SUI Foundation announced a partnership with Babylon Labs, Lombard, and Cubist to achieve BTC programmability

SUI's programmability addresses the limitations of BTC's on-chain programmability.

Key Information:

BTC holder will soon be able to stake BTC through Babylon's stake protocol.

Lombard co-founder said: the team is building a future where BTC holders can participate in on-chain finance without sacrificing security or Liquidity.

The head of Cubist ecosystem development said: We are building the infrastructure to introduce BTC into the Sui ecosystem. Users from all blockchain ecosystems can now join Sui and participate in the Decentralization ecosystem where BTC plays an important role.

NAVI expresses interest in partnering with Babylon to support the LBTC pool in their protocol.

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

As the largest liquidity stake provider on Babylon, LBTC is Lombard's flagship product. In the future, LBTC will be further promoted as a stake asset to drive the development of the Sui ecosystem's Decentralized Finance system. This partnership is also expected to attract BTC holders to perform more operations on the Sui ecosystem through LBTC.

Unlock BTC 1.8 trillion USD Liquidity for SUI ecosystem

Through this collaboration, BTCholder will be able to stake BTC in Babylon stakeprotocol and receive native LBTC minted on Sui before December. LBTC will become the core asset of the Sui Decentralized Finance ecosystem, enabling lending and trading for BTCFi, unlocking $1.8 trillion Liquidity from the BTC ecosystem for the Sui ecosystem.

Regarding this cooperation, Fisher Yu, Co-founder and CTO of Babylon Labs, stated in an article published on International Business Times:

"Babylon is committed to building native use cases for BTC, bringing the security and liquidity of BTC into the decentralized system. 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 unleashing the potential of BTC as a dynamic financial instrument by connecting it with Decentralized Finance. As Lombard's flagship product, LBTC is a profit-oriented, Cross-Chain Interaction, and Liquidity-strong BTC that is anchored at a 1:1 ratio with BTC. Currently, the minting assets of LBTC Token have exceeded 1 billion USD, and more than half of the LBTC is active in Decentralized Finance applications. Impressive on-chain data demonstrates that LBTC has withstood the test of the market and showcases the strong power of BTC Liquidity in the Ethereum ecosystem.

Through this cooperation, the validated model of Lombard will be introduced into the SUI ecosystem. Co-founder of Lombard, Jacob Phillips, said:

"The $1.8 trillion Market Cap of BTC represents tremendous untapped potential. We are committed to building a future where BTC holders can fully participate in the next generation on-chain finance without worrying about 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 that brings modern software engineering practices and top-notch security to web3 builders. For this collaboration, Cubist will provide key management with the highest level of security and performance to support efficient deposits, minting, staking, and bridging.

Regarding this cooperation, Jameel Khalfan, the head of ecosystem development at the SUI Foundation, said:

"Introducing BTC into Sui is a perfect match. Thanks to the collaboration with Babylon, Lombard, and Cubist, users from all over the blockchain ecosystem can join Sui and participate in a thriving Financial Service ecosystem, in which BTC will play a vital role."

Empowering the Sui ecosystem for the future development of Decentralized Finance

In the Sui Decentralized Finance ecosystem, more and more people are starting to follow how to leverage the power of BTC in 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 in their protocol.

NAVI CEO Elliscope Fang said:

"As the largest Liquidity stake issuer for BTC, the latest collaboration between Lombard and Cubist will usher in a new revolutionary era for Sui and BTC. NAVI is delighted to partner with Babylon Labs, Lombard, and Cubist teams to bring the value of BTC stake to Sui Decentralized Finance users."

As a popular Layer1 blockchain, Sui aims to create an efficient, private, secure, and permissionless environment and realize the ownership of digital assets.

One of the major advantages of SUI is its strong programmability and composability, with the development vision of "becoming the primary universal coordination layer for all digital assets".

SUI's programmability solves the on-chain programmability limitations of Bitcoin. In addition, SUI has horizontally scalable data processing and storage capabilities, enabling support for large-scale application running at an unparalleled speed, allowing everyone to obtain ownership of digital assets at a low cost.