Bitlayer, a Bitcoin 2 layer based on the Bitvm, and Suis Blockchain paradigm have joined forces to make Bitcoin (BTC) more useful in the SUP ecosystem.
The collaboration involves following the Bitvm bridge of Bitlayer to launch Peg-Btc (YBTC), a token supported by Bitcoin, on its platform, according to an exclusive announcement shared with Coindesk.
It allows Bitcoin holders to transfer their BTC to Suit via the BITVM bridge. The Ponted version, PEG-BTC, can then be used in the SUP DEFI ecosystem to obtain additional yields.
“The domination of Bitcoin as a reserve of value is unequaled, but its usefulness of DEFI remains unexploited. By integrating the liquidity of Bitcoin in the SUP ecosystem, the BTC (YBTC) value to gain the yield by maintaining direct exposure to the BTC value – declared Bitlayer, said in a press version. Coindesk.
Bitcoinfi, or allow users of the BTC to obtain additional yields via DEFI, was one of the hottest subjects of the Token2049 conference in Dubai. Franklin Templeton supported the idea during the event, saying that this would increase the appeal of the BTC beyond the long-term value store.
Bitlayer is layer 2 equivalent Bitcoin-security built on the BitvM paradigm to provide intelligent Bitcoin contract capacities without influencing basic consensus. It is based on the off -chain calculation and the evidence of chain fraud to maintain the network safely and decentralized.
The Bitvm propulsion bridge with Bitlayer is a special tool that facilitates the safe and secure BTC movement on different blockchain ecosystems without counting on centralized intermediaries or intermediaries. It is minimized with confidence, which means that it is designed to be very safe and decentralized.
SUI is a layer 1 blockchain focusing on the offer of broadband transactions and at low cost thanks to a parallel treatment. During the editorial staff, its ECOSYSTEM DEFI included 49 projects, with more than $ 2 billion in cryptographic deposits, according to the Defillama data source.
The integration of PEG-BTC (YBTC) into the SUP ecosystem opens several new opportunities for users, such as the implementation of PEG-BTC to gain interest thanks to various Bitcoin implementation protocols. Users can also lend or borrow PEG-BTC by lending it to earn yields or use it as a guarantee for loans. In addition, PEG-BTC can be exchanged on popular decentralized scholarships within Su Suis, allowing users to exchange and provide liquidity to gain negotiation costs.
Hu declared that they planned to work with the main protocols of Suit, with the largest traction in terms of total locked value, fully diluted value and user base in the SUC ecosystem.
Adeniyi Abiodun, co-founder and CPO at Mysten Labs, the company behind Suit, said that they adopt a holistic approach while meeting the growing demand for Bitcoinfi.
“SUP adopts a holistic approach by integrating a full stack of infrastructure and BTCFI asset options in the ecosystem, including implementation, replenishment, bridge integrations, WBTC, SBTC, and soon PEG-BTC (YBTC). The demand is growing for Bitcoin to serve a more important objective” Abiodun at Coindek.
“Key integrations, such as the Bitvm bridge with Bitlayer, transform the experience of Bitcoin holders by allowing them to win, get involved with DEFI and put their assets to work on suis,” added Abiodun.
To date, BTC assets represent more than 10% of the total TVL locked in the SUP ecosystem, with more than 587 BTC fluttering in Defi since February. “With the management of the main BTCFI integrations, the advanced programmability of Suit Active The Bitcoin utility, allowing users to go beyond the maintenance and the secure and high performance chain,” noted Abiodun.
