Babylon

Bitcoin

DeFi

Babylon Labs and Lombard Protocol are partnering with the Sui Foundation to bring liquid Bitcoin (BTC) staking to the Sui blockchain network.&nbsp; 
According to the <a href="https://markets.businessinsider.com/news/currencies/sui-foundation-teams-up-with-babylon-labs-lombard-and-cubist-to-bring-programmable-bitcoin-to-sui-1034060346" target="_blank" rel="noreferrer noopener nofollow">press release</a> shared on Nov.25, starting from next month, Bitcoin holders can stake their BTC on Babylon, and receive LBTC, Lombard’s liquid staking token (LST), in return.&nbsp; 
LBTC will become a key asset in Sui’s DeFi world, opening up opportunities for lending, borrowing, and trading, while unlocking Bitcoin’s $1.8 trillion in market value on Sui. This means Bitcoin holders can use their BTC in new ways. 
Cubist, a blockchain development company, is building the infrastructure needed to deposit, stake, mint, and move BTC into Sui’s network. 
According to Jacob Phillips, the co-founder of Lombard, the team-up aims to build “a future where Bitcoin holders can fully participate in the next generation of on-chain finance without compromising security or liquidity”. 
Meanwhile, Sui is quickly growing as a platform for fast and efficient decentralized apps (DApps). By 2024, it had reached $1.4 billion in total value locked (TVL), according to DeFiLlama, and is considered a strong contender to Solana in the blockchain space. 
Lombard’s LBTC is the largest liquid staking token on Babylon, though staking rewards have yet to be distributed. Bitcoin LSTs have a total market value of $4.5 billion, with Lombard holding around $1 billion of that.&nbsp; 
These Bitcoin LSTs, like SolvBTC, are used to stake BTC as collateral in proof-of-stake (PoS) networks, earning a yield of about 1.2% annually. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/11/21/mastercard-and-jpmorgan-to-bring-b2b-payments-on-blockchain/" target="_blank" rel="noreferrer noopener">Mastercard and JPMorgan to Bring B2B payments on Blockchain</a> 
</blockquote>

Babylon Labs and Lombard Launch Liquid Bitcoin Staking on Sui

The Crypto Times

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