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BTC Testnet data reveals trends
Since its launch on July 22,@SuiNetwork's Hashi testnet activity has continued to rise. In just three weeks, the cumulative Bitcoin deposits have exceeded 1.1 million, and the withdrawal volume has exceeded 165,000. The protocol currently accounts for more than 50% of Bitcoin Test Network transactions in the past 14 days, and more than 25 institutional participants are actively stress testing the system.
This speed suggests early interest in bringing native Bitcoin into the DeFi (decentralized finance) space without the need for encapsulation or cross-chain bridges. This model has attracted renewed attention after multiple cross-chain bridge attacks cost other chains hundreds of millions of dollars.
How Hashi works and supports
Unlike traditional encapsulated asset bridges, Hashi will not move Bitcoin out of the Bitcoin network. The user deposits native bitcoin, the Sui verifier confirms the transaction, and the agreement then mints hBTC (a representative token), which can be used as programmable collateral for institutional lending and stablecoin borrowing. Deposits are secured through a 2-of-2 multi-signature mechanism that combines Hashi's Multi-Party Computing (MPC) verifier with a separate Guardian Layer, a configurable risk management system designed to slow or block suspicious withdrawals. Loan terms and collateral positions are recorded on the chain, allowing lenders to directly understand the Bitcoin endorsements behind any given position.
More than 25 institutional partners are testing online testing lending and credit applications, including escrow provider BitGo, trading companies Cumberland and FalconX, hardware wallet maker Ledger, infrastructure provider Blockdaemon, exchange Bullish, and Sui's native lending platforms Navi and Scallop. Wave Digital Assets has promised to develop a three-year plan to tokenize Bitcoin proceeds bonds on Sui once Hashi launches its main network.
On the compliance front, lawyers at Fenwick, a law firm widely recognized in the digital asset field, concluded that locking in Bitcoin through Hashi and receiving hBTC should not constitute a taxable event under U.S. federal income tax law, removing a key barrier to institutional adoption.
Hashi's guardian layer still needs to pass a security review before launching the main network, and a launch date has not yet been announced. Early testnet data comes at a time when the broader BTCFi (Bitcoin Finance) field is facing difficulties: As of mid-2026, the total lockings in the Bitcoin second-layer network have dropped by about 74% from its 2025 high to about 91,000 bitcoins.
