Sui Network Becomes Bitcoin-Secured, Taps Into $1.5T Market Cap with Babylon Labs Integration

Sui Network, the 7th largest Proof-of-Stake protocol with a $1.2 billion TVL, has partnered with Babylon Labs to integrate its Bitcoin staking protocol. This collaboration marks Sui’s transition into a Bitcoin-Secured Network, allowing Bitcoin holders to stake their assets to enhance the security of the Sui ecosystem without relinquishing custody. The integration taps into Bitcoin’s $1.5 trillion market capitalization, aiming to leverage its security and liquidity to bolster Sui’s operations. This move introduces a new economic model known as Bitcoin-backed scalability, which could enable the development of new decentralized applications and services on the Sui platform. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io

Source: The Defiant