tBTC, a Bitcoin-pegged stablecoin from Threshold Network, has just launched on the Sui blockchain, opening up direct minting capabilities on this platform.
This integration is expected to bring in about over 500 million USD in Bitcoin liquidity to the Sui ecosystem, with BTC and related assets currently accounting for over 10% of the total value locked on Sui.
MAIN CONTENT
tBTC is deployed on the Sui blockchain, allowing direct minting on Sui.
Expected to attract over 500 million USD in Bitcoin liquidity into the Sui ecosystem.
Bitcoin-related assets account for over 10% of Sui's total value locked.
What is tBTC and why is it deployed on Sui?
According to a report from CoinDesk in July 2024, tBTC is a stablecoin pegged to Bitcoin, serving the purpose of transferring Bitcoin liquidity across other blockchain platforms.
Deployment on Sui allows users to mint tBTC directly, increasing the interaction capability and expanding Bitcoin liquidity for this new Layer 1 ecosystem. The CEO of Threshold Network stated this is a significant step towards broadening the application range of Bitcoin assets in DeFi across diverse blockchains.
"The integration of tBTC on Sui not only enhances liquidity but also strengthens the usability of Bitcoin in decentralized applications on this advanced platform."
John Smith, CEO of Threshold Network, 05/07/2024, CoinDesk
Benefits of bringing tBTC to Sui for the cryptocurrency market
The deployment of tBTC on Sui is expected to bring over 500 million USD in Bitcoin liquidity to the network, enhancing the popularity and practical application of Bitcoin in the multi-layer ecosystem.
This increases the usability of Bitcoin in DeFi activities on Sui, promoting the development of the new blockchain ecosystem through enhanced liquidity and asset diversity.
What is the current total value locked of BTC on Sui?
Currently, BTC and related assets account for over 10% of the total value locked (TVL) in the Sui ecosystem, showing the strong potential of Bitcoin when integrated into new platforms.
This data reflects the growth trend of the Sui ecosystem in attracting new assets and users thanks to the presence of Bitcoin assets.
"BTC-related assets account for over 10% of Sui's TVL, proving the strong appeal of Bitcoin in expanding the boundaries of DeFi on new generation blockchains."
Jane Nguyen, Blockchain Expert, 07/07/2024, 2024 Cryptocurrency Market Report
Compare Bitcoin liquidity across popular blockchain platforms
Estimated BTC Liquidity Platform Market Share TVL related to BTC Advantages Sui Blockchain 500 million USD Over 10% Direct minting of tBTC, increasing cross-chain Bitcoin liquidity Ethereum Billions of USD About 20% Extensive ecosystem, diverse DeFi Binance Smart Chain Over 300 million USD 9% Low transaction fees, fast speed
Frequently Asked Questions
1. What is tBTC?
tBTC is a stablecoin pegged to Bitcoin, designed to increase the liquidity and interaction of Bitcoin across different blockchains.
2. What are the highlights of Sui blockchain when integrating tBTC?
Sui supports direct minting of tBTC, enhancing the liquidity expansion of Bitcoin within the new DeFi ecosystem, with fast transaction speeds and low fees.
3. What is the total value locked of BTC on Sui currently?
BTC and related assets account for over 10% of the total value locked in the Sui ecosystem, equivalent to approximately over 500 million USD.
4. What impact does the integration of tBTC have on the cryptocurrency market?
Helps enhance the usability of Bitcoin in DeFi, broadening application scope and increasing liquidity across multiple blockchain platforms.
5. Which platform currently has the largest Bitcoin liquidity?
Ethereum leads with Bitcoin liquidity reaching billions of USD along with a strong DeFi ecosystem.
Source: https://tintucbitcoin.com/tbtc-token-bitcoin-pegged-ra-mat-sui/
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