Sui, the outstanding L1 blockchain to spice up digital asset possession, has introduced a brand new partnership with Bitlayer, a Bitcoin L2 and the pioneer Bitcoin VM for DeFi. The collaboration takes under consideration the combination of the BitVM bridge of Bitlayer into the Sui ecosystem to launch a Bitcoin-backed crypto token “Peg-BTC ($YBTC).” The platform introduced this improvement on its official X account.

Sui Integrates Bitlayer’s BitVM Bridge to Launch $YBTC

As part of this collaboration, Sui is integrating the BitVM bridge of Bitlayer to launch Peg-BTC ($YBTC). The event permits these holding $BTC cash to transact them into Sui through the use of the BitVM bridge. Because of this integration, $YBTC will be utilized inside the DeFi ecosystem of Su to get extra yields.

Regardless of being dominant out there as a key retailer of worth, Bitcoin lacks utility in relation to decentralized finance (DeFi). Nevertheless, the newest integration gives an answer for this by including the $BTC liquidity into the ecosystem of Sui. $YBTC strengthens customers to get yield parallel to sustaining an unmediated publicity to Bitcoin’s worth.

Driving Bitcoin’s Participation in DeFi Sector with Safe DeFi Operations

As per Sui, the BitVM-led zk bridge of Bitlayer is a cutting-edge software to facilitate safe and environment friendly $BTC motion onto various blockchain networks. Moreover, by staking $YBTC, the holders can generate notable yields by way of various Bitcoin staking service suppliers. General, this initiative is an important step to extend Bitcoin’s participation within the DeFi world in an environment friendly and safe approach.