TechFlow, on June 24, the first phase of xBTC has launched on Sui. NAVI Protocol, a DeFi project within the Sui ecosystem, has entered into an exclusive partnership with OKX to become the sole decentralized protocol offering xBTC, marking the beginning of a new BTCFi era for the Sui ecosystem.
NAVI has now exclusively launched the xBTC liquidity pool on the Sui network, and incentive programs for the xBTC liquidity pool are live on NAVI Protocol. Additional incentives are available exclusively through OKX Earn, so users must use the OKX App to deposit via NAVI. NAVI will roll out more xBTC utility features later this week.
Starting at 15:00 Beijing time on June 24, users can deposit xBTC, USDC, or SUI on NAVI Protocol to share in over $2.5 million in rewards. Additionally, a USDC borrowing rewards campaign will go live on June 27, with a SUI borrowing rewards campaign to follow shortly.
xBTC is a wrapped Bitcoin issued by OKX that strictly adheres to a 1:1 reserve mechanism. Users can withdraw BTC from the exchange to their target chain to receive an equivalent amount of xBTC, or deposit xBTC back to the exchange from the target chain to redeem BTC. The platform uses on-chain Proof of Reserves (PoR) to provide real-time verification of asset transparency, further securing user assets.
