Global crypto exchange OKX has announced the launch of a new asset xBTC on the Sui platform. This allows Bitcoin users to interact more efficiently with DeFi, combining CeFi security with DeFi accessibility.
xBTC on Sui: New Opportunities for Bitcoin Holders
xBTC is a new Bitcoin asset that operates on-chain and is minted directly from the OKX platform. With the introduction of xBTC to Sui, users gain the ability to easily integrate their Bitcoins into the DeFi space. Currently, the total Bitcoin Total Value Locked (TVL) on Sui stands at $2.11 billion.
Key Partners and Benefits of xBTC
Among the first partners supporting the xBTC launch are the ecosystems of Cetus and Navi. xBTC can be withdrawn as a native asset, simplifying the process of bridging Bitcoin into DeFi. Jason Lau, Chief Innovation Officer at OKX, stated, "Our unique advantage as one of the most trustworthy and transparent institutions imbues xBTC with a powerful security model."
BTC Growth in the Sui Ecosystem
Since February, nearly 600 Bitcoins have flowed into the Sui ecosystem, indicating the growing interest among Bitcoin holders in DeFi opportunities. BTC-backed assets now account for over 10% of total value locked in Sui, and that number continues to rise. Christian Thompson, Managing Director of the Sui Foundation, notes that "Bitcoin DeFi on Sui has gone from an intriguing concept to proving complete product-market fit in a matter of months."
The launch of xBTC on the Sui platform highlights the growing interest in Bitcoin within DeFi and its integration into secure frameworks. This event also signals the future potential of such assets for attractiveness and usage among investors.
