Babylon

Bitcoin

DeFi

Babylon Labs and Lombard Protocol introduce <a href="https://yellow.com/asset/btc">Bitcoin</a>'s liquidity into the <a href="https://yellow.com/asset/sui">Sui</a> blockchain ecosystem, aiming to redefine decentralized finance (DeFi) dynamics. The initiative leverages LBTC, Babylon's prominent liquid staking token, offering Bitcoin holders enhanced financial activities such as lending, borrowing, and trading within Sui. 
This endeavor aspires to tap the vast $1.8 trillion Bitcoin market by facilitating seamless integration with Sui’s robust infrastructure. This strategic alliance signals a significant step towards developing more use cases for Bitcoin by integrating its value proposition into novel blockchain solutions. 
Beginning in December, Bitcoin investors can stake their holdings using Babylon's staking protocol and receive <a href="https://yellow.com/asset/lbtc">LBTC</a> directly on the Sui network. LBTC, architected by Lombard Protocol, extends its success story from <a href="https://yellow.com/asset/eth">Ethereum</a>, where it achieved over $1 billion in assets under management. With half of its minted LBTC actively engaged in DeFi applications, Lombard now brings this proven model to Sui. It is anticipated that this move will dramatically enhance the Sui DeFi ecosystem. Trusting in the meticulous infrastructure crafted by Cubist, users will benefit from unmatched security and performance in staking and asset management activities. 
Fisher Yu, co-founder and CTO of Babylon Labs, expressed optimism about the collaboration: "It's thrilling to share and execute our vision of Bitcoin security and liquidity on decentralized platforms with Sui." As the world's leading cryptocurrency, Bitcoin's inherent limitations in programmability highlight Sui’s advantageous position as a versatile coordination layer for digital assets, renowned for its programmability features. 
Jameel Khalfan, Head of Ecosystem Development at Sui Foundation, emphasized the strategic fit: "This integration is a momentous synergy. Thanks to Babylon, Lombard, and Cubist, Sui emerges as the convergence point for blockchain ecosystems seeking advanced financial services." Jacob Phillips, Co-founder of Lombard, echoed this sentiment, noting the vast untapped potential Bitcoin’s market capitalization represents. 
Sui's DeFi framework is already embracing Bitcoin. Elliscope Fang, CEO of NAVI, a key lend/borrow protocol on Sui, identified plans to incorporate LBTC pools: "Lombard’s collaboration sparks a transformative era for Sui and Bitcoin. NAVI eagerly anticipates working with Babylon Labs, Lombard, and Cubist to elevate staked Bitcoin's value for DeFi participants."

Sui Foundation, Babylon Labs Lead Multi-Firm Push for Programmable Bitcoin

Yellow News

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