Bitlayer and Sui include the Bitvm Bridge to launch Bitcoin backed PEG-BTC (YBTC) in Sui
The Bitlayer, a layer of Bitcoin 2 based on the Bitvm paradigm, and the SUI Blockchain cooperated to make Bitcoin (BTC) benefiting the SUI ecosystem.
Collaboration involves incorporating Sui into Bitlayer Bitvm Bridge To launch PEG-BTC (YBTC), a token supported by Bitcoin, on its platform, according to an exclusive announcement shared with CoinDesk.
It allows Bitcoin holders to move their BTC to SUI through the Bitvm bridge. The bridged version, PEG-BTC, can be used within the SUI’s Defi Ecosystem to earn additional yields.
“Bitcoin’s dominance as a value store is not compatible, but its utility in the defi remains unobtrusive. By incorporating Bitcoin’s liquidity into the SUI ecosystem, maintaining a direct exposure to the BTC ecosystem-a paradigm shift for BTCFI,” Charlie Hu, Co-Founder of the Bitlayer, said the hardships shared shared shares of shared shares of shared shares of shared shares of shared shares of shared shared shared CoinDesk.
Bitcoinfi, or allowed BTC users to earn additional produce via Defi, is one of the hottest topics at the token2049 conference in Dubai. Franklin Templeton The idea is -back In the event, it is said that it will boost BTC’s appeal beyond the long-term-value store story store.
The Bitlayer is the equivalent layer of Bitcoin-Security built at Bitvm Paradigbarbage to bring smart contract capabilities to Bitcoin without influencing its main consensus. It relies on the calculation of off-chain and proof chain fraud to keep the network safe and decentralized.
Bitlayer’s Bitvm-powered ZK Bridge is a special tool that facilitates BTC’s safe and safe movement in various blockchain ecosystems without relying on centralized mediators or middlemen. It is minimized trust, meaning it is designed to be safe and decentralized.
SUI is a layer 1 blockchain dedicated to offering high-speed and inexpensive transactions through parallel processing. As of writing, its defi ecosystem consists of 49 projects, boasting more than $ 2 billion in crypto deposits, per defillama resource data.
Incorporating PEG-BTC (YBTC) into the SUI ecosystem opens many new opportunities for users, such as staking peg-BTC to earn interest through various bitcoin staking protocols. Users can also lend or borrow a PEG-BTC by lending it to earn produce or use it as collateral for loans. In addition, PEG-BTC can be exchanged with popular decentralized exchanges within the SUI, allowing users to change and provide liquidity to earn trading fees.
HU said they plan to work with SUI’s leading protocols, with the biggest traction in terms of total amount locked, fully melted value and user base within the SUI ecosystem.
Adeniyi Abiodun, co-founder and CPO at Mysten Labs, the company behind Sui, said they were taking a holistic approach while supplying the growing demand for Bitcoinfi.
“The Sui is taking a holistic approach by donating an entire stack of infrastructure and BTCFI ownership options in the ecosystem, including staking, restoration, bridge integration, WBTC, SBTC, and soon peg-BTC (YBTC). held, “Abiodun told CoinDesk.
“The major integration, such as the Bitvm bridge with Bitlayer, changes the experience for Bitcoin holders by enabling them to earn, engage in Defi, and put their ownership to work with the SUI,” Abiodun added.
To date, BTC assets are made up of more than 10% of the total TVL locked in the SUI ecosystem, with more than 587 BTCs flowing to the DeFI since February. “In support for BTCFI’s leading integration, SUI’s advanced programmability is active in the Bitcoin utility, which enables users to move beyond handling and in a safe, high-performance chain,” Abiodun said.
