Babylon

Bitcoin

DeFi

Read

Sui is entering the Bitcoin staking market through partnerships with Babylon Labs and Lombard Protocol.
The collaboration between Sui (<a rel="noopener noreferrer nofollow" href="https://crypto.news/price/sui/">SUI</a>), Babylon and Lombard targets the $1.8 trillion Bitcoin (<a rel="noopener noreferrer nofollow" href="https://crypto.news/price/bitcoin/">BTC</a>) market, with staking a major attraction for users. Tapping into Bitcoin liquidity will see Sui grow its decentralized finance ecosystem, with BTC holders staking their coins on Babylon.
BTC stakers will receive Lombard’s liquid staking token LBTC, which will be natively minted on Sui.
Read more: <a rel="noopener noreferrer nofollow" href="https://crypto.news/binance-labs-invests-in-bitcoin-liquid-staking-project-lombard/"> Binance Labs invests in Bitcoin liquid staking project Lombard </a>
Starting in December, Sui will offer BTC staking opportunities, introducing LBTC to its growing user base. According to a Nov. 25 announcement, the partnership is expected to strengthen Sui’s DeFi ecosystem by enhancing lending, borrowing, and trading activities. This initiative seeks to tap into Bitcoin’s vast liquidity while driving growth in DeFi adoption on Sui.
The collaboration also involves Cubist, a hardware-backed key management platform providing a low-latency multi-chain signer. Cubist supports over $1 billion in non-custodial Babylon staking and BTC collateral on Lombard.
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 “Bitcoin’s $1.8 trillion market capitalization represents immense untapped potential,” Jacob Phillips, co-founder of Lombard, said. “Together, we are building a future where Bitcoin holders can fully participate in the next generation of on-chain finance without compromising security or liquidity.”
</blockquote>
Sui, launched in 2023, is rapidly growing within the DeFi space. Data from <a href="https://defillama.com/chain/Sui" target="_blank" rel="noopener noreferrer nofollow">DeFiLlama</a> shows the network currently holds $1.7 billion in total value locked. Meanwhile, the SUI token has surged more than 380% over the past year, hitting an all-time high of $3.92 on Nov. 17.
You might also like: <a rel="noopener noreferrer nofollow" href="https://crypto.news/sui-partners-with-franklin-templeton-to-boost-blockchain-innovation/"> Sui partners with Franklin Templeton to boost blockchain innovation </a>

Sui partners with Babylon Labs and Lombard to add Bitcoin staking

crypto.news

Other articles published on Nov 25, 2024

SUI Price Encounters Bearish Week After Its 90% Monthly Surge

How PrimeTech Digital Africa is disrupting Nigeria’s training sector with AI-driven tools

What Makes Dogecoin, Shiba Inu, and BTFD Coin the Best Meme Coins to Buy in November 2024

Why Qubetics Could Be the Best-Performing Coin in November 2024 And How It Stands Up Against Near...

Pump.fun bot nets $6.8M profit with memecoin sniping success

GALA Pumps Almost 100% in a Month, Analyst Reveals 3 Bullish Targets for GALA Price in Coming Alt...

Join our free newsletter for daily crypto updates!