Sui is about to launch Bitcoin staking service

Sui is preparing to launch a Bitcoin staking service in collaboration with Babylon Labs and Lombard Protocol. Starting in December, Bitcoin holders on Sui will be able to stake BTC into Babylon, a layer 2 network of Bitcoin, and receive LBTC tokens, conducting financial transactions such as lending and borrowing on the Sui network, aiming to tap into the liquidity worth $1.8 trillion from Bitcoin.

This service not only helps integrate Bitcoin into Sui's DeFi ecosystem but also opens up opportunities for Bitcoin holders to use their BTC more flexibly through LBTC, a liquidity staking token from Lombard. LBTC promises to become a core asset in DeFi protocols on Sui, enabling users to effectively leverage the value of their assets without relinquishing ownership of Bitcoin.

Cubist will develop the infrastructure platform for this staking and trading, ensuring safety and efficiency in operations on the Sui blockchain.