OKX Launches xBTC in Sui’s Thriving Bitcoin DeFi Ecosystem

Bitcoin holders have more options than ever on Sui. As BTC-backed assets continue to gain traction in Web3, Sui has one of the deepest benches of BTCfi infrastructure and asset options. And with OKX’s landmark xBTC asset—a new, exchange-native BTC asset from OKX—launching onchain today, the bench is getting even stronger.

Sui is part of a short-listed group of xBTC’s first three live chains, selected for its secure, high-speed, and scalable environment to simplify access to Bitcoin DeFi. xBTC can be minted directly on OKX Exchange and withdrawn into any onchain wallet, including the OKX Wallet, as a native asset on Sui. Cetus and Navi, two major Sui DeFi protocols, will serve as exclusive launch partners for the first batch of xBTC on Sui. 

"At OKX, we're always launching new features that drive onchain growth and support decentralized finance,” said Jason Lau, Chief Innovation Officer at OKX. “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."The launch of xBTC opens up a broad set of reward strategies for users on Sui and provides a new liquidity rail backed by one of the world’s most trusted exchanges, reinforcing Sui’s position as the most BTCfi-diverse Layer 1 in crypto.

Sui’s BTCfi Momentum Continues

Since February, nearly 600 BTC have flowed into Sui thanks to the breadth of asset options and opportunities on Sui, marking its attraction to BTC holders looking for a secure chain to access DeFi. BTC-backed assets now make up more than 10% of Sui’s total value locked (TVL), and that number is growing fast.

xBTC adds to a growing arsenal of BTC-based assets that include WBTC, LBTC, and sBTC, each offering different models, integrations, and onchain benefits. These options range from fully decentralized custody to more familiar exchange-issued assets, and the entire spectrum is available on Sui.

“Bitcoin DeFi on Sui has gone from an intriguing concept to proving complete product-market fit in a matter of months,” said Christian Thompson, Managing Director at the Sui Foundation. “OKX choosing to bring xBTC to Sui speaks to the robustness of Sui’s BTCfi ecosystem, and it’s yet another example of giving Bitcoin holders the tools they need to participate meaningfully in DeFi on Sui.”

OKX and xBTC add to a cascade of recent key BTCfi integrations on Sui, which include Stacks, Lombard, Babylon, Cubist, SatLayer, RedStone, all making Sui the go-to home for putting Bitcoin to work.

Learn more about xBTC on Sui here.