SatLayer, the Bitcoin restaking platform, has just announced its integration with blockchain $SUI – a layer-1 ecosystem known for its superior transaction speed. The goal of this collaboration is to leverage the $2.1 trillion market capitalization of $BTC to develop DeFi applications, where users can transact without intermediaries.
Highlights of SatLayer on Sui
• Upgrading DeFi infrastructure: The integration allows developers to use Bitcoin as a security tool when building decentralized applications on Sui.
• Combining advantages: The security of Bitcoin and the speed, scalability of Sui facilitate more innovative applications.
Jameel Khalfan, head of the Sui Foundation ecosystem, emphasized:
"The combination of the size and security of Bitcoin with the speed and scalability of Sui opens new potentials for both developers and users."
How SatLayer operates on Babylon
SatLayer is deployed on Babylon – a platform that provides security for proof-of-stake networks. Users can lock Bitcoin to receive rewards, while the proof-of-stake networks use this Bitcoin to enhance security.
• Notable feature: SatLayer integrates 'programmable slashing' – a form of penalty when a validator behaves improperly or carelessly.
• Initial impression: There are currently over 57,300 BTC (equivalent to $6 billion) committed on the Babylon Chain.
DeFi with Bitcoin: New potentials
Restaking, popularized through EigenLayer on Ethereum, is now being expanded by SatLayer focusing on Bitcoin. Binance has also integrated Babylon staking into its 'On-chain Yields' product, offering a high-risk investment option with attractive returns.
Strong fundraising
• Babylon successfully raised $70 million in May 2024, led by Paradigm.
• SatLayer also attracted $8 million from major funds like Franklin Templeton.
In summary
The integration between SatLayer and Sui not only leverages the power of Bitcoin in DeFi but also opens up great opportunities for creative developers. This is an important step, combining the top advantages of Bitcoin and Sui to create a more secure and efficient ecosystem in blockchain.