Babylon Labs and Lombard Launch Liquid Bitcoin Staking on Sui

Babylon Labs and Lombard Protocol are partnering with the Sui Basis to deliver liquid Bitcoin (BTC) staking to the Sui blockchain community.
In line with the press release shared on Nov.25, ranging from subsequent month, Bitcoin holders can stake their BTC on Babylon, and obtain LBTC, Lombard’s liquid staking token (LST), in return.
LBTC will change into a key asset in Sui’s DeFi world, opening up alternatives for lending, borrowing, and buying and selling, whereas unlocking Bitcoin’s $1.8 trillion in market worth on Sui. This implies Bitcoin holders can use their BTC in new methods.
Cubist, a blockchain improvement firm, is constructing the infrastructure wanted to deposit, stake, mint, and transfer BTC into Sui’s community.
In line with Jacob Phillips, the co-founder of Lombard, the team-up goals to construct “a future the place Bitcoin holders can absolutely take part within the subsequent era of on-chain finance with out compromising safety or liquidity”.
In the meantime, Sui is shortly rising as a platform for quick and environment friendly decentralized apps (DApps). By 2024, it had reached $1.4 billion in complete worth locked (TVL), based on DeFiLlama, and is taken into account a powerful contender to Solana within the blockchain house.
Lombard’s LBTC is the most important liquid staking token on Babylon, although staking rewards have but to be distributed. Bitcoin LSTs have a complete market worth of $4.5 billion, with Lombard holding round $1 billion of that.
These Bitcoin LSTs, like SolvBTC, are used to stake BTC as collateral in proof-of-stake (PoS) networks, incomes a yield of about 1.2% yearly.
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