The programmability of Sui addresses the limitations of Bitcoin's on-chain programmability.
Key Information:
BTC holders will soon be able to stake Bitcoin through Babylon's staking protocol.
Co-founder of Lombard stated: The team is building a future that allows BTC holders to participate in on-chain finance without sacrificing security or liquidity.
The head of ecosystem development at Cubist stated: We are building the infrastructure to bring BTC into the Sui ecosystem, allowing users from all blockchain ecosystems to join Sui and participate in a decentralized ecosystem where BTC plays an important role.
NAVI expressed interest in collaborating with Babylon to support LBTC pools in its protocol.
The Sui Foundation announces a collaboration with Babylon Labs, Lombard, and Cubist, dedicated to integrating BTC with the Layer1 blockchain and smart contract platform Sui, bringing Bitcoin liquidity into the Sui ecosystem.
As the largest liquid staking provider on Babylon, LBTC is Lombard's flagship product. In the future, LBTC will serve as a staking asset to further drive the development of the Sui ecosystem's DeFi system, and this collaboration is expected to attract BTC holders to conduct more operations in the Sui ecosystem through LBTC.
Unlocking $1.8 trillion in Bitcoin liquidity for the Sui ecosystem
Through this collaboration, Bitcoin holders will be able to stake BTC in the Babylon staking protocol and receive native LBTC minted on Sui before December. LBTC will become a core asset of the Sui DeFi ecosystem, enabling BTCFi lending and trading, unlocking $1.8 trillion in liquidity from the Bitcoin ecosystem for Sui.
Regarding this collaboration, Fisher Yu, co-founder and CTO of Babylon Labs, stated in an article published by International Business Times:
“Babylon is committed to building native use cases for BTC, bringing Bitcoin's security and liquidity into decentralized systems. We are excited that Sui is joining this vision and collaborating with us and our partners to achieve this goal.”
Lombard is committed to unlocking Bitcoin's potential as a dynamic financial tool by connecting Bitcoin with DeFi. As Lombard's flagship product, LBTC is pegged 1:1 with BTC and is a yield-bearing, cross-chain, highly liquid Bitcoin. Currently, the minted assets for LBTC tokens exceed $1 billion, with over half of the LBTC active in DeFi applications. The impressive on-chain data demonstrates that LBTC has withstood market tests while showcasing the strong power of BTC liquidity in the Ethereum ecosystem.
Through this collaboration, the validated model of Lombard will be introduced to the Sui ecosystem. Jacob Phillips, co-founder of Lombard, stated:
“The $1.8 trillion market cap of Bitcoin represents immense untapped potential, and we are committed to building a future together that allows Bitcoin holders to fully engage in the next generation of on-chain finance without worrying about security or liquidity.”
On the other hand, Cubist is building the infrastructure to bring BTC into the Sui ecosystem. Cubist is a development tools and infrastructure company that brings modern software engineering practices and top-notch security to web3 builders. This collaboration will provide the highest level of security and performance in key management to support efficient deposits, minting, staking, and bridging.
Regarding this collaboration, Jameel Khalfan, head of ecosystem development at Sui Foundation, stated:
“Bringing BTC into Sui is a match made in heaven. Thanks to the collaboration with Babylon, Lombard, and Cubist, users from all blockchain ecosystems can join Sui to participate in a thriving financial services ecosystem, where Bitcoin will play a crucial role.”
Empowering the future development of Sui ecosystem DeFi
In the Sui DeFi ecosystem, more and more people are beginning to focus on how to utilize the power of BTC within the Sui ecosystem. As one of the leading lending protocols on Sui, NAVI has expressed plans to collaborate with Lombard to support LBTC pools in its protocol.
NAVI CEO Elliscope Fang stated:
“As the largest liquid staking issuer of Bitcoin, the latest collaboration between Lombard and Cubist will usher in a new revolutionary era for Sui and Bitcoin. NAVI is very pleased to collaborate with Babylon Labs, Lombard, and the Cubist team to bring the value of Bitcoin staking to Sui DeFi users.”
As a popular Layer1 blockchain, Sui aims to create an efficient, private, secure, and permissionless environment to achieve ownership of digital assets.
One of Sui's major advantages lies in its strong programmability and composability, with a vision of 'becoming the primary foundational coordination layer for all digital assets.'
The programmability of Sui addresses the limitations of Bitcoin's on-chain programmability. Additionally, Sui features horizontally scalable data processing and storage capabilities, able to support large-scale applications running at unparalleled speeds, allowing everyone to obtain ownership of digital assets at a low cost.
