Sui Foundation Announces Partnership with Babylon Labs, Lombard, and Cubist to Enable Bitcoin Programmability

Key Information:

· BTC holders will soon be able to stake Bitcoin through Babylon's staking protocol.

· Co-founder of Lombard stated: The team is building a future where BTC holders can participate in on-chain finance without sacrificing security or liquidity.

· Head of Ecosystem Development at Cubist mentioned: They are constructing the infrastructure to bring BTC into the Sui ecosystem, allowing users from all blockchain ecosystems to join Sui and participate in a decentralized ecosystem where BTC plays a crucial role.

· NAVI has expressed interest in collaborating with Babylon to support an LBTC pool in their protocol.

The Sui Foundation has announced a partnership with Babylon Labs, Lombard, and Cubist to integrate BTC with the Layer1 blockchain and smart contract platform Sui, bringing Bitcoin liquidity into the Sui ecosystem.

As the largest liquidity provider on Babylon, LBTC is Lombard's flagship product. In the future, LBTC will serve as a staking asset to further drive the development of the Sui ecosystem's DeFi system. This collaboration is expected to attract BTC holders to perform more operations in the Sui ecosystem through LBTC.

Unlocking $1.8 Trillion Bitcoin Liquidity for the Sui Ecosystem

Through this partnership, Bitcoin holders will be able to stake BTC in Babylon's staking protocol and receive native LBTC minted on Sui by December. LBTC will become a core asset in the Sui DeFi ecosystem, enabling BTCFi lending and trading, unlocking $1.8 trillion in liquidity from the Bitcoin ecosystem for the Sui ecosystem.

Regarding this collaboration, Babylon Labs Co-founder and CTO Fisher Yu stated in an article on the International Business Times, "Babylon is dedicated to building native use cases for BTC, bringing Bitcoin's security and liquidity into decentralized systems. We are excited to have Sui join this vision and work together with us and our partners to achieve this goal."

Lombard is committed to unlocking the potential of Bitcoin as a dynamic financial instrument by connecting Bitcoin with DeFi. As Lombard's flagship product, LBTC is a yield-bearing, cross-chain, highly liquid Bitcoin pegged 1:1 to BTC. Currently, the minted assets of the LBTC token exceed $1 billion, with over half of the LBTC actively engaged in DeFi applications. Prominent on-chain data demonstrates that LBTC has withstood market tests, showcasing the robust liquidity of BTC within the Ethereum ecosystem.

Through this partnership, Lombard's established model will introduce the Sui ecosystem. Jacob Phillips, Co-Founder of Lombard, stated, "Bitcoin's $1.8 trillion market cap represents tremendous untapped potential, and we are committed to collectively building a future where Bitcoin holders can fully engage in next-generation on-chain finance without compromising security or liquidity."

On the other hand, Cubist is building the infrastructure to bring BTC into the Sui ecosystem. Cubist is a development tools and infrastructure company bringing modern software engineering practices and top-tier security to web3 builders. In this collaboration, Cubist will provide the highest level of security and performance key management to support efficient deposits, minting, staking, and bridging.

Regarding this partnership, Jameel Khalfan, Ecosystem Development Lead at the Sui Foundation, stated, "Bringing BTC into Sui is a match made in heaven. Thanks to the collaboration with Babylon, Lombard, and Cubist, users from all blockchain ecosystems can join Sui, participating in a thriving financial services ecosystem where Bitcoin will play a crucial role."

Empowering the Future Development of the Sui Ecosystem in DeFi

Within the Sui DeFi ecosystem, more and more attention is being placed on harnessing the power of BTC within the Sui ecosystem. As one of the leading lending protocols on Sui, NAVI has expressed plans to collaborate with Lombard to support the LBTC pool within its protocol.

NAVI CEO Elliscope Fang stated, "As the largest Bitcoin liquidity provider, the latest collaboration between Lombard and Cubist will usher in a new revolutionary era for Sui and Bitcoin. NAVI is excited to partner with the Babylon Labs, Lombard, and Cubist teams to bring Bitcoin pledge value to Sui DeFi users."

One of Sui's great strengths lies in its powerful programmability and composability, with the development vision of "becoming the primary foundational universal coordination layer for all digital assets."

Sui's programmability addresses Bitcoin's on-chain programmability limitations. In addition, Sui features horizontally scalable data processing and storage capabilities, able to support large-scale application operations at an unparalleled speed, allowing everyone to obtain digital asset ownership at a low cost.

This article is contributed content and does not represent the views of BlockBeats