• 核心观点：Hashi测试网在Sui上线，旨在通过多层级安全架构与机构级基础设施，将比特币从被动储值资产转化为可编程、可抵押、可产生收益的链上金融工具，解锁其万亿市值中99.6%的闲置资本。
• 关键要素：
  1. 当前DeFi中仅43亿美元BTC被使用，不足1.31万亿美元总市值的0.33%，超99.6%的BTC处于闲置状态。
  2. Hashi测试网搭载Guardian Layer安全架构，在阈值签名机制外增加独立验证层，所有抵押品需2/2多签方可释放，提供机构级纵深防御。
  3. SEC注册投资顾问Wave Digital Assets承诺三年内在Hashi代币化比特币收益型债券产品，押注机构级BTC固定收益市场.
  4. 生态已集结超25家合作伙伴，涵盖托管、借贷、做市、保险及形式化验证审计等全链条，如BitGo和Ledger已参与。
  5. 开发者SDK已发布，且Fenwick律所法律分析指出，通过Hashi锁定BTC换取hBTC的操作不构成美国联邦所得税应税事件。

Even though the crypto market is still in a deep bear market, Bitcoin's market cap has consistently remained above the trillion-dollar level, making it the world's largest digital store of value asset. However, an awkward fact remains: of this trillion dollars in capital, only a tiny fraction is actually "put to use." According to DefiLlama, the current value of BTC in DeFi is only $4.3 billion, less than 0.33% of the total market cap.

In other words, over 99.6% of BTC sits quietly in wallets, generating no yield, participating in no lending, and serving as collateral for no financial product—they are merely "held," not "used."

To put BTC's $1.31 trillion market cap into the context of the Chinese capital market, its scale is roughly equivalent to the combined market cap of the six largest state-owned banks, or five Kweichow Moutai companies. This is not a negligible volume.

The next chapter for Bitcoin will no longer be written by "store of value" alone; it will also be defined by "utility."

In July, the Hashi testnet officially launched on Sui. This means developers, custodians, financial institutions, and ecosystem partners now have a practical environment to build, integrate, and stress-test Bitcoin-collateralized financial applications—allowing them to complete a product闭环 before the Hashi mainnet goes live.

Guardian Layer: A Deep Defense for BTC Collateral

Debuting alongside the testnet is Hashi's security architecture: the Guardian Layer.

According to the official introduction, the Guardian Layer is a defense-in-depth security architecture designed specifically for institutional-grade BTC collateral management. On top of Hashi's existing threshold signature mechanism (which requires approval from one-third of Sui validators to move funds), it adds an independent security verification layer—a second independent validation layer. All BTC collateral is held under a 2/2 multi-signature: both the MPC signature from Hashi verification nodes and the Guardian's signature are required to release BTC. This provides an ultimate insurance policy against potential validator misconduct or systemic risks.

Odaily Note: Defense-in-depth is a classic security engineering concept. Its core idea is to layer multiple independent security mechanisms so that even if one layer fails, the remaining layers can still provide protection—rather than betting all security on a single point.

For institutions, this means: collateral monitoring no longer relies on a single link. Every movement of capital undergoes multiple independent verifications, and the security of funds in lending and credit markets is structurally guaranteed.

Wave Digital Assets: A Three-Year Commitment Anchors the BTC Fixed-Income Market

Among Hashi testnet's first-day partners, the participation of Wave Digital Assets LLC (hereinafter "Wave") is particularly noteworthy.

As an SEC-registered investment advisory firm, Wave not only participated in the early development of Hashi but also made a clear long-term commitment: to use its best efforts to prioritize the tokenization of Bitcoin yield-bearing bond products on the Sui protocol via Hashi within three years. This is a clear bet on the judgment that "the programmable Bitcoin fixed-income market is ready for institutional adoption."

Wave CEO David Siemer previously stated: "Hashi is the missing credit layer that has finally been filled, providing institutions with stable native yields."

25+ Partners: Full-Chain Coverage from Custody to Audit

With the launch of the Hashi testnet, the ecosystem has already gathered over 25 partners, covering the full chain of Bitcoin finance:

Custody and Wallet Access: BitGo (institutional custody client), Blockdaemon, Cobo, Fordefi by Paxos (institutional wallet and infrastructure provider), Cubist (cross-chain collateral infrastructure), Ledger (self-custody service provider), SwissBorg (European high-net-worth retail/institutional asset management wallet);

Lending, Trading, and Liquidity Provision: Bullish (institutional crypto asset platform), Cumberland (institutional crypto market maker and liquidity provider), Erebor (OCC-chartered bank), FalconX (institutional prime brokerage);

DeFi and Lending Applications: AlphaLend, Bluefin, Current, Scallop, Suilend (Sui-native DeFi protocol supporting retail lending from day one), Fluid (high capital efficiency system connecting lending, liquidity and other financial products), Navi (one of the largest and longest-running DeFi protocols on Sui);

Treasury and Asset Management: Concrete by Blueprint Finance (yield infrastructure platform), Inveniam Capital (RWA yield strategy), Wave Digital Assets LLC;

Indices, Oracles, Insurance, and Security Audits: CF Benchmarks (crypto index provider integrated with oracles), Soter Insure (institutional-grade crypto-native insurance denominated in BTC), Asymptotic, Certora, OtterSec (smart contract security and formal verification audits)...

Odaily Note: Formal verification is a technique that uses mathematical methods to prove that code behavior conforms to design specifications. It provides stronger correctness guarantees than traditional code audits—especially critical for institutional-grade financial products.

Earlier this year when the devnet was announced, over 20 launch partners had already committed to building and deploying capital on Hashi. Now, with the testnet live, the partner lineup has expanded further, extending coverage from infrastructure to a broader range of financial services.

"Bitcoin Is No Exception"

"All major assets have ultimately developed highly credit-based lending and liquidity markets, and Bitcoin will be no exception," said Adeniyi Abiodun, co-founder and Chief Product Officer of Mysten Labs. "Hashi is providing the safe, transparent, on-chain programmable opportunity that developers and infrastructure service providers have been waiting for."

The weight of this statement lies not in repeating something "correct"—historically, every major asset class like gold, real estate, and sovereign bonds has indeed followed a path from "passive holding" to "active credit." Instead, it delivers a concrete answer: BTC's trillion-dollar market cap can develop a credit and liquidity market of equal depth on-chain.

What Can Developers Do?

With the launch of the Hashi testnet, the developer SDK documentation, integration guides, and technical resources have all been published at sui.io/hashi.

On the tax issue that BTC holders are highly concerned about, a legal analysis by the law firm Fenwick previously pointed out that locking BTC via Hashi and obtaining the receipt token hBTC should not constitute a taxable event under U.S. federal income tax law—because hBTC is merely a certificate of ownership for the underlying BTC, not a separate asset.

Odaily Note: Fenwick's core analogy is "checking a coat and receiving a coat check ticket." Neither receiving the ticket nor retrieving the coat constitutes a taxable event because ownership never transfers.

From devnet to testnet, from proof-of-concept to practical testing, Hashi is steadily turning the "utility" narrative of a trillion dollars in BTC into a verifiable, programmable, and regulatable on-chain financial infrastructure. This might just be the starting point for Bitcoin's next chapter.