Originally published on: November 25, 2024
Get ready for an exciting development in the world of cryptocurrency as Babylon Labs and Lombard Protocol are gearing up to introduce liquid Bitcoin staking on the Sui blockchain network. This innovative offering will allow Bitcoin holders to stake their BTC and mint LBTC tokens starting in December.
The goal of this initiative is to bring Bitcoin liquidity to the Sui ecosystem and expand the decentralized finance landscape with LBTC as a collateral asset. By offering new opportunities for Bitcoin holders to maximize their holdings through LBTC, Sui and Babylon are aiming to tap into Bitcoin’s vast $1.8 trillion liquidity on the Sui platform.
To make this vision a reality, Cubist, a leading blockchain developer, will be creating the necessary infrastructure for depositing, minting, staking, and bridging BTC to Sui. Lombard’s co-founder, Jacob Phillips, expressed excitement about the untapped potential of Bitcoin’s massive market capitalization and the opportunity for Bitcoin holders to actively participate in the next generation of on-chain finance while prioritizing security and liquidity.
Sui, known as a Solana killer, has already attracted approximately $1.4 billion in total value locked (TVL) since its launch in 2023. The platform focuses on high-performance decentralized applications (DApps) and is now poised to become a hub for Bitcoin LSTs, with LBTC leading the charge.
With Bitcoin LSTs commanding a combined TVL of $4.5 billion, opportunities for yield are on the rise. SolvBTC currently holds the top spot with a TVL of approximately $1.5 billion, closely followed by Lombard with a TVL of $1 billion. These tokenized claims on Bitcoin staked to L2s like CoreChain and Babylon are paving the way for a new era of decentralized finance.
As the cryptocurrency landscape continues to evolve, the launch of liquid Bitcoin staking on Sui promises to open up new avenues for Bitcoin holders to leverage their assets and participate in the growing DeFi ecosystem. Stay tuned for more updates on this exciting development and explore the possibilities of maximizing your Bitcoin holdings through LBTC on Sui.