Bitlayer and the high-performance public chain Sui have announced a strategic cooperation and officially launched the Bitcoin-backed asset Peg-BTC (YBTC), which realizes the full-scene application of Bitcoin in the Sui ecosystem through BitVM's secure cross-chain bridge technology.
This cooperation allows Bitcoin holders to convert BTC into YBTC and participate in activities such as staking, lending, and trading in Sui's decentralized finance (DeFi) protocols, obtaining an annualized return of over 15% while maintaining direct exposure to the value of BTC.
The BitVM bridging adopts an "off-chain computation + on-chain fraud proof" mechanism, abandoning the traditional multi-signature custody model, and achieving minimal trust asset cross-chain through cryptographic means.
Adeniyi Abiodun, Chief Product Officer of Sui, stated: "Bitlayer's technology has truly brought Bitcoin to life. Currently, Bitcoin-related assets account for about 10% of the total locked value (TVL) in the ecosystem, and it is expected to exceed 25% by the end of the year."
Industry analysts believe that this cooperation marks the transition of Bitcoin from a store of value asset to a programmable asset, injecting new vitality into the trillion-dollar DeFi market.
Bitlayer's BitVM bridge has also expanded to multiple mainstream chains such as Arbitrum, Base, and Cardano, supporting the liquidity and yield strategies of cross-chain assets like YBTC.B, promoting the multi-chain integration development of the Bitcoin ecosystem.
This cooperation not only enhances Bitcoin's participation in the DeFi ecosystem but also provides users with more diversified asset appreciation methods, reflecting Bitcoin's broad potential in the decentralized finance field.
