TechFlow news, on May 22, NAVI Protocol, a DeFi project in the Sui ecosystem, announced a partnership with OKX to exclusively launch an xBTC liquidity pool on the Sui network, extending OKX's wrapped Bitcoin asset xBTC to Sui. This move marks a step forward for Bitcoin holders to unlock higher capital efficiency within the Sui DeFi ecosystem.
At the same time, NAVI Protocol revealed that it will further announce large-scale initiatives aimed at significantly enhancing the liquidity and lending capabilities of xBTC on NAVI.
Notably, xBTC is a wrapped Bitcoin issued by OKX, strictly adhering to a 1:1 reserve mechanism. Users can withdraw BTC from the exchange to a target chain and receive an equivalent amount of xBTC, or deposit xBTC from the target chain back into the exchange to redeem BTC. The platform employs on-chain Proof of Reserves (PoR) to verify asset transparency in real time, further ensuring user asset security.
