Babylon Labs and Lombard Protocol are teaming up to bring Bitcoin staking capabilities to Sui, a competitor to Solana. This will be done through the integration of LST liquid staking token and LBTC, allowing Bitcoin’s massive $1.8 trillion liquidity to be accessed on Sui.
The initiative aims to attract Bitcoin holders to the Sui ecosystem and expand the DeFi ecosystem by utilizing LBTC as a collateral asset for lending, borrowing, and trading. With Jacob Phillips, Lombard’s co-founder, expressing excitement about the untapped potential of Bitcoin’s $1.8 trillion market capitalization.
The technical aspects of this endeavor will be handled by blockchain developer Cubist, who will develop the necessary infrastructure for seamless implementation. This partnership has the potential to greatly benefit Sui, with its current TVL of $1.4 billion, and Lombard Protocol’s TVL at $1 billion, making it a strong competitor to Solana.
Overall, this collaboration could have a significant impact in utilizing Bitcoin’s massive capitalization and expanding the DeFi ecosystem on the Sui platform.
