Bitlayer and Sui have partnered to introduce Peg-BTC, a Bitcoin-backed token, into Sui's DeFi ecosystem. The integration allows bitcoin holders to earn yields by transferring their BTC into Sui via the BitVM bridge. Peg-BTC empowers users to engage with DeFi while maintaining exposure to BTC's value. The collaboration aims to enhance Bitcoin's utility beyond just being a store of value, marking a significant shift in its usage. Bitlayer utilizes a BitVM-based Layer 2 network to provide smart contracts on Bitcoin securely. Sui blockchain, known for fast transactions, now supports various BitcoinFi integrations, including staking Peg-BTC for interest, lending for returns, and trading on decentralized exchanges. This move opens new opportunities for users within Sui's growing ecosystem, which currently has substantial Bitcoin assets locked in, indicating a rising demand for innovative Bitcoin applications in decentralized finance.

Source 🔗