SatLayer Bitcoin Restaking Integration Set to Ignite BTCfi on Sui
Grand Cayman, Cayman Islands, December 18th, 2024, Chainwire
Sui developers can soon integrate Bitcoins security and liquidity into their apps, with many of Suis top protocols on board
Sui is rapidly moving in on Bitcoin DeFi (BTCfi). After announcing that Bitcoin staking was coming to Sui, the Layer 1 blockchain delivering unparalleled performance today unveiled a partnership with SatLayer, the leading Bitcoin restaking platform. The move integrates Bitcoins liquidity and security model into Suis ecosystem, creating new ways for developers to build and for users to interact with the nearly $2 trillion asset.
SatLayer, as Babylons designated restaking partner, enables apps and infrastructure to also unlock Bitcoins massive liquidity, capital efficiency, and shared security. SatLayers architecture enables apps and infrastructure including bridges, decentralized exchanges, and oracles to be secured by Bitcoin. By deploying as smart contracts on Babylon Chain, SatLayer enables fully programmable slashing with minimal trust assumptions, bringing restaking on Bitcoin to feature-parity with Ethereum.
As part of this partnership, SatLayer will also work with several of the largest projects on Sui including Navi, Suilend, Cetus, Aftermath, and Ika, co-developing and showcasing uses of BVSes and Bitcoin to the broader Move developer ecosystem.
Suis move into Bitcoin DeFi points to Sui Foundations commitment to be a destination for BTCfi, said Jameel Khalfan, Global Head of Ecosystem at Sui Foundation. The combination of Bitcoins size and security with Suis speed and scalability gives developers and users new possibilities to build on Bitcoin. We couldnt be more excited.
Sui is the perfect Layer 1 blockchain to utilize Bitcoins unmatched security and liquidity, said Luke Xie, Co-Founder and CEO of SatLayer. Starting with Bitcoin restaking and expanding into BTC liquidity for applications and infrastructure, this collaboration opens up incredible possibilities for Suis builders and users.
SatLayer will leverage Bitcoin Liquid Staking Tokens (LSTs) and LSTs partners such as Lombard Finance and Lorenzo Protocol to enhance liquidity and capital efficiency for the Sui ecosystem, with Liquid Restaking Tokens (LRTs) to come. This approach allows applications on Sui to tap into Bitcoins deep liquidity and unmatched security, giving Sui developers a new arsenal of BTCfi primitives and users more choices for secure and reliable protocols to explore.
Were excited to play a key role in bringing Bitcoin to Sui, said Fisher Yu, CTO of Babylon Labs. By combining Babylon Bitcoin staking with SatLayers restaking framework, the Sui ecosystem now has the building blocks for a powerful onchain Bitcoin DeFi ecosystem. It is a big step towards our vision of a Bitcoin-secured decentralized world.
SatLayers integration brings Suis future as a primary destination for BTCfi further into focus after it was announced in November that Babylon, Lombard Finance, and Cubist were teaming up to launch Bitcoin staking on the surging L1 network. SatLayer is Babylons exclusive restaking partner.
For more information about Suis ecosystem and its work with SatLayer, users can visit sui.io.
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Read more: https://thenewscrypto.com/satlayer-bitcoin-restaking-integration-set-to-ignite-btcfi-on-sui/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
