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BTC Hashi Test Network's early data performed strongly
Sui Network's Hashi Test Network has recorded more than 1.1 million deposits and 165,000 withdrawals in just three weeks after its launch, indicating that the agreement has gained strong early demand before it is planned to launch on the main network.
This activity has had a significant knock-on effect on Bitcoin Signet. Bitcoin Signet is a public test network used by developers to test Bitcoin transactions without touching the main chain.
According to Sui, more than 50% of the transaction volume on Bitcoin Signet in the past two weeks was generated by Hashi tests. This wave of traffic pushed Signet's activity to about five times its benchmark level before testing online launches.
To cope with large numbers of withdrawal requests, Sui Core introduced "Overdrive Mode", a feature designed to manage high concurrent withdrawal traffic and maintain efficient processing under load.
What is Hashi and why it matters
The Sui Foundation and Mysten Labs launched the Hashi testnet on July 22. Hashi allows Bitcoin to be used as collateral for on-chain loans while retaining Bitcoin on the Bitcoin network without having to be recast or migrated to other chains.
Deposits are guaranteed by a 2-of-2 multi-signature, which requires the protocol's multi-party computational verifiers and a separate "Guardian Layer" to co-sign. The Guardian Layer is a configurable risk management system designed to slow or block suspicious withdrawals.
More than 25 institutional partners are testing online lending and credit applications. Participants include custody provider BitGo, trading companies Cumberland and FalconX, hardware wallet maker Ledger, infrastructure provider Blockdaemon, exchange Bullish, and Sui native lending platforms Navi and Scallop.
Sui Network said that Hashi is pushing towards the main network, and the broader goal of the agreement is to free up Bitcoin's huge pool of idle capital and allow it to be efficiently utilized in the decentralized financial sector. Although Bitcoin's market value exceeds US$1 trillion, only about 0.22% of Bitcoin is currently deployed in DeFi.
