Bitcoin’s utility just got a major upgrade. tBTC, a decentralized version of Bitcoin, is now live on the Sui blockchain, promising faster and cheaper transactions for Bitcoin-based decentralized finance (DeFi).
Unlocking Bitcoin’s Potential
For years, Bitcoin has been seen as primarily a store of value, not something easily used in DeFi applications. tBTC aims to change that by letting users leverage Bitcoin’s security within the fast-paced world of DeFi. This integration with Sui brings over $500 million in Bitcoin liquidity to Sui’s ecosystem.
Sui: The Perfect Partner for tBTC
Sui’s blockchain is known for its speed (transactions finalize in just 400 milliseconds) and low fees. This makes it an ideal platform for tBTC, allowing for smoother and more efficient DeFi interactions. Sui is the first non-EVM chain to directly support tBTC minting through the Threshold app.
What This Means for Users
With tBTC on Sui, users can:
- Trade: Easily buy and sell tBTC on platforms like Bluefin.
- Lend: Earn interest by lending out tBTC on platforms like AlphaLend.
- Borrow: Use tBTC as collateral for loans.
- Advanced Strategies:
Employ complex DeFi strategies with platforms like AlphaFi.
All this happens with near-instant transaction speeds and minimal fees. Plus, it’s all decentralized, meaning no reliance on centralized custodians.
Expanding Bitcoin’s Reach
Wormhole, a cross-chain bridge, will help move tBTC between Sui and other networks like Ethereum, making Bitcoin DeFi even more accessible.
A Three-Month Celebration
To celebrate the launch, Threshold and Sui are running a three-month campaign with incentives on various Sui DeFi protocols. This includes developer support and community events to help tBTC thrive on Sui.
Getting Started
Ready to join the action? Here’s how:
- Mint tBTC: Use the Threshold dApp ([link removed]).
- Learn More: Check out the tutorial video ([link removed]).
- Participate in Quests: Join the Galxe quests ([link removed]).
- Explore DeFi Apps: Use Bluefin, AlphaLend, Bucket, and AlphaFi ([links removed]).
This collaboration marks a significant step forward for Bitcoin’s role in DeFi, making it more accessible and user-friendly than ever before.