SatLayer and Sui announce collaboration to kickstart BTCfi

SatLayer, a leading Bitcoin (BTC) restaking platform, and Sui, a prominent Layer 1 blockchain, have announced a strategic partnership to advance Bitcoin DeFi (BTCfi) by integrating Bitcoin’s liquidity and security into the Sui ecosystem, as learned by Finbold on Wednesday, December 18.

The collaboration aims to create new ways for blockchain developers and users to interact with the most popular cryptocurrency asset by providing the means for new decentralized apps (dApps) and infrastructure.

The benefits of BTCfi

SatLayer, Babylon’s designated restaking partner, strives to utilize BTC’s substantial liquidity, capital efficiency, and security for other systems like bridges, decentralized exchanges, and oracles. Using smart contracts on the Babylon Chain, SatLayer allows for fully programmable slashing with minimal trust assumptions. This effort should bring Bitcoin restaking Features on par with Ethereum (ETH).

Picks for you

Bitflow and Pontis bring Bitcoin Runes Automated Market Maker to Stacks   56 mins ago
Economist slams Michael Saylor's MSTR-Bitcoin strategy as a ‘shell game’ 1 hour ago
Robert Kiyosaki just predicted Bitcoin price for 2025 1 hour ago
XRP whales go on another buying spree; Is $3 next? 2 hours ago

In addition to this project, SatLayer will join forces on other major Sui projects, such as Navi, Suilend, Aftermath, Cetus, and Ika, to improve the utility of BVSes and Bitcoin on the wider Move developer ecosystem.

Jameel Khalfan, Global Head of Ecosystem at Sui Foundation, expressed excitement with the collaboration:

‘Sui’s move into Bitcoin DeFi points to Sui Foundation’s commitment to be a destination for BTCfi. The combination of Bitcoin’s size and security with Sui’s speed and scalability gives developers and users new possibilities to build on Bitcoin. We couldn’t be more excited.’

Luke Xie, the co-founder and CEO of SatLayer, also commented on the benefits of this partnership:

‘Sui is the perfect Layer 1 blockchain to utilize Bitcoin’s unmatched security and liquidity. Starting with Bitcoin restaking and expanding into BTC liquidity for applications and infrastructure, this collaboration opens up incredible possibilities for Sui’s builders and users.’

The joint effort for BTCfi

SatLayer and its partners Lombard Finance and Lorenzo Protocol intend to leverage Bitcoin liquid staking tokens (LSTs) to boost liquidity and capital efficiency for Sui’s ecosystem. Among other projects, they also aim to introduce liquid restaking tokens (LRTs), further tapping into Bitcoin’s liquidity and security for BTCfi.

Sharing the positive sentiment, Fisher Yu, the CTO of Babylon Labs said: 

‘We’re excited to play a key role in bringing Bitcoin to Sui. By combining Babylon Bitcoin staking with SatLayer’s 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.’

SatLayer’s integration puts Sui and its BTCfi capabilities in the prime spot after Babylon, Lombard Finance, and Cubist teamed up to launch Bitcoin staking on the quickly emerging L1 network.

Comments

Post a Comment

Popular posts from this blog

Dogecoin Price Prediction for Today, November 11—DOGE Technical Analysis

Image
Dogecoin (DOGE) has recently achieved a three-year high, currently trading at $0.28. The meme coin has overtaken both XRP and USDC, rising to the sixth-largest cryptocurrency by market capitalization. DOGE Key Statistics Current Price: $0.28 Market Cap: $40.58 billion Trading Volume (24h) : $18 billion Circulating Supply: 146.7 billion DOGE Total Supply: 146.7 billion DOGE CoinMarketCap Ranking: #6 DOGE’s performance has been exceptional, with a 151% increase over the past month and an impressive 84% rise in the last week alone. DOGE’s recent price action has seen it rise above $0.23, a level not seen since November 2021, and the coin now targets the $0.30 level as it maintains upward momentum. This strong momentum could put DOGE on a path to retest its all-time high of $0.7376, reached in May 2021. DOGE/USD Market Analysis Key Levels Resistance : $0.30, $0.35, $0.40 Support : $0.25, $0.22, $0.20 DOGEUSD – Daily Chart In the DOGEUSD daily chart...
Read more

Silver Trends Amid Gold's Price Hike: Why is Silver Rising?

Image
Silver is also experiencing a notable price hike amid the recent gold rush. The metal has finally broken its consolidation phase, embracing bullish momentum and pace.  Silver has long been stuck in a consolidation phase, portraying a reluctant stance on its price threshold. However, with the growing demand and the metal’s prestige growing stronger, the price of silver has finally broken past several resistance levels to reach $27.3 at press time.  Also Read: Currency Wars: Declining USD Bolsters Prospects for Gold and Silver Why is Silver Rising?  Image Source: Unsplash The financial markets around the world are undergoing a dynamic shift. With user sentiment shifting towards accumulating robust metals as a hedge against inflation, the prices of gold and silver are touching new highs.  Silver is up $27 an ounce, while gold price sits at the $2300 threshold. The demand for these metals has grown tremendously as users are now transitioning tow...
Read more

Bitcoin Loses Crucial Support, Poised For Return To $54,000 – Analyst

Image
The price of Bitcoin has maintained a consistent decline over the past week following several economic and market developments. According to data from CoinMarketCap, the premier cryptocurrency currently hovers around the $60,000 price zone, having lost over 11.17% of its market value in the last seven days. As many crypto enthusiasts may hope Bitcoin finds some stability soon, CryptoQuant analyst abramchat has predicted a reverse scenario, indicating the crypto market leader may experience more losses in the coming days. Related Reading Wondering When To Buy Bitcoin? Here Are The Levels To Watch 15 hours ago Bitcoin Price Far From Recovery?  In a Quicktake post on CryptoQuant, abramchat stated that amidst the recent market downturn, Bitcoin has now lost a vital short-term support at the $64,580 price mark, which represents the average pr...
Read more