NAVI Protocol and OKX Launch xBTC on Sui

NAVI Protocol has announced the launch of xBTC lending and borrowing on Sui, supported by OKX’s infrastructure. This partnership unlocks bitcoin-backed assets in Sui’s DeFi sector, combining traditional finance principles with modern blockchain technology.

OKX developed xBTC—a BTC-backed asset—and chose Sui as the launch platform. NAVI Protocol brings Silicon Valley expertise, offering DeFi services like institutional-grade incentives, with Jimmy Lau from OKX emphasizing their commitment to onchain growth.

The introduction of xBTC and incentivized borrowing pools is expected to substantially enhance liquidity on the Sui network. Analysts predict this will further solidify Sui’s standing in the DeFi landscape and bolster Bitcoin-related activities on the blockchain.

OKX and NAVI aim to transform DeFi with xBTC, offering fully-backed Bitcoin assets representing roughly 10% of Sui’s TVL. Industry stakeholders view this as a positive transformation, with no immediate regulatory or technological hurdles anticipated.

Recent successes within Sui’s ecosystem, including BTC-backed projects such as BTCfi, offer a promising precedent for xBTC’s integration. The platform’s transparent infrastructure promises continued growth and stability in previous token launches.

Experts from Kanalcoin suggest this may reshape DeFi interactions within Sui, predicting increased user engagement. OKX’s history of cross-chain asset launches further strengthens confidence in the potential expansion and success of xBTC strategies.

“At OKX, we’re always launching new features that drive onchain growth and support decentralized finance. Our unique advantage as one of the most trustworthy and transparent institutions imbues xBTC with a powerful security model, and we’re excited to bring it to Sui’s vibrant Bitcoin finance ecosystem,” – Jason Lau, Chief Innovation Officer, OKX.