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

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Babylon and Lombard introduce Bitcoin staking to Sui, growing its DeFi ecosystem.

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

The combination will enable users to stake Bitcoin during the Babylon staking protocol and fetch LBTC, Lombard Protocol’s liquid staking token, natively minted on Sui.

Initiating in December, LBTC might possibly presumably presumably possibly lend a hand as a core asset for lending, borrowing, and procuring and selling actions, 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 sources.

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

“Babylon builds native exhaust circumstances for BTC to bring Bitcoin security and liquidity to decentralized programs. We’re furious that Sui shares this imaginative and prescient,” said Fisher Yu, co-founder & CTO of Babylon Labs.

As LBTC integrates into Sui’s ecosystem, key DeFi protocols esteem NAVI, the largest liquid staking issuer for Bitcoin, relish expressed plans to give a enhance to LBTC pools.