Babylon Labs and Lombard Protocol have jointly unveiled a strategic initiative aimed at integrating Bitcoin with Sui, the Layer 1 blockchain and smart contract platform. This collaboration seeks to onboard bitcoin liquidity into the Sui eco, enhancing decentralized finance (defi) with LBTC as a core collateral asset. Starting in December, bitcoin holders will be able to stake their BTC through the Babylon staking protocol and receive LBTC, a liquid staking token natively minted on Sui. This initiative is expected to unlock Bitcoin’s $1.8 trillion liquidity, facilitating lending, borrowing, and trading within Sui’s defi landscape. Lombard has previously demonstrated the effectiveness of bitcoin liquidity on ethereum, with its LBTC token surpassing $1 billion in minted assets. Cubist will provide the necessary infrastructure to ensure secure and efficient key management for deposits, minting, staking, and bridging.
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