Sui collaborates with Babylon Labs and Lombard to integrate Bitcoin into the ecosystem

Sui has established a partnership with Babylon Labs, Lombard, and Cubist to integrate Bitcoin into its ecosystem, which is expected to begin this December. This collaboration allows Bitcoin users to stake BTC on Babylon and receive LBTC tokens, issued by Lombard, on the Sui blockchain. LBTC will play a crucial role in decentralized finance (DeFi) activities on Sui, providing opportunities for lending, borrowing, and trading, thereby tapping into the economic potential of $1.8 trillion from Bitcoin.

Cubist will provide security infrastructure to ensure that deposits, withdrawals, issuance, staking, and cross-blockchain transfers between Sui and Bitcoin occur safely. Entities like Lombard and Babylon are focused on enhancing liquidity and security for Bitcoin, enabling holders to participate more in DeFi activities while still retaining ownership of their Bitcoin.

This integration is expected to enrich Sui's DeFi ecosystem, increasing the usability of Bitcoin in this modern blockchain space.