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    Bitcoin Restaking Involves Sui with SatLayer Integration – Decrypt
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    Bitcoin Restaking Involves Sui with SatLayer Integration – Decrypt

    By Crypto EditorDecember 18, 2024No Comments3 Mins Read
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    Bitcoin Restaking Involves Sui with SatLayer Integration – Decrypt

    SatLayer, a Bitcoin restaking platform, introduced Wednesday it’s extending Bitcoin’s use in decentralized finance to Sui, the speedy layer-1 blockchain launched final 12 months.

    With Sui’s give attention to quick transaction speeds, SatLayer’s integration will allow builders to leverage Bitcoin’s $2.1 trillion footprint in constructing DeFi functions, which intention to exclude third events from transactions in areas like buying and selling and lending, SatLayer stated in a press release.

    Sui’s community is already dwelling to a budding DeFi ecosystem. In 2024, 150 full-time builders labored on Sui, in response to a latest report from enterprise agency Electrical Capital. 

    Seeking to present higher flexibility, Sui Basis’s World Head of Ecosystem, Jameel Khalfan, advised Decrypt SatLayer’s introduction may broaden the set of instruments builders have at their disposal.

    “The mix of Bitcoin’s dimension and safety with Sui’s velocity and scalability offers builders and customers new potentialities to construct on Bitcoin,” he stated.

    SatLayer’s integration with Sui will allow builders to safe decentralized functions with Bitcoin on the layer-1, however SatLayer itself is deployed on Babylon. Babylon goals to supply safety to proof-of-stake networks by providing customers a yield for locking up their Bitcoin. 

    Final month, SatLayer unveiled an “alliance” with Babylon Labs, positioning its restaking platform as a approach to prolong Babylon’s use in offering safety, with a give attention to decentralized functions and infrastructure, similar to bridges, versus simply proof-of-stake networks.

    The mission additionally stated that SatLayer’s integration with Babylon brings “absolutely programmable slashing” to the staking protocol. In restaking platforms like SatLayer, slashing refers back to the penalties validators face when performing maliciously or negligently. 

    Babylon’s design resembles a two-sided market the place customers can lock up their Bitcoin in alternate for rewards whereas proof-of-stake networks leverage that capital to supply safety.

    Whereas the mission continues to be in its early phases, 57,300 BTC price $6 billion has been dedicated to Babylon Chain to date, in response to a dashboard created by Babylon Labs.

    Restaking was popularized by EigenLayer final 12 months, an Ethereum-centric protocol that successfully permits customers to rehypothecate their staked Ethereum to earn extra yield elsewhere. On this sense, SatLayer parallels EigenLayer’s main use case whereas specializing in Bitcoin. 

    Earlier this month, Binance stated it might assist Babylon staking by its “On-chain Yields” product. Falling below the umbrella of Binance Earn, the corporate famous that supported protocols are diversified, describing On-chain Yields as a high-risk product.

    Babylon raised $70 million in a Might funding spherical led by the enterprise capital agency Paradigm, which noticed participation from Galaxy, in response to CryptoRank information. SatLayer in the meantime raised $8 million in an August funding spherical, which noticed participation from Franklin Templeton.

    Edited by Sebastian Sinclair

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