Sui Partners with Babylon Labs and Lombard Protocol to Enter Bitcoin Staking Market
Sui is making its mark in the Bitcoin staking market through strategic partnerships with Babylon Labs and Lombard Protocol. This collaboration aims to tap into the $1.8 trillion Bitcoin market, with staking emerging as a key attraction for users. By leveraging Bitcoin liquidity, Sui is poised to expand its decentralized finance ecosystem, allowing BTC holders to stake their coins on the Babylon platform.
As part of this partnership, BTC stakers will receive Lombard’s liquid staking token LBTC, which will be seamlessly minted on the Sui network. This integration is set to kick off in December, offering BTC staking opportunities to Sui’s growing user base. The move is expected to bolster Sui’s DeFi ecosystem by enhancing lending, borrowing, and trading activities, ultimately driving increased adoption of DeFi on the platform.
The collaboration also involves Cubist, a hardware-backed key management platform that supports over $1 billion in non-custodial Babylon staking and BTC collateral on Lombard. Jacob Phillips, co-founder of Lombard, emphasized the vast potential of Bitcoin’s $1.8 trillion market capitalization, highlighting the vision of enabling Bitcoin holders to actively participate in the next generation of on-chain finance while maintaining security and liquidity.
Sui, established in 2023, has been experiencing rapid growth within the DeFi landscape. Data from DeFiLlama reveals that the network currently boasts $1.7 billion in total value locked, showcasing its increasing prominence in the DeFi sector. The SUI token has also seen remarkable growth, surging over 380% in the past year and reaching an all-time high of $3.92 on November 17th.
Overall, the partnership between Sui, Babylon Labs, and Lombard Protocol signifies a significant step towards bridging the gap between Bitcoin and DeFi, offering new opportunities for users to engage with decentralized finance while leveraging the liquidity and security of the Bitcoin market. Stay tuned for the unveiling of BTC staking on Sui and the introduction of LBTC to the platform, as these initiatives are set to reshape the landscape of decentralized finance.