OKX Introduces xBTC to Sui's Expanding Bitcoin DeFi Network

OKX launches xBTC on the Sui network, enhancing Bitcoin DeFi with secure, scalable solutions. This move strengthens Sui's position in the BTCfi ecosystem.

OKX is expanding the reach of its xBTC asset to the Sui network, aiming to amplify the emerging Bitcoin decentralized finance (DeFi) ecosystem on the chain, according to an announcement by Sui Foundation.

The move will bring a new exchange-native BTC asset to Sui, further diversifying the options available on the chain as BTC-backed assets continue to gain momentum in the Web3 space.

Sui: A Hub for Bitcoin DeFi

Known for its high performance and scalability, Sui is being launched as one of the first three live chains for xBTC, facilitating easier access to Bitcoin DeFi.

This initiative will enable users to mint xBTC directly on the OKX Exchange and transfer it to any onchain wallet, including the OKX Wallet, as a native asset on Sui.

Moreover, xBTC will be supported by leading Sui DeFi protocols, such as Cetus and Navi, serving as exclusive launch partners for the asset's arrival on the network.

“At OKX, we are deeply committed to fostering onchain growth and supporting decentralized finance,” said Jason Lau, Chief Innovation Officer at OKX.

Highlighting xBTC's robust security model, which is underpinned by OKX's reputation for trustworthiness and transparency, Lau added, “We believe in building a vibrant and inclusive Web3 ecosystem.”

With xBTC launching on Sui, a new liquidity rail is expected to open up, and users on Sui will have broader reward strategies available to them. This launch further reinforces Sui's position as a premier BTC Layer 1 blockchain.

Since February, nearly 600 BTC has flowed into the Sui ecosystem as its diverse asset options and secure chain continue to attract users. Currently, BTC-backed assets make up over 10% of Sui's TVL, and this figure is steadily increasing.

Joining WBTC, LBTC, and sBTC on Sui

xBTC joins a diverse list of BTC-based assets on Sui, each offering a unique model, integration, and onchain benefit. From fully decentralized custody to exchange-issued assets, there is an xBTC option to suit every user preference and use case.

"We are thrilled to see the rapid evolution of Bitcoin DeFi on Sui," said Christian Thompson, Managing Director at the Sui Foundation.

Expressing enthusiasm for OKX's decision to bring xBTC to the Sui ecosystem, Thompson noted that this collaboration will provide Bitcoin holders with the tools needed to participate meaningfully in DeFi on Sui.

This integration follows a series of recent BTCfi partnerships that Sui has formed, including collaborations with Stacks, Lombard, Babylon, Cubist, SatLayer, and RedStone.

These partnerships are testament to Sui's commitment to expanding its capabilities and offering optimal solutions for engaging with Bitcoin in the DeFi landscape.