Babylon Labs, Lombard, and Cubist Bringing Programmable Bitcoin to Sui

Babylon Labs and Lombard Protocol jointly announced a strategic initiative to integrate Bitcoin with Sui, onboarding Bitcoin liquidity to the Sui ecosystem, growing the DeFi 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 previously demonstrated the power of Bitcoin liquidity on Ethereum, where its flagship LBTC token 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, Web3 security developer 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 and 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."

The Sui DeFi ecosystem is already embracing the power of Bitcoin on Sui. Elliscope Fang, CEO of NAVI, one of the leading lending protocols on Sui, 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.”