- Sui Network has introduced Bitcoin staking functionalities for users.
- SUI ecosystem development has fueled calls for an incoming price rally.
Layer-1 blockchain network SUI has clinched a major milestone with the introduction of Bitcoin staking functionalities on its platform. Sui achieved a new milestone in collaboration with Babylon Labs, Lombard Protocol, and Cubist, highlighting its growing prominence in Decentralized Finance (DeFi).
Sui Unveils Bitcoin Staking
The Bitcoin (BTC) staking functionality is reportedly scheduled to go live in December. Bitcoin holders can directly stake their coins on the Sui blockchain via the Babylon staking protocol. This alliance aims to unlock an estimated $1.8 trillion in Bitcoin liquidity, marking a crucial step toward increased asset interoperability.
LBTC, the liquid staking token from Lombard Protocol, will play an important role in Sui’s DeFi ecosystem, allowing lending, borrowing, and trading. Accordingly, users who stake their Bitcoin on the network will receive rewards in LBTC. This token has already demonstrated substantial success with over $1 billion in Ethereum (ETH) minted assets.
On the other hand, Cubists are developing the infrastructure to bring Bitcoin to Sui as part of a strategic partnership with Lombard. 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, commented, “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.”
The Bitcoin staking announcement comes only shortly after Sui announced partnerships with renowned asset manager Franklin Templeton.
As reported by CNF, 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
Besides 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) surpassed $32 billion.
The platform recently integrated a Router Chain, allowing smooth cross-chain interactions. Furthermore, Sui forged a strategic alliance with Bybit Exchange to launch Sui Wonderland 2024. According to a CNF article, Sui Wonderland 2024 integrates airdrops, staking, and trading into a unified initiative.
Currently, Sui’s native token, SUI, is amongst the 20th-largest cryptocurrency, according to MarketCap’s ranking. SUI currently has a market capitalization of $9.66 billion, with the price set at $3.40 after experiencing a 24-hour jump of 9.7%. The trading volume 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.