Sui Unveils Bitcoin Staking Functionality, Clinching a Major Milestone in Its DeFi Journey

Layer-1 blockchain network SUI has clinched a major milestone with the introduction of Bitcoin staking functionalities on its platform.

Layer-1 blockchain network Sui has achieved a new milestone in its journey toward becoming a prominent player in Decentralized Finance (DeFi). The network is set to introduce Bitcoin (BTC) staking functionalities on its platform.

This development was made possible through collaborations with Babylon Labs, Lombard Protocol, and Cubist.

Bitcoin Staking on Sui

The BTC staking functionality is scheduled to go live in December. Bitcoin holders will be able to directly stake their coins on the Sui blockchain through the Babylon staking protocol.

This integration will reportedly unlock an estimated $1.8 trillion in Bitcoin liquidity, marking a crucial step toward increased asset interoperability.

To elaborate, users who stake their Bitcoin on the network will be rewarded with LBTC, a liquid staking token minted by Lombard Protocol. This token has already seen immense success with over $1 billion in Ethereum (ETH) minted assets.

Moreover, Cubist, as part of a strategic partnership with Lombard, is developing the infrastructure to bring Bitcoin to Sui.

Specifically, Cubist will provide top-tier security and performance for deposits, minting, staking, and bridging.

Jameel Khalfan, Head of Ecosystem Development at the Sui Foundation, expressed his enthusiasm for the collaboration.

“It’s a match made in heaven to bring Bitcoin to Sui. Bitcoin is now a vital component of a flourishing financial ecosystem in which users from all blockchain ecosystems can take part.”

This announcement comes shortly after Sui's partnership with renowned asset manager Franklin Templeton, as reported by Crypto News Flash.

As part of this collaboration, Franklin Templeton will participate in Sui’s upcoming token generation event (TGE) and ecosystem development initiatives.

According to a CNF article, this is not the first time Franklin Templeton has invested in Sui. The asset manager believes its latest partnership will provide further benefit toward its earlier effort by seeking value-creation opportunities. This would allow builders of Sui blockchain-based solutions to deploy novel technologies.

Sui’s Ecosystem Growth

Apart from the Bitcoin integration and partnerships, the Sui network has recorded several ecosystem accomplishments.

For instance, the network now has over 35 million registered active users, while the total trade volume on Decentralized Exchanges (DEX) has surpassed $32 billion.

Furthermore, the platform recently integrated a Router Chain, enabling smooth cross-chain interactions.

Additionally, Sui forged a strategic alliance with Bybit Exchange to launch Sui Wonderland 2024. As covered in a CNF article, Sui Wonderland 2024 combines airdrops, staking, and trading into a single initiative.

Currently, Sui’s native token, SUI, is ranked among the top 20 cryptocurrencies by MarketCap.

At the time of writing, SUI is priced at $3.40 after experiencing a 24-hour涨幅 of 9.7%. The price now reflects a 5.7% increase for the week.

The trading volume has increased by 48.5% to $2.3 billion in the last 24 hours, suggesting investors’ increasing interest.

Meanwhile, crypto analyst Ahmed, citing technical analysis, predicts a possible price spike to $4.1. Investors are now watching to see if SUI will sustain its momentum in the next few days.