ChainCatcher report: The Sui Foundation and Mysten Labs have launched the testnet of the Bitcoin-collateralized protocol Hashi, enabling Bitcoin to serve as collateral for on-chain lending and credit markets without being wrapped into synthetic tokens or bridged across chains. Hashi keeps Bitcoin on the Bitcoin network, with deposits secured by a 2-of-2 multisignature mechanism requiring simultaneous signatures from Hashi’s multi-party computation verifiers and an independent Guardian Layer. Loan terms and collateral positions are recorded on-chain for lenders to verify collateral backing. Over 25 institutional partners, including BitGo, Cumberland, FalconX, Ledger, Blockdaemon, Bullish, and Sui ecosystem lending platforms Navi and Scallop, are testing Hashi’s lending and credit applications. Wave Digital Assets has committed to advancing a three-year plan to tokenize Bitcoin yield bonds on Sui following Hashi’s mainnet launch. Hashi has not yet announced a mainnet launch date. Sui previously revealed the Hashi development net in March, positioning the protocol as a solution to enhance capital efficiency for the approximately $1.4 trillion Bitcoin market.
Hashi Testnet Launches for BTC-Backed Lending on Sui, with 25+ Institutions Participating
ChaincatcherShare
Summary
The Sui Foundation and Mysten Labs have launched the Hashi testnet, an on-chain news development enabling BTC-backed lending without wrapping or bridging. Over 25 institutions, including BitGo, Cumberland, FalconX, and Ledger, are testing the protocol. Wave Digital Assets plans to tokenize a three-year Bitcoin yield bond on Sui following Hashi’s mainnet launch. No mainnet timeline has been announced. This BTC update marks a key step for Bitcoin integration on Sui.
Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information.
Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.