фото показано с : invezz.com

Sui, the emerging Layer 1 blockchain, is set to launch Bitcoin staking in December, marking a significant step toward integrating Bitcoin into decentralized finance (DeFi).

This new initiative, developed in collaboration with Babylon Labs and Lombard Protocol, will allow Bitcoin holders to stake their BTC on Babylon, a Bitcoin layer-2 network, and mint LBTC, Lombard’s liquid staking token (LST).

Bitcoin’s massive $1.8 trillion market capitalization has long remained underutilized in the DeFi space due to Bitcoin’s limited programmability on chain.

Sui aims to change this by providing a platform where Bitcoin holders can unlock the full potential of their assets without compromising on security or liquidity.

By staking BTC via Babylon’s protocol, users will receive Lombard Protocol’s LBTC tokens, which can be used within Sui’s DeFi ecosystem for lending, borrowing, and trading.

LBTC, already a success on Ethereum, is poised to become a core asset in Sui’s DeFi ecosystem.

Lombard Protocol has already demonstrated the power of Bitcoin liquidity on Ethereum, where its LBTC token has surpassed $1 billion in minted assets, with over half of these assets actively participating in DeFi applications.

Now, the proven success of LBTC is expanding to Sui, a blockchain known for its high-performance decentralized applications (DApps).

Cubist, a blockchain developer, is responsible for building the infrastructure that will support Bitcoin’s integration into Sui.

The infrastructure will provide secure and efficient management for depositing, minting, staking, and bridging BTC to Sui, ensuring the highest levels of security and performance for users.

Jacob Phillips, co-founder of Lombard, highlighted the immense untapped potential of Bitcoin’s market capitalization, emphasizing that this collaboration aims to create a future where Bitcoin holders can fully participate in the next generation of on-chain finance.

According to Phillips, this collaboration will offer users from all blockchain ecosystems the opportunity to engage with Sui’s thriving DeFi ecosystem.

Jameel Khalfan, Head of Ecosystem Development at Sui Foundation, noted that Bitcoin’s integration into Sui is a perfect match, thanks to the blockchain’s programmability and composability.

By bringing Bitcoin to Sui, the collaboration will provide users with access to innovative financial services while maintaining the security and liquidity of their Bitcoin.

The Sui DeFi ecosystem is already embracing the power of Bitcoin, with projects such as NAVI, a leading borrowing and lending protocol, planning to support LBTC pools.

Elliscope Fang, CEO of NAVI, expressed excitement about the collaboration, describing it as a revolutionary development for both Sui and Bitcoin.

The post Sui to introduce Bitcoin staking starting December appeared first on Invezz

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