in the world of cryptocurrencies.

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