Sui Network Unveils Ground-Breaking Collaboration with Babylon Labs, Lombard Protocol, and Cubist to Transform the Use of Bitcoin in DeFi

Sui Network has revealed a ground-breaking collaboration with Babylon Labs, Lombard Protocol, and Cubist that is expected to transform the use of Bitcoin

Bitcoin (BTC) is set to become directly stakable on the Sui blockchain by December, in a partnership between Babylon Labs, Lombard Protocol, and Cubist that marks a major step towards increasing asset interoperability and unlocking an estimated $1.8 trillion in Bitcoin liquidity.

According to a recent integration announcement, Babylon will be launching its BTC staking protocol on Sui, allowing users to stake their Bitcoin directly on the blockchain for the first time ever.

In return for staking their BTC, users will receive a native liquid staking token on Sui, called LBTC. This token has already seen significant success on Ethereum, with over $1 billion in minted assets. Now, it is set to play a crucial role in Sui’s decentralized finance (DeFi) ecosystem.

The integration will be a major development for both Bitcoin and Sui. It will allow Bitcoin holders to participate in the rapidly growing DeFi ecosystem on Sui, while also increasing the liquidity and utility of Bitcoin itself.

This partnership is part of a larger effort by Sui to become a leading blockchain for interoperability and asset liquidity. The blockchain has already seen a number of major integrations, including Chainlink, The Graph, and Acala.

As Sui continues to expand its ecosystem and attract new users, the price of SUI is likely to follow. After dropping to lows of $1.30 in late 2022, the token has seen a remarkable recovery, now trading at around $3.38.

With a total market capitalization of over $2.2 billion, SUI is now ranked among the top 50 cryptocurrencies by market cap. However, it is still trading at a significant discount from its all-time high of $43.30, which was reached shortly after its launch in September 2022.

Technical analysis is showing encouraging signs for SUI, with key indicators suggesting a possible price movement towards $4.31. However, analysts like Cryptoknight are also warning of potential short-term volatility.