Sui Foundation Teams up with Babylon Labs, Lombard and Cubist to Bring Programmable Bitcoin to Sui
Grand Cayman, Cayman Islands, November 25th, 2024, Chainwire
Sui now taps into the $1.8 trillion dollar asset, activated by Babylon Bitcoin staking
Babylon Labs and Lombard Protocol jointly announced a strategic initiative to integrate Bitcoin with Sui, the Layer 1 blockchain and smart contract platform, which aims to onboard Bitcoin liquidity to the Sui ecosystem, growing the decentralized finance ecosystem with LBTC as a collateral asset, and inviting Bitcoin holders to do more with their Bitcoin via LBTC, the largest liquid staking provider on Babylon.
As of December, Bitcoin holders will be able to stake BTC via the Babylon staking protocol and receive LBTC natively minted on Sui, the liquid staking token from Lombard Protocol. LBTC will become a core asset in Sui’s DeFi ecosystem, enabling lending, borrowing and trading to unlock Bitcoin’s $1.8 trillion USD worth of liquidity on Sui.
Lombard has demonstrated the power of Bitcoin liquidity on Ethereum, where its flagship LBTC token has surpassed $1 billion in minted assets and over half of LBTC is active in DeFi applications. Now, this proven model is coming to Sui.
In this strategic initiative with Lombard, Cubist is building the infrastructure that will bring Bitcoin to Sui. Cubist will provide key management with the highest levels of security and performance for deposits, minting, staking, and bridging.
“Babylon builds native use cases for BTC to bring Bitcoin security and liquidity to decentralized systems. We are excited that Sui shares this vision and teams up with us and our collaborators to make this a reality on Sui.” said Fisher Yu, co-founder & CTO of Babylon Labs.
With the highest crypto market cap of $1.8 trillion, and a huge innovation in facilitating peer-to-peer transfers of digital assets without needing a trusted third party, Bitcoin is highly limited when it comes to programmability on chain. In contrast, Sui’s strengths lie in its programmability and composability, positioning Sui as the premier foundational, universal coordination layer for all digital assets.
“Bringing BTC into Sui is a match made in heaven,” said Jameel Khalfan, Head of Ecosystem Development at Sui Foundation. “Thanks to this collaboration with Babylon, Lombard and Cubist, users from all blockchain ecosystems can come to Sui to participate in a thriving ecosystem of financial services in which Bitcoin will play a key role.”
“We are delighted to bring Bitcoin liquidity to Sui in collaboration with Babylon Labs and Cubist,” said Jacob Phillips, Co-Founder of Lombard. “Bitcoin’s $1.8 trillion market capitalization represents immense untapped potential. Together, we are building a future where Bitcoin holders can fully participate in the next generation of on-chain finance without compromising security or liquidity.”
Already the Sui DeFi ecosystem is embracing the power of Bitcoin on Sui. Elliscope Fang, CEO of NAVI, one of the leading borrow / lend protocols on Sui, has indicated plans to work with Lombard to support LBTC pools on NAVI: “Already the largest liquid staking issuer for Bitcoin, this latest collaboration between Lombard and Cubist shall cultivate a new revolutionary era for Sui and Bitcoin. NAVI is excited to be working with the Babylon Labs, Lombard and Cubist teams to bring the value of staked Bitcoin to Sui DeFi users.”
About Sui
Sui is a first-of-its-kind Layer 1 blockchain and smart contract platform designed from the bottom up to make digital asset ownership fast, private, secure, and accessible to everyone. Its object-centric model, based on the Move programming language, enables parallel execution, sub-second finality, and rich on-chain assets. With horizontally scalable processing and storage, Sui supports a wide range of applications with unrivaled speed at low cost. Sui is a step-function advancement in blockchain and a platform on which creators and developers can build amazing, user-friendly experiences. Learn more: https://sui.io
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About Babylon
Babylon is a project that focuses on Bitcoin security sharing protocols with a vision of building a Bitcoin-secured decentralized world. Its latest development is the world’s first trustless and self-custodial Bitcoin staking protocol, which enables Bitcoin holders to stake their BTC on Proof-of-Stake (PoS) systems such as PoS chains, L2s, Data Availability (DA) layers, etc, enabling them to earn staking rewards without the need for third-party custody, bridge solutions, or wrapping services. Babylon combines the high security and wide adoption of Bitcoin with the efficiency and scalability of PoS systems, increasing Bitcoin’s utility.
Babylon was founded in 2022 by Stanford Professor David Tse and Dr. Fisher Yu. Professor Tse is a member of the U.S. Academy of Engineering and is renowned as the inventor of the legendary proportional-fair scheduling algorithm for wireless communications. Babylon is led by a team of consensus protocol researchers and experienced layer 1 engineers from around the world.
For more information about Babylon Labs, a developer of the Babylon Bitcoin staking protocol, please visit:
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About Lombard
Lombard is the leading developer of secure Bitcoin infrastructure, dedicated to unlocking Bitcoin’s potential. Lombard introduces LBTC, the Universal Liquid Bitcoin Standard, designed to enable users to generate yield, maintain liquidity, and retain control of their Bitcoin holdings. Developed to meet the rigorous demands of institutional users and DeFi protocols, LBTC provides stable, secure, and liquid collateral, backed by native Bitcoin. Lombard’s trusted solutions enable DeFi protocols, institutions, and blockchains to integrate Bitcoin seamlessly and securely, creating new opportunities for the digital economy. Driven by an uncompromising commitment to security and innovation, Lombard is shaping the future of Bitcoin in DeFi.
About Cubist
Cubist is a key management infrastructure company specializing in security for protocols, staking, treasury operations, and other security-critical applications which require low latency and high throughput. Their platform, CubeSigner, is the industry’s only non-custodial key management solution to offer policy-protected workflows and anti-slashing for Babylon staking. CubeSigner’s hardware-enshrined contracts unlock programmability for Bitcoin and enable decentralized protocols like Lombard to provide smart contract-level security to end users. Core infrastructure teams across the top ten ecosystems are using CubeSigner’s support for Bitcoin, Sui, EVM, Solana, and many other chains to safely manage their own keys and to power products used by millions of users. The company was founded in 2022 by a former fintech COO and professors from Carnegie Mellon University and UC San Diego who have published more than 80 peer-reviewed papers on computer security.