SatLayer announced on Wednesday that it will extend the use of Bitcoin in decentralized financial services to Sui – a layer-1, fast blockchain introduced last year.
The following are some alternatives to the word “Advantage” Sui’s SatLayer will allow developers to take advantage of the fast transaction speeds by integrating with SatLayer Bitcoin’s The building footprint is $2.1 trillion DeFi SatLayer released a press release stating that it has developed applications which are designed to prevent third parties from participating in transactions, such as trading or lending.
Sui’s network already hosts a developing DeFi ecosystem. According to recent research, in 2024 150 developers would be working full time on Sui. Reportage Electric Capital, a venture capital firm.
Jameel Khhalfan, Global Head Ecosystem at Sui Foundation, said that the foundation is looking to increase flexibility. Decrypt SatLayer could expand the tools available to developers.
“The combination of Bitcoin’s size and security with Sui’s speed and scalability gives developers and users new possibilities to build on Bitcoin,” “He said”
SatLayer's integration with Sui will enable developers to secure decentralized applications with Bitcoin on the layer-1, but SatLayer itself is deployed on Babylon. Babylon’s goal is to secure proof-of stake networks. Users are offered a reward for locking their Bitcoin.
SatLayer launched its new product SatLayer XL last month. “alliance” With Babylon Labs positioning their restaking platform to be a way of extending Babylon’s usage in security with an emphasis on decentralized infrastructure and applications, such as Bridges, rather than just proof-of stake networks.
SatLayer integration with Babylon is also a project that the project said will bring benefits. “fully programmable slashing” The protocol for staking. Slashing is the penalty that validators are subject to when they act maliciously or negligently on restaking platforms such as SatLayer.
Babylon's design resembles a Two-sided market Users can exchange their Bitcoin for cash rewards, while Proof-of-Stake networks use that capital as security.
According to A, while the project has just begun, 6 billion dollars worth of BTC have been invested in Babylon Chain. dashboard Created by Babylon Labs
EigenLayer, a protocol based on Ethereum that allows for users to effectively retake their coins. Rehypothecate Their staked Ethereum can earn an additional yield somewhere else. SatLayer, which focuses on Bitcoin in the same way as EigenLayer does, is designed to be similar.
Binance has announced that they will be supporting Babylon Staking via their “On-chain Yields” product. The company, which falls under Binance Earn’s umbrella, has noted the variety of protocols supported. Description On-chain Yields is a product with a high risk.
Babylon raised 70 Million Dollars According to CryptoRank, Galaxy participated in a funding round that was led by Paradigm Venture Capital, and which took place in May. SatLayer raised a total of £450,000. Eight Million Dollars Franklin Templeton was a participant in an August round of funding.
Sebastian Sinclair edited the book