Sui-based NAVI Protocol partnered with OKX to introduce xBTC lending and borrowing for OKX users.
Blockchains are kicking off the race for DeFi-enabled Bitcoin (BTC). On Tuesday, June 24, NAVI Protocol, a DeFi platform built on Sui (SUI), announced a two-month partnership with the OKX exchange aimed at promoting xBTC lending on Sui through user rewards.
As part of the agreement, OKX will distribute $200,000 worth of SUI tokens through its OKX Earn program to users who supply xBTC via the initiative. NAVI will contribute an additional $500,000 in NAVX tokens, bringing the total incentives pool to $700,000.
“This partnership marks a significant milestone in establishing BTCFi as a cornerstone of the Sui network,” said NAVI co-founder Elliscope Fang. “By collaborating with OKX and the Sui Foundation, we’re empowering users with seamless access to xBTC lending and borrowing, unlocking new possibilities for liquidity and financial innovation.”
According to NAVI, the collaboration enables xBTC liquidity providers—both retail and institutional—to earn incentives in SUI and USDC tokens. These benefits include cheaper borrowing rates and native rewards for providing liquidity.
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Sui taps into Bitcoin DeFi
Tokens like xBTC are wrapped assets that allow Bitcoin holders to leverage their BTC in DeFi ecosystems. Pegged 1:1 with BTC, these assets can be lent out or used to earn yield, increasing the utility and earning potential of Bitcoin.
However, these assets also come with risks, including protocol security vulnerabilities and counterparty exposure. Traders should fully understand how DeFi-enabled BTC tokens function before chasing promotional rewards.
The rewards offered by NAVI are promotional in nature and primarily designed to attract new users. Incentive programs have become a common strategy to drive user engagement, Binance Wallet, for example, has captured 96% of wallet transaction volumes largely due to its Alpha rewards program.
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