xBTC Phase 1 is now live on Sui, NAVI has partnered with OKX to become the exclusive lending protocol for xBTC.

According to Deep Tide TechFlow news, on June 24, the first phase of xBTC has now launched on Sui, and the Sui ecosystem DeFi project NAVI Protocol has reached an exclusive partnership with OKX, becoming the only decentralized protocol that can provide xBTC. , opening a new phase of BTCFi in the Sui ecosystem.

NAVI has exclusively launched the xBTC liquidity pool on the Sui network, and the xBTC liquidity pool incentive measures are now live on the NAVI Protocol. Additional incentives are only available through OKX Earn, so please be sure to use the OKX App to make deposits on NAVI. NAVI will roll out more xBTC utility features later this week.

Starting from June 24, 15:00 Beijing time, users can deposit xBTC, USDC, or SUI in the NAVI Protocol to participate in sharing rewards of over 2.5 million USD. In addition, the USDC borrowing rewards program will launch on June 27, and the SUI borrowing rewards program is also coming soon.

It is reported that xBTC is a wrapped Bitcoin issued by OKX, strictly following a 1:1 reserve mechanism. Users can withdraw BTC from the exchange to the target chain to obtain an equivalent amount of xBTC; they can also recharge xBTC back to the exchange through the target chain to exchange it for BTC. The platform verifies asset transparency in real-time through on-chain proof of reserves (PoR), further ensuring the safety of user assets.