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SUI will support BTCstake, and cooperate with Babylon and Lombord to launch LBTC in December.
The public chain Sui, the decentralized protocol Babylon, the Bitcoin LST developer Lombord, and the blockchain security company Cubist recently collaborated. It was announced that starting from December, users can deposit Bitcoin (BTC) into Babylon to generate stake certificates, then mintLiquiditystakeToken LBTC through Lombard, and further realize applications such as lending and trading in Sui, with Cubist ensuring the security of cross-chain asset operations.
The plan is activated, the birth of BTCstake and LBTC
This project is jointly promoted by Babylon Labs and Lombard Protocol, while Sui provides infrastructure support, Cubist ensures the security of BTC deposit, minting, staking, and Cross-Chain Interaction bridge. The purpose of the project is to introduce the Liquidity of BTC into the Sui ecosystem. Users are expected to stake BTC to Babylon, then generate Liquidity stake Token LBTC through Lombard, and finally use LBTC for lending, trading, and other applications on Sui.
The Rise of SUI and the Opportunity for Bitcoin Integration
Sui, the L1 public chain known as the 'strongest competitor to Solana,' has reached a total value locked (TVL) of $1.4 billion since its launch in 2023. It previously announced a partnership with Circle at the Token 2049 conference to issue USDC on its own mainnet. Shortly after, it officially launched the Sui Bridge, a cross-chain interaction bridge, in early October, collaborating with Babylon, Lombord, and other providers. This demonstrates Sui's determination to actively introduce BTC liquidity and strengthen its own ecosystem development.
(SUI price doubles from the bottom! Institutional report: SUI is the strongest competitor to Solana)
This article SUI will support BTCstake, and collaborate with Babylon, Lombord to launch LBTC as early as December, which first appeared in the blockchain news ABMedia.