NAVI Protocol Partners With OKX To Launch xBTC Lending And Borrowing On Sui
In Brief
NAVI Protocol, OKX, and the Sui Foundation have launched a two-month initiative to introduce incentivized xBTC lending and borrowing on the Sui network.
Decentralized finance (DeFi) platform NAVI Protocol, operating on the Sui network, has established a time-limited partnership with centralized exchange OKX and the Sui Foundation to introduce xBTC lending and borrowing over a two-month period. The initiative aims to broaden the practical applications of xBTC, contributing to the development of Bitcoin-focused DeFi services within the Sui ecosystem.
The partnership offers xBTC liquidity providers access to borrowing incentives in Sui and USDC, in addition to rewards for liquidity provision. These measures are intended to increase the functional integration of xBTC, enabling users to optimize their BTC-based assets through supported borrowing mechanisms. This approach is expected to expand xBTC activity on Sui, resulting in improved liquidity and more robust network participation.
As part of the program, OKX will distribute SUI token incentives via its OKX Earn platform, while NAVI Protocol will allocate $500,000 in NAVX rewards to support user engagement during the campaign.
OKX Launches $200K SUI Incentive Program To Boost xBTC Lending On NAVI Protocol With Phased Rollout Starting June 24
In addition, OKX will allocate $200,000 in SUI token incentives to users who provide xBTC through the OKX Earn platform and engage in borrowing activities on NAVI Protocol. The incentive structure is designed to encourage active participation and support the broader development of the integrated DeFi ecosystem.
The campaign will follow a phased rollout. Incentivized borrowing pools for xBTC will be activated on NAVI Protocol starting June 24th. On June 27th, borrowing incentives will become available for users contributing USDC liquidity. By July 7th, the program will extend to include incentives for SUI liquidity providers.
“By partnering with OKX, we’re bringing xBTC to Sui to enhance Bitcoin’s DeFi utility. Users can supply and borrow against BTC with incentives, advancing cross-chain access and pushing scalability for the #1 crypto asset in the industry. We’re committed to connecting deep liquidity with practical DeFi applications,” said Elliscope Fang, co-founder of NAVI Protocol, in a statement to Mpost. “Following this partnership with OKX, we are planning to link token locks to governance and rewards, empowering users to shape NAVI Protocol’s decentralized future on the Sui blockchain,” he added.
This collaboration highlights NAVI Protocol’s broader aim of expanding access to DeFi while reinforcing Sui’s role as a prominent network for Bitcoin-based financial applications. Participants engaging through NAVI’s interface or via OKX Earn gain access to substantial liquidity and time-limited incentives made available through the initiative.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
