OKX has made a significant move in the world of decentralized finance (DeFi) by launching xBTC on Aptos, a fully collateralized wrapped version of Bitcoin. This new token, backed 1:1 by BTC held in OKX custody, opens up fee-free, cross-chain liquidity for Aptos’ $1 billion ecosystem.
Users can now mint xBTC directly on OKX starting May 22 and transfer it across the Aptos blockchain for use in various DeFi protocols such as trading, lending, and Web3 strategies. This integration marks OKX’s commitment to expanding Bitcoin’s utility across different on-chain ecosystems, providing Bitcoin holders with the opportunity to leverage their assets in fast, low-cost DeFi applications.
Aptos is positioning itself as one of the first high-performance Layer 1 blockchains to natively support xBTC. This move not only enhances liquidity pathways within the ecosystem but also paves the way for wider adoption of Bitcoin-backed DeFi products.
The launch of xBTC on Aptos demonstrates the platform’s dedication to empowering DeFi innovation and expanding real-world financial use cases for digital assets. By supporting xBTC, Aptos is bridging the gap between traditional and decentralized finance markets, showcasing its scalability and developer-friendly architecture.
To drive awareness and user engagement, Aptos has collaborated with Aries Markets, Hyperion, and Echo Protocol for a launch campaign. These integrations aim to encourage deeper use of xBTC across Aptos-native DeFi platforms, providing developers with the tools and confidence to innovate in the space.
With xBTC, Bitcoin holders can now deploy their capital across Aptos’ growing DeFi ecosystem, which currently boasts over $1 billion in total value locked (TVL). The transparency of xBTC, backed by OKX’s public proof-of-reserves platform, ensures verifiable backing for each wrapped token, setting a new standard for wrapped Bitcoin solutions.
This launch not only strengthens cross-chain interoperability but also positions OKX and Aptos at the forefront of bringing Bitcoin utility to decentralized finance. The integration of xBTC on Aptos marks a significant step towards increasing liquidity and utility for BTC holders in the DeFi space.
In conclusion, OKX’s launch of xBTC on Aptos represents a pivotal moment in the evolution of DeFi, offering Bitcoin holders a seamless way to access new liquidity pathways and participate in the growing ecosystem of decentralized finance.