The post Babylon Labs and Lombard Protocol Bring Liquid Bitcoin Staking to Sui appeared on BitcoinEthereumNews.com.

Babylon Labs and Lombard Protocol are bringing liquid Bitcoin staking to the Sui blockchain, which will make it possible for BTC holders to stake and mint LBTC for DeFi activities. Meanwhile, the corporate adoption of Bitcoin is still steadily increasing as MicroStrategy increased its Bitcoin reserves yet again. Other firms like Semler Scientific and Rumble are also expanding their Bitcoin reserves. In contrast, the Bitcoin mining industry is facing delays as U.S. customs are holding shipments of Bitmain ASIC miners because of regulatory concerns. Bitcoin Staking Comes to Sui Blockchain Babylon Labs and Lombard Protocol are set to introduce liquid Bitcoin (BTC) staking to the Sui blockchain, which will be a major milestone for the layer-1 network. Starting in December, Bitcoin holders on Sui will have the ability to stake their BTC through Babylon, which is a Bitcoin layer-2 network, and mint LBTC, Lombard’s liquid staking token (LST). This initiative is designed to bring Bitcoin liquidity to the Sui ecosystem by leveraging LBTC as a collateral asset to enhance decentralized finance (DeFi) activities like lending, borrowing, and trading. The collaboration will provide the infrastructure for depositing, staking, minting, and bridging BTC to Sui. Lombard’s co-founder, Jacob Phillips, shed some light on the untapped potential of Bitcoin’s $1.8 trillion market cap, and believes in the project’s mission to enable Bitcoin holders to participate in advanced on-chain finance without sacrificing security or liquidity. The Sui blockchain is sometimes referred to as a “Solana killer,” and  has already attracted $1.4 billion in total value locked (TVL) since its launch in 2023, according to data from DefiLlama. Sui TVL (Source: DefiLlama) Bitcoin LSTs, which are tokenized claims on staked Bitcoin, currently hold around $4.5 billion in TVL, with Solv BTC (SolvBTC) leading the pack at $1.5 billion in TVL, followed by Lombard with $1 billion.…

---

Filed under: News - @ November 26, 2024 6:22 am