Sui will integrate SBTC and support the Stacks network, position Sui as a leading hub for institutional Bitcoin-decentralized financing.
In a May 1 Blog postThe Sui Foundation has announced that the SBTC will integrate and support the STX (STX) network, which extends its bitcoin (BTC) Defi options. SBTC is an actively supported by Bitcoin by Stacks, a Bitcoin layer-2, and enables users to use their BTC in Defi without trusting centralized managers.
As part of the integration, Sui (Sui) will also serve a validator on the Stacks network. The goal is to unlock Defi opportunities, such as borrowing, borrowing and acting for BTC holders, in a powerful chain built for scale.
“BTC has been treated as a passive active for too long. SBTC in SII means that holders can earn a yield, participate in Defi and remain faithful to Bitcoin’s confidential ethos – all on Sui, a blockchain built for performance and scale.”
-Adiyi Abiodun, co-founder of Mysten Labs
With more than $ 6.5 billion currently locked in Bitcoin Defi protocols, the demand for BTCFI increases rapidly. Sui offers a scalable version, while SBTC offers a decentralized method to meet this demand. The object-based architecture and parallel transaction processing make it an attractive platform for building Defi apps.
The integration comes as sui to see the growth of both Defi activity and BTC acceptance accelerate. The total value of Sui has risen by 50% in the past month, now at $ 1.8 billion. More than 10% of the network of the network now comes from BTC and Bitcoin derived assets.
According to Defillama, Stablecoin inflow reached a record high of $ 888 million from 1 May, according to Defillama facts. Analyst of the Torero Romero chain recently noted that nearly 29% of Ethereum (ETH) was bridged by Wormgat (W) last year, has flowed in Sui.
Institutional momentum is also building. Grayscale has launched Sui Trust to give accredited investors access to the ecosystem. Through a new partnership with Xportal and Xmoney, Sui can now also be used in Europe via a MasterCard-compatible virtual map.
SBTC on Sui could mark another important turning point, which brings Bitcoin’s $ 1.6 trillion to sleeping capital in high-quality Defi infrastructure in a high-quality Defi infrastructure.
