Sui Breaks New Ground: Bitcoin Staking and Ecosystem Expansion Mark Major Milestone
Sui Network has revealed a ground-breaking collaboration with Babylon Labs, Lombard Protocol, and Cubist that is expected to transform the use of Bitcoin in decentralized finance (DeFi), marking a significant milestone for the blockchain sector.
Bitcoin Staking Arrives on Sui Network
Beginning in December, Bitcoin owners will have the hitherto unheard-of opportunity to stake their cryptocurrency directly on the Sui blockchain via the Babylon staking protocol. A major step toward increased asset interoperability, this partnership seeks to release an estimated $1.8 trillion in Bitcoin liquidity.
LBTC, a natively produced liquid staking token on Sui, will be awarded to users that stake their Bitcoin. With over $1 billion in minted assets on Ethereum, this token has already shown significant success and is now positioned to play a crucial part in Sui’s DeFi ecosystem.
The strategic importance was emphasized by Jameel Khalfan, Head of Ecosystem Development at the Sui Foundation: “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.
Sui Ecosystem Growth and Technical Achievements
Sui has accomplished more recently than just integrating Bitcoin. The network possesses:
- 35 million active users have been reached.
- The total volume of trade on decentralized exchanges (DEX) surpassed $32 billion.
- Router Chain integration allows for smooth cross-chain interactions.
- Forged strategic alliances with established financial behemoths such as Franklin Templeton
SUI/USD Technical Analysis
SUI is trading at about $3.38 right now, and its technical indicators are encouraging:
- Potential breakout resistance levels are indicated by the descending channel pattern at $3.60 and $3.94.
- A potential upward goal of $4.20 is indicated by a 14-day RSI over 60, which suggests bullish momentum.
- In “Extreme Greed” territory, the Fear and Greed Index
Sui Price Prediction
Cryptoknight and other analysts predict a possible price spike to $4.31, but with possible short-term volatility.
What’s Next for Sui Price?
Sui recently suffered a network outage due to a technical glitch, reminding investors of the continuous difficulties in blockchain development despite the positive outlook.
Sui is establishing itself as a strong Layer-1 blockchain platform with its cross-chain capabilities, expanding ecosystem, and integration for Bitcoin staking. Determining whether it can sustain its momentum and pose a threat to well-established blockchain networks will be crucial in the upcoming months.
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