As the TVL of Bitcoin on Sui soars and BTCfi assets become increasingly abundant, OKX chose Sui, a leading Layer 1, as the first launch partner for xBTC.
On Sui, Bitcoin holders have more choices than ever before. As BTC-backed assets become increasingly popular in Web3, Sui is building the most comprehensive BTCfi infrastructure and asset matrix. And OKX s blockbuster asset xBTC - a BTC asset natively issued by OKX - is officially launched today, further enhancing the asset matrix.
Sui is one of the first three public chains to support xBTC. With its secure, high-speed and scalable environment, it simplifies the path for users to access Bitcoin DeFi. xBTC can be minted directly on the OKX exchange and withdrawn as a native asset to any on-chain wallet, including the OKX wallet. Cetus and Navi , two major DeFi protocols in the Sui ecosystem, will be the exclusive partners for the first launch of xBTC.
Jason Lau, Chief Innovation Officer of OKX, said: “At OKX, we are constantly launching new features that drive on-chain growth and support decentralized finance. As one of the most trusted and transparent institutions, we have built a strong security model for xBTC and are very excited to introduce it to Sui’s thriving Bitcoin financial ecosystem.”
The launch of xBTC opens up a rich set of yield strategy channels for Sui users, and also introduces a new liquidity channel to the chain that is supported by one of the world’s most trusted exchanges, further consolidating Sui’s position as the most diverse Layer 1 for BTCfi.
Suis BTCfi continues to grow strongly
Since February, nearly 600 BTC have flowed into Sui. Thanks to Suis rich asset selection and DeFi opportunities, Sui has become the first choice for BTC holders looking for a secure on-chain DeFi entry. BTC-backed assets now account for more than 10% of Suis total locked value (TVL), and this number is growing rapidly.
The addition of xBTC makes Sui’s BTC asset lineup even stronger, which currently includes WBTC, LBTC and sBTC, each offering different models, integration methods and on-chain advantages. These options range from fully decentralized custody to user-familiar exchange-issued assets, covering the entire use case and are all available on Sui.
Christian Thompson, head of Sui Foundation, said: “Bitcoin DeFi on Sui has gone from an interesting idea to a highly compatible product and market in just a few months. OKX’s choice to introduce xBTC to Sui fully demonstrates the robustness of Sui’s BTCfi ecosystem. This is also another important milestone for BTC holders to deeply participate in DeFi on Sui.”
The addition of OKX and xBTC is just one of several key BTCfi integrations on Sui in recent times, including Stacks , Lombard , Babylon , Cubist , SatLayer , and RedStone — all of which are working together to make Sui the preferred platform for realizing the value of Bitcoin assets.
Learn more about xBTC on Sui: Click here
About Sui
Sui is the first Layer 1 blockchain and smart contract platform built for digital asset ownership, with speed, privacy, security and accessibility. Its object-oriented model based on the Move programming language supports parallel execution, sub-second finality and rich on-chain assets. Sui has horizontally scalable computing and storage capabilities, providing unparalleled speed support for various applications at extremely low cost. It is a leap forward in blockchain and an ideal platform for developers and creators to build a friendly user experience. For more information, please visit: https://sui.io
About OKX
OKX is a leading global technology company with over 60 million users around the world trusting it to build a decentralized future and make the world more liquid, transparent and connected. As one of the fastest and most reliable crypto applications in the world, OKX has processed trillions of dollars in trading volume.
OKX has offices in many important regions around the world, including the Americas headquarters in San Jose, the United States, the Middle East headquarters in Dubai, as well as New York, Hong Kong, Singapore, Turkey, Australia and Europe. OKX has currently obtained compliance licenses in many countries and regions including the United States, the United Arab Emirates, the European Economic Area, Singapore, Australia, etc., and has built one of the most comprehensive compliance encryption platforms in the world.
OKX always adheres to transparency and security, and publishes reserve proof reports every month. To learn more, please download the OKX App or visit: okx.com
What is xBTC?
xBTC is a 1:1 Bitcoin-backed token fully backed by BTC assets in OKXs security reserve. Users can verify the collateral status of the asset through OKXs transparent reserve proof to ensure that it is fully reserved. There is no handling fee for minting and redeeming xBTC, and only the standard gas fee of the Sui network needs to be paid.
Contact: media@sui.io
