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BTC Sui Foundation announced Thursday that Mysten Labs 'Hashi Bitcoin Financial Network will enter a phased deployment phase. The network has received over $500 million in funding commitments from its first partners since its launch.
Core mechanism and application scenarios
Hashi allows users to use Bitcoin (BTC) as collateral in Sui applications. The specific process is as follows: After the user deposits Bitcoin, the system will cast the equivalent hBTC on the Sui network; when the user exits, the hBTC will be destroyed and the corresponding BTC at the bottom will be returned to the Bitcoin network.
Based on this mechanism, potential application scenarios include lending, borrowing, credit services, treasury management, and structured financial products.
Strong partner alliance
Sui said that the network's launch alliance has brought together more than 20 well-known companies, including BitGo, Bullish, Cumberland, FalconX and Ledger. In addition, institutions such as Aftermath, Concrete and Fluid are also listed as providers expected to operate Hashi Treasury.
Anchorage Digital also joined the alliance as a launching partner. The company will provide access to institutional customers through its settlement infrastructure and self-managed wallets. According to the announcement, Anqiqi Digital also plans to provide liquidity support for stablecoin to Hashi.
Nathan McCauley, CEO and co-founder of Anchorage Digital, said: "Public companies and institutions hold huge amounts of Bitcoin assets, but due to existing technical limitations and limitations in the decentralized finance (DeFi) space, they have difficulty making full use of this capital."
Open Ecology and Future Outlook
Hashi was developed by Mysten Labs, a major contributor to Sui. The Sui Foundation emphasized that third parties will independently use this infrastructure to create and provide various financial products, thereby building an open and diverse ecosystem.
