NAVI Protocol has announced a partnership with cryptocurrency exchange OKX and the Sui Foundation to launch a lending and borrowing campaign for xBTC, a wrapped Bitcoin asset. This two-month initiative aims to enhance liquidity and increase user engagement with Bitcoin-based decentralized finance (DeFi) within the Sui ecosystem.
Launch of the xBTC Lending Campaign
The xBTC lending campaign includes a variety of incentives for liquidity providers, allowing them to borrow SUI and USDC in exchange for NAVX token rewards. The launch of the program is set for June 24, when borrowing incentives for xBTC will begin. Rewards for USDC borrowing will commence on June 27, and SUI borrowing rewards will be introduced on July 7.
Benefits for Liquidity Providers
Key features of the campaign include $500,000 in NAVX rewards distributed to participants and an additional $200,000 in SUI incentives provided by OKX. This partnership aims to enhance the composability of xBTC within the Sui ecosystem, allowing users to effectively leverage their Bitcoin assets.
Strategic Implications for BTCFi
Elliscope Fang, co-founder of NAVI, emphasized that this partnership marks a significant milestone in establishing BTCFi as a cornerstone of the Sui network. The collaboration highlights NAVI’s commitment to expanding DeFi accessibility on Sui and positioning xBTC as a bridge between Bitcoin liquidity and emerging smart contract ecosystems.
The launch of the xBTC lending campaign showcases the growing intersection between centralized and decentralized finance built on Bitcoin liquidity, which may lead to a new level of DeFi adoption on the Sui platform.
