The sui-based Navi protocol collaborated with OKX to introduce XBTC loans and borrow for OKX users.
Blockchains start 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 grant aimed at promoting XBTC loans on SUI via user rewards.
As part of the agreement, OKX will distribute $ 200,000 to SII Tokens via its OKX EARN program to users who deliver XBTC via the initiative. Navi will contribute an extra $ 500,000 to NAVX totokens, which brings the total stimulant path to $ 700,000.
“This partnership marks an important milestone in setting up BTCFI as a cornerstone of the Sui network,” said Navi Fellow founder Elliscope Fang. “By collaborating with OKX and the Sui Foundation, we can enable users to access XBTC loans and borrowing, unlocking new options for liquidity and financial innovation.”
According to NAVI, the cooperation XBTC -Liquidity providers – both retail and institutional – allows stimuli in sui and USDC tokens. These benefits include cheaper loan interest and native rewards for offering liquidity.
Sui ticks in Bitcoin Defi
Tokens such as XBTC are packed assets with which Bitcoin holders can use their BTC in Defi -Ecosystems. Coupled 1: 1 with BTC, these assets can be lent or used to earn yield, which increases the usefulness and earning potential of Bitcoin.
However, these assets also have risks, including vulnerabilities of protocol protection and exposure to the counterparty. Traders must fully understand how Defiabled BTC tokens function before having promotional rewards.
The rewards of Navi are promotional in nature and are mainly designed to attract new users. Incentive programs have become a common strategy to stimulate user involvement, for example Binance wallet has recorded 96% of the portfolio transaction volumes largely because of the Alpha Rewards program.
