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Sui launches Bitcoin-pegged token YBTC: integrating the cross-chain bridge BitVM Bridge launched by Bitlayer
Bitcoin Layer 2 Network Based on BitVM Technology Bitlayer 15 announced a partnership with the Sui public chain, Sui will integrate Bitlayer's BitVM Bridge to launch the Bitcoin anchor coin Peg-BTC (YBTC), YBTC can be deployed in Sui-based DeFi protocol to generate revenue. (Synopsis: Bitcoin L2" Bitlayer launches cross-chain bridge BitVM Bridge, using "minimal trust technology" to release BTCFi mega dollar liquidity) (Background supplement: Bitcoin L2 Bitlayer reached strategic cooperation with Base, Starknet, Arbitrum, Sonic, Plume Network) This article is widely compiled, provided by Bitlayer and written by Coindesk. It does not represent a regional position and is not an investment advice, a recommendation to buy or sell. For details, please refer to the liability warning at the end of the article. Bitlayer, the Bitcoin Layer 2 network based on BitVM technology has partnered with the Sui blockchain to increase the utility of Bitcoin in the Sui ecosystem, Coindesk reported on May 15. Sui will integrate Bitlayer's BitVM Bridge to launch the Bitcoin-anchored token Peg-BTC (YBTC) on its platform. This allows Bitcoin holders to transfer their BTC to the Sui chain via BitVM Bridge. Its bridging version, Peg-BTC, can then be used in Sui's DeFi ecosystem to earn additional revenue. Charlie Hu, co-founder of Bitlayer, said: "Bitcoin's dominance as a store of value is unparalleled, but its utility in DeFi remains to be explored. By integrating Bitcoin's liquidity into Sui's ecosystem, Peg-BTC (YBTC) allows users to earn while maintaining direct exposure to the value of BTC – a model shift for BTCFi." BitcoinFi, which allows BTC users to earn additional revenue through DeFi, was one of the hottest topics previously at the Token2049 conference in Dubai. Franklin Tamburton (Franklin Templeton) expressed support for BitcoinFi at the event, saying it will boost BTC's appeal outside of the long-standing store-of-value discourse. Bitlayer is Layer 2 built on the BitVM paradigm with Bitcoin-level security, designed to bring smart contract functionality to the Bitcoin network without compromising its core consensus. It relies on off-chain operations and on-chain fraud proofs to keep the network secure and decentralized. Bitlayer's BitVM Bridge is a BitVM-powered zk cross-chain bridge that facilitates the safe and reliable transfer of BTC to different blockchain ecosystems without relying on centralized intermediaries or middlemen. It is designed with a minimum of trust and is designed to be highly secure and decentralized. Sui is a Layer 1 blockchain dedicated to providing high-speed and low-cost transactions through parallel processing. At the time of writing, its DeFi ecosystem consists of 49 projects with more than $2 billion in TVL, according to DeFiLlama data. Integrating Peg-BTC (YBTC) into the Sui ecosystem opens up several new opportunities for users, such as staking Peg-BTC through various Bitcoin staking protocols to earn interest. Users can also lend or borrow Peg-BTC to earn income, or use it as collateral for loans. In addition, Peg-BTC can be traded on (DEX), a popular decentralized exchange within Sui, allowing users to exchange and provide liquidity to earn transaction fees. Charlie Hu said they plan to work with the most attractive top-tier protocols in the Sui ecosystem in terms of total lock-up value (TVL), fully diluted valuation (FDV) and user base. (CPO) Adeniyi Abiodun, co-founder and product director of Mysten Labs, the company behind Sui, said they are taking a holistic approach to meeting the growing demand for BitcoinFi. Abiodun told CoinDesk: "Sui is taking a holistic approach to bringing the full suite of infrastructure and BTCFi asset options to the ecosystem, including staking, re-staking, bridging integration, WBTC, sBTC, and the upcoming Peg-BTC (YBTC). The market expects Bitcoin to do more than just hold it, and the demand is growing." Abiodun added: "Bitlayer's BitVM Brige is a key integration that allows Bitcoin holders to earn money on Sui, participate in DeFi and put their assets into operation, transforming their experience." Abiodun concluded: "BTC assets have accounted for more than 10% of the Sui ecosystem TVL to date, and more than 587 BTC have flowed into Sui's DeFi ecosystem since February. With support for leading BTCFi integrations, Sui's advanced programmability activates the utility of Bitcoin, allowing users to move beyond mere holding to a secure and high-performance chain." Disclaimer: The content of this article is a publicity manuscript provided by the contributor, and the contributor has no relationship with the moving area, and this article does not represent the position of the moving area. This article is not intended to provide any investment, asset advice or legal advice and should not be construed as an offer to buy, sell or hold assets. Any services, programs or tools, etc. mentioned in the content of the publicity manuscript are for reference only, and the final actual content or rules are subject to the announcement or explanation of the contributor, and the moving area is not responsible for any possible risks or losses, and readers are reminded to check carefully before making any decisions or behaviors. Related reports Ambush $BTR Airdrop" Bitlayer Online User Center: Earn Points, Upgrade Your Exclusive Racing Journey Up to $1 Million Incentive! Bitlayer Launches Developer Acceleration Program Bitcoin Layer2 Bitlayer Completes $11 Million Series A Financing! Franklin and ABCDE co-lead Bitlayer completes Series A+ financing led by Polychain Capital, raising a total of $25 million "Sui Launches Bitcoin-Anchored Token YBTC: Integrates BitVM Bridge, a cross-chain bridge launched by Bitlayer" This article was first published in BlockTempo's "Dynamic Trend - The Most Influential Blockchain News Media".