Sui Foundation Partners with Babylon Labs, Lombard, and Cubist to Integrate Bitcoin into DeFi Ecosystem with $1.8 Trillion Liquidity, Launching in December

Nov 25, 2024, 04:00 PM

The Sui Foundation has announced a partnership with Babylon Labs, Lombard, and Cubist to integrate Bitcoin into its decentralized finance (DeFi) ecosystem. This collaboration aims to bring significant liquidity from Bitcoin, estimated at $1.8 trillion, to the Sui blockchain. Starting in December, Bitcoin holders will be able to stake their BTC on Sui's Babylon layer-2 network, allowing them to mint LBTC, Lombard Protocol's liquid staking token. This initiative is expected to enhance the liquidity and functionality of the Sui ecosystem, attracting inflows from Bitcoin investors.