Programmable BTC Now a Reality

by CryptoExpert
Coinmama


The Sui Foundation has announced a partnership with Babylon Labs, Lombard Protocol, and Cubist to integrate Bitcoin into the Sui ecosystem.

This collaboration will bring programmable Bitcoin functionality to Sui and leverage its high-performance Layer-1 (L1) blockchain to unlock Bitcoin’s $1.8 trillion liquidity for decentralized finance (DeFi).

Unlocking Bitcoin’s Potential on Sui

This development marks an important moment for both Bitcoin (BTC) holders and the broader blockchain community. Bitcoin’s security and liquidity, combined with Sui’s programmability and composability, could redefine how digital assets interact within decentralized systems.

Starting in December, Bitcoin holders will be able to stake their BTC through the Babylon staking protocol. In return, they will receive LBTC, a liquid staking token that Lombard Protocol natively mints on Sui. LBTC, already a cornerstone of Ethereum’s DeFi ecosystem, has surpassed $1 billion in minted assets. It actively serves in lending, borrowing, and trading applications.

bybit

This initiative aims to replicate and scale this success on Sui, where LBTC will become a core asset in its DeFi ecosystem. By staking their BTC, users can unlock its value without sacrificing liquidity or security. This aligns with the growing trend of integrating Bitcoin into programmable ecosystems.

“Bringing BTC into Sui is a match made in heaven. Thanks to this collaboration, users from all blockchain ecosystems can come to Sui to participate in a thriving financial ecosystem in which Bitcoin will play a key role,” Jameel Khalfan, Head of Ecosystem Development at the Sui Foundation, said.

Cubist, a novel infrastructure provider, will ensure seamless integration with a strong framework for deposits, staking, minting, and bridging. Babylon Labs and Lombard have already demonstrated the power of Bitcoin liquidity on Ethereum, and now this success is being extended to Sui. By building programmable Bitcoin use cases, Babylon Labs Co-founder and CTO Fisher Yu emphasized their vision.

“Babylon builds native use cases for BTC to bring Bitcoin security and liquidity to decentralized systems. We are excited to make this a reality on Sui,” Yu remarked.

The integration aligns perfectly with Sui’s mission of enhancing the utility of digital assets. By combining Bitcoin’s unparalleled liquidity with Sui’s programmability, this partnership has the potential to drive adoption. It could attract developers, users, and institutional players to the Sui ecosystem.

The Growing Sui Ecosystem

Sui’s ecosystem is advancing, with key developments bolstering its reputation as a top-tier blockchain. Among them is its recent strategic partnership with Franklin Templeton, a global investment firm. The partnership will explore blockchain-based solutions for financial markets. This collaboration reflects Sui’s commitment to integrating traditional finance (TradFi) with blockchain technology.

Similarly, the network’s novel use cases have since come into the limelight. BeInCrypto reported Chirp launched the first decentralized physical infrastructure (DePIN) game on Sui, reflecting its versatility. This play-to-earn model combines blockchain technology with real-world applications, enhancing user engagement.

Nevertheless, while the Sui Foundation’s achievements are commendable, the road has not been without bumps. Recently, Sui experienced a network outage caused by a bug that temporarily disrupted operations.

The foundation acted swiftly to resolve the issue, demonstrating its commitment to reliability and transparency. However, this incident serves as a reminder that even leading blockchain platforms must continually prioritize robustness and scalability.

As Sui taps into Bitcoin’s vast liquidity, its ecosystem is poised for exponential growth. The collaboration with Babylon Labs, Lombard, and Cubist enhances Sui’s DeFi offerings while setting a benchmark for interoperability and innovation across blockchain platforms.

SUI Price Performance. Source: BeInCrypto

Despite news of this integration, Sui’s powering token, SUI, has been down almost 6% since the Tuesday session opened. BeInCrypto data shows SUI is trading for $3.22 as of this writing.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.



Source link

You may also like