Thomas Daniels
Sui Enters Bitcoin Staking Market Through Babylon Labs and Lombard Collaboration
Sui is making significant strides in decentralized finance (DeFi) by introducing Bitcoin staking capabilities through strategic partnerships with Babylon Labs and Lombard Protocol. This collaboration aims to leverage Bitcoin’s $1.8 trillion market capitalization, bringing a major liquidity boost to Sui’s DeFi ecosystem.
Launching in December, the initiative will allow Bitcoin (BTC) holders to stake their assets via Babylon, receiving Lombard’s liquid staking token, LBTC, minted natively on Sui. By integrating LBTC, Sui is set to expand its ecosystem, enhancing lending, borrowing, and trading functionalities.
The partnership also incorporates Cubist, a state-of-the-art key management platform. Cubist’s hardware-backed, low-latency multi-chain signer underpins over $1 billion in non-custodial Babylon staking and BTC collateral management on Lombard.
Jacob Phillips, co-founder of Lombard, highlighted Bitcoin’s vast untapped potential, saying:
“Together, we are building a future where Bitcoin holders can fully participate in the next generation of on-chain finance without compromising security or liquidity.”
Sui, launched in 2023, has experienced rapid growth within the DeFi landscape. As of now, the network boasts $1.7 billion in total value locked (TVL), according to DeFiLlama. The native SUI token has surged by over 380% in 2023, recently reaching an all-time high of $3.92 on November 17.
This partnership positions Sui as a key player in connecting Bitcoin liquidity with emerging DeFi opportunities, signaling a new era of financial inclusivity and innovation.
