Sui-based NAVI Protocol and OKX Partner to Launch xBTC Lending and Borrowing
Sui-based NAVI Protocol has joined forces with OKX to introduce xBTC lending and borrowing for users on the OKX exchange.
The world of blockchain is abuzz with the race for DeFi-enabled Bitcoin (BTC). In an exciting development on June 24th, NAVI Protocol, a DeFi platform built on Sui (SUI), announced a two-month partnership with OKX aimed at promoting xBTC lending on Sui through enticing user rewards.
As part of this collaboration, OKX will be distributing $200,000 worth of SUI tokens through its OKX Earn program to users who supply xBTC via the initiative. NAVI Protocol is also contributing an additional $500,000 in NAVX tokens, making the total incentives pool a substantial $700,000.
“This partnership is a significant step towards establishing BTCFi as a key component of the Sui network,” said Elliscope Fang, co-founder of NAVI. “By working together with OKX and the Sui Foundation, we are empowering users with seamless access to xBTC lending and borrowing, opening up new opportunities for liquidity and financial innovation.”
Under this partnership, xBTC liquidity providers – both individual and institutional – have the opportunity to earn incentives in SUI and USDC tokens. These benefits include lower borrowing rates and exclusive rewards for providing liquidity.
Sui Embraces Bitcoin DeFi
Assets like xBTC are wrapped tokens that enable Bitcoin holders to participate in DeFi ecosystems. These tokens are pegged 1:1 with BTC, allowing users to lend or earn yield on their Bitcoin holdings, thereby enhancing the utility and earning potential of Bitcoin.
It is important to note that DeFi-enabled BTC tokens come with certain risks, such as protocol vulnerabilities and counterparty exposure. Traders should have a thorough understanding of how these tokens operate before engaging with promotional rewards.
The rewards offered by NAVI are part of a promotional campaign aimed at attracting new users. Incentive programs have proven to be an effective strategy for driving user engagement, with Binance Wallet capturing a significant share of wallet transaction volumes through its Alpha rewards program.