The public chain Sui has recently partnered with the decentralized protocol Babylon, Bitcoin LST developer Lombard, and blockchain security company Cubist. It announced that starting in December, users can deposit Bitcoin (BTC) into Babylon to generate staking certificates, and then mint liquidity staking tokens LBTC through Lombard, further realizing applications such as lending and trading in Sui, while Cubist ensures the security of cross-chain operations.
Plan initiated, the birth of Bitcoin staking and LBTC
This plan is jointly promoted by Babylon Labs and Lombard Protocol, with Sui providing infrastructure support, while Cubist ensures the security of BTC deposits, minting, staking, and cross-chain bridging. The goal of the plan is to introduce Bitcoin liquidity into the Sui ecosystem, allowing users to stake BTC with Babylon, generate liquidity staking tokens LBTC through Lombard, and finally realize lending, trading, and other applications on Sui with LBTC.
The rise of Sui and the integration opportunities with Bitcoin
Known as the 'strongest competitor to Solana,' the L1 public chain Sui has reached a total locked value (TVL) of 1.4 billion dollars since its launch in 2023. It previously announced a partnership with Circle at the Token 2049 conference to issue USDC on its own mainnet. Following this, it announced the official launch of the cross-chain bridge Sui Bridge in early October, and this collaboration with Babylon and Lombard demonstrates Sui's determination to actively integrate Bitcoin liquidity to strengthen its ecosystem development.
(SUI's price has doubled from its lows! Institutional report: Sui is the strongest competitor to Solana)
In this article, Sui will support Bitcoin staking, collaborating with Babylon and Lombard to launch LBTC in December, first appearing in Chain News ABMedia.
