Sui Foundation partners with Babylon Labs, Lombard, and Cubist to bring BTC to Sui ecosystem

Babylon Labs, a Bitcoin restaking project, and leading secure Bitcoin infrastructure developer, today jointly announced a strategic plan to integrate BTC with Sui and bring Bitcoin liquidity to the Sui ecosystem.

The partnership aims to grow the decentralized finance (DeFi) ecosystem by using LBTC as a collateral asset and is expected to attract BTC holders to better utilize their Bitcoin through LBTC, the largest liquid staking provider on Babylon.

Unlocking $1.8 Trillion in Assets

According to the plan, Bitcoin holders will be able to stake BTC through the Babylon staking protocol and receive LBTC minted natively on Sui by December. LBTC will become the core asset of the Sui DeFi ecosystem, enabling lending and trading to unlock Bitcoin’s staggering $1.8 trillion in liquidity.

Babylon is building native use cases for BTC, bringing the security and liquidity of Bitcoin to decentralized systems, said Fisher Yu, co-founder and CTO of Babylon Labs, in a press release shared with International Business Times. We are delighted that Sui shares this vision and is working with us and our partners to make it a reality on Sui.

Lombard enters this space with rich experience and proven efficiency. It has demonstrated the strong capabilities of BTC liquidity on Ethereum, with its flagship LBTC token having minted assets exceeding $1 billion and more than half of LBTC active in DeFi applications. This proven model will be introduced to Sui.

Jacob Phillips, co-founder of Lombard, said: “Bitcoin’s $1.8 trillion market cap represents massive untapped potential. Together, we are building a future that enables Bitcoin holders to fully participate in the next generation of on-chain finance without compromising security or liquidity.”

On the other hand, Cubist is building the infrastructure to bring BTC to Sui. It will provide key management with the highest level of security and performance to enable efficient deposits, minting, staking, and bridging.

Jameel Khalfan, Head of Ecosystem Development at Sui Foundation, said: “Bringing BTC to Sui is a natural fit. Thanks to our partnership with Babylon, Lombard and Cubist, users from all blockchain ecosystems can come to Sui and participate in a thriving financial services ecosystem where Bitcoin will play a role.”

Bringing value to Sui’s DeFi space

There has been a growing interest in harnessing the power of BTC within the Sui DeFi ecosystem. NAVI, one of the leading lending protocols on Sui, has expressed plans to work with Lombard to support LBTC pools on the protocol.

Elliscope Fang, CEO of NAVI, said: “As the largest issuer of liquid staking for Bitcoin, the latest collaboration between Lombard and Cubist will foster a new revolutionary era for Sui and Bitcoin. NAVI is excited to work with the Babylon Labs, Lombard and Cubist teams to bring the value of staked Bitcoin to Sui DeFi users.”

Sui’s strength and effectiveness lies in its programmability and composability, making it the premier base coordination layer for all digital assets.

This article is sourced from the internet: Sui Foundation partners with Babylon Labs, Lombard, and Cubist to bring BTC to Sui ecosystem

Related: AI sector performed well on election day, with 37 AI agent projects listed

Original author: TechFlow With Trumps victory, the crypto market will also welcome the expected crypto president, and the entire market is immersed in the enthusiasm of crypto winning the election. BTC also broke through $75,000, setting a new record high. But the Meme coins that love to join in the fun performed mediocrely today. Except for some memes related to the election, the rest of the concepts performed mediocrely, in sharp contrast to BTC which broke through a new high. Even the memes related to the election began to fall collectively after the election results were announced. However, no matter what the market is like, there are always excellent assets growing quietly in various corners. For example, the previous Solana AI Meme craze has driven the concept of on-chain AI…