Sui, the prominent L1 blockchain to boost digital asset ownership, has announced a new partnership with Bitlayer, a Bitcoin L2 and the pioneer Bitcoin VM for DeFi. The collaboration takes into account the integration of the BitVM bridge of Bitlayer into the Sui ecosystem to release a Bitcoin-backed crypto token “Peg-BTC ($YBTC).” The platform announced this development on its official X account.
Sui Integrates Bitlayer’s BitVM Bridge to Release $YBTC
As a part of this collaboration, Sui is integrating the BitVM bridge of Bitlayer to release Peg-BTC ($YBTC). The development permits those holding $BTC coins to transact them into Sui by using the BitVM bridge. As a result of this integration, $YBTC can be utilized within the DeFi ecosystem of Su to get more yields.
Despite being dominant in the market as a key store of value, Bitcoin lacks utility when it comes to decentralized finance (DeFi). However, the latest integration provides a solution for this by adding the $BTC liquidity into the ecosystem of Sui. $YBTC strengthens consumers to get yield parallel to maintaining an unmediated exposure to Bitcoin’s value.
Driving Bitcoin’s Participation in DeFi Sector with Secure DeFi Operations
As per Sui, the BitVM-led zk bridge of Bitlayer is a cutting-edge tool to facilitate secure and efficient $BTC movement onto diverse blockchain networks. Additionally, by staking $YBTC, the holders can generate notable yields via diverse Bitcoin staking service providers. Overall, this initiative is a crucial step to increase Bitcoin’s participation in the DeFi world in an efficient and secure way.
