OKX launches xBTC on Sui while Bitcoin nears $109K ATH

As BTCfi takes off, Global crypto exchange OKX is launching xBTC on the Sui network. xBTC is a new BTC asset that lives on-chain but is minted directly from the OKX Exchange. It combines CeFi security with DeFi accessibility, and it is one of only three chains selected for the debut.

The major move comes when Bitcoin is hovering just short of 3% from its all-time high (ATH) of $109K. BTC’s price has surged by more than 21% over the last 30 days, reflecting that more investors are jumping in. However, the Fear and Greed Index flashes “Greed” sentiment among traders.

OKX unveils xBTC on Sui

Bitcoin holders now have more ways than ever to go onchain, and Sui is quickly becoming a BTCfi powerhouse. With the total Bitcoin Total Value Locked (TVL) climbing, xBTC is expected to lead the adoption and liquidity. Data provided by DefiLlama shows that TVL in DeFi has stood at $2.11 billion. Sui was chosen for its fast, scalable, and already building serious BTCfi infrastructure. With this move, OKX is signaling that it isn’t just another Layer 1 and is a rising hub for Bitcoin-backed DeFi.

Two major protocols, Cetus and Navi, are exclusive launch partners for xBTC on day one. xBTC is minted directly on OKX and is withdrawable as a native asset. This makes it easier for users to bridge Bitcoin into DeFi without clunky wrappers or third-party trust models. It opens up new liquidity rails and reward strategies for BTC holders.

Jason Lau, Chief Innovation Officer at OKX, stated that “Our unique advantage as one of the most trustworthy and transparent institutions imbues xBTC with a powerful security model.”

Over 10% of Sui TVL is now BTC-backed

Since February, nearly 600 Bitcoin have flowed into Sui, suggesting that Bitcoin holders are flocking to this fast-growing Layer 1 to tap into DeFi opportunities securely and efficiently. BTC-backed assets now make up over 10% of Sui’s total value locked (TVL), and that number keeps climbing.

xBTC joins a strong lineup of BTC-based tokens, such as WBTC, LBTC, and sBTC. Each asset comes with unique custody models and DeFi integrations. Christian Thompson, Managing Director at the Sui Foundation, says, “Bitcoin DeFi on Sui has gone from an intriguing concept to proving complete product-market fit in a matter of months.” He added, “OKX is choosing to bring xBTC to Sui, which speaks to the robustness” of the BTCfi ecosystem.

Sui’s BTCfi ecosystem has also attracted projects like Stacks, Lombard, Babylon, Cubist, SatLayer, and RedStone. It has created a vibrant hub where Bitcoin holders can put their BTC to work in multiple ways. xBTC can turn out to be a big use up for traders as it charges no minting or redemption fees. The only cost involved would be minimal gas fees on the network.