Babylon Labs and Lombard Protocol have joined forces to introduce liquid Bitcoin
$94,683.04
staking to Sui
$3.24
, a growing Layer-1 blockchain network.
As stated by Sui on X, Bitcoin owners using the Sui network will have the option to stake their BTC through Babylon, a Layer-2 Bitcoin network. This staking process will enable them to mint LBTC, a liquid staking token developed by the Lombard Protocol.
LBTC is set to play a crucial role as a versatile asset within Sui’s DeFi framework, promoting activities like lending, borrowing, and trading. The broader vision involves tapping into Bitcoin’s $1.8 trillion market liquidity to support Sui’s financial ecosystem.
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This initiative indicates a commitment to creating a space for Bitcoin holders to maximize the utility of their assets. By using LBTC, users will gain new opportunities to engage in on-chain financial operations.
Cubist, a blockchain infrastructure specialist, has been tasked with developing the necessary tools to support these innovations. Their work will focus on establishing systems for depositing, staking, minting, and bridging Bitcoin to Sui’s ecosystem.
According to Jacob Phillips, Lombard Protocol’s co-founder, this collaboration aspires to open pathways for Bitcoin holders to participate fully in advanced on-chain finance without sacrificing security or liquidity.
Since its launch in 2023, Sui has garnered attention as a high-performance blockchain tailored for decentralized applications (DApps). Often dubbed “Solana
$237.15
killer” due to its speed and efficiency, Sui has accumulated $1.4 billion in total value locked (TVL).
While Sui is making strides with Bitcoin staking, challenges still loom for the so-called Solana killer. Recently, the network faced a major outage that left many questioning its reliability. Can Sui recover from this setback? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
