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BTCfi on Sui: HODL 2 Earn
Recorded: July 17, 2025 Duration: 1:00:39Space Recording
Short Summary
In a recent Twitter space, industry leaders discussed the explosive growth of Bitcoin, with prices hitting all-time highs and a surge in institutional interest. Key players from Sui Foundation, Momentum, and Navi highlighted innovative yield opportunities and strategic partnerships aimed at enhancing the DeFi landscape on the Sui network.
Full Transcription
Thank you. Thank you. Thank you. I'm going to go to the next episode of the show. Thank you. Thank you. so
gm gm gm good morning good afternoon and good evening wherever you are in the world today
welcome to today's OKEx wallet Twitter space Bitcoin is on a roll all-time highs this week
it's just going hard but surprisingly on the fear and greed index we are just a touch greedy just
a touch um so let's see how crypto week plays out with all the policies
um today we are talking about what to do with all of that Bitcoin that we've all been buying
uh we can't just let it sit there and do nothing right and I hear there's some cool things you can
do on sweet uh so we have some of the top protocols on sweet and sweet themselves here to help us
understand more but before we start everything mentioned on this space is for discussion only and not financial advice.
So let's get to know our speakers. Let's start it off with Cynthia.
Welcome back, APAC lead from Sui Foundation.
Cynthia, do you want to give a quick introduction to yourself and I guess what you guys are doing with BTCFi?
introduction to yourself and I guess what you guys are doing with BTC file.
Oh, hey, hey, Gem, Gem, everyone.
It's a great pleasure to be back to the Twitter space hosted by OKEx Wallet.
And we really love OKEx and we have been collaborating for the past two and a half years.
My name is Cynthia and I'm leading the APAC ecosystem at Sui Foundation. I've been with
Sui way before the mainland launch and I'm grateful for being part of the Sui's journey
over the past two and a half years with the support from our lovely DeFi protocols as well
as the support from OKEx. And as you know, SWE is a layer one blockchain
and it's a general purpose blockchain.
And for this year, we're really heads down
growing our BTC5 strategy,
hoping to attract as much BTC TVL as possible
so that eventually we can reach 10 billion TVL.
Man, I'm hoping that's around the corner. can reach 10 billion TVL.
Man, I'm hoping that's around the corner. Yeah, patiently waiting for that
because SWE is just killing it
on the whole blockchain space.
The protocols, not just the protocols here,
but protocols in general on SWE,
the UX is just so nice compared
to a lot of other protocols.
So a lot of other chains, sorry.
So yeah, I'm very excited.
I'm very bullish on Sui.
And yeah, it's always a pleasure
working with the Sui Foundation.
We'll move over to Vincent.
Vincent, I think is behind the Momentum account,
but it seems like they're not up as speakers yet.
So I've just sent over the invite,
so feel free to come up momentum uh but
in the meantime i'll head over to reveal uh co-founder of bluefin reveal do you want to give
an intro to elf and bluefin although i don't think bluefin really needs an intro yeah for sure uh
thank you for having me and uh excited to be here uh so bluefin um my background's in physics i'm
one of the founders at bluefin and we have a a spot, parts, lending, and an aggregator.
So we're a super app on SWE and have been live on SWE since 2023.
And then with Spot, we have, you know, an AMM, an RFQ,
and an aggregator combined.
So we focus a lot on trading systems and really, you know,
across derivatives and spot, try to have a pretty complete suite
and are pretty deeply integrated across all parts of the ecosystems, you know, whether that's
yield aggregators, Bitcoin liquidity tools, lending protocols, etc.
Yeah, thank you for having me.
Awesome.
Thanks, Rebeil.
Now we have Vincent online.
Vincent, do you want to go ahead and do the same thing?
Introduce yourself and Momentum?
Hey guys, thanks for having me today. So yeah, I'm just here at Momentum. We're the central liquidity engine of the Moove ecosystem.
So we've been live from day one across all of the Moove chains. We started off by providing the leading multi-fix solution, so we do handle over 700 million in TVL.
Then in March 31st, we launched our Spot Dex Beta,
and currently we're sitting at the top Dex on Sui by TVL.
And then after the TGE, we'll be making the full transition to a VE33 Dex,
so it's like an incentive-aligned model that rewards long-term participants.
So we've seen this model thrive really well on base where Aerodrome holds over 50% market
share and delivering deeper and more sustainable liquidity.
Yeah, thanks for having us here.
Cheers, Vincent.
Let's move over to Carl, BDL of Navi.
Hey guys, what a pleasure to talk to you guys here.
My name is Carl, I'm the BDL of Navi. Hey guys, what a pleasure to talk to you guys here. So my name is Kar, I'm the BD lead of Navi.
So Navi is one of the key liquidity hubs on SWEET.
So not only doing lending and borrowing, we also got a cross-chain aggregator.
And we also launching our new product soon, which is an automated yield farming tool around BTC asset.
Next BTC will be like one of the first BTC asset class we support.
So for all the years we have been doing quite a lot of efforts towards BTC FI. If you look at the
stats, over 65 to 70 percent of BTC asset on SWE is actually sitting on NAVI doing all kinds of
DEVA activities like yield farming, lending,
borrowing or borrow to farm LP on other protocols.
So yeah, we're actually pretty dedicated to contribute to the BTC buy.
We truly believe the potential of it has not truly unlocked and released yet.
And following with the very, very bullish market recently, we are getting more faithful
and getting more hype.
Fantastic.
Thank you, Carl.
I actually want to touch on the first point that you, well,
the point that you kind of raised is unlocking the potential of BTC.
And exactly what does that mean?
So I think maybe the best place to start for this space
is probably with you, Cynthia, from the SWE Foundation side.
It's kind of like, why go in the direction of BTC5?
What do you see the opportunity?
What are the challenges that you think you're solving by moving towards BTC5?
Yeah, that's a really brilliant question.
And thank you, David, for bringing this up. So I think why we want to go in the direction of BTC5, there are a couple of reasons. So the first reason is in this cycle, we're definitely seeing that more financial institutions are embracing the cryptocurrency.
And the leading crypto assets that traditional financial institutions are really bullish on is definitely the Bitcoin.
And we have been saying that there are financial institutions setting up the BTC ETF and creating more traditional financial strategy around BTC.
And I think that's why we are also really bullish on BTC. And I think that's why we are also like really bullish on BTC. And
we think that if we want to keep growing our DeFi, especially to keep growing our TVL from
2 billion to the next level, and the answer has to lie with the BTC variant. And we have to,
you know, to be able to capture the BTC market share by attracting as much
BTC assets as well as as much TVL as possible in order to achieve the next level like TVL
goal for SWE.
And we're hoping that can help us stand out from the rest of the layer one blockchains.
of the layer one blockchains.
So this is like one of the major reasons.
So this is like one of the major reasons.
And the second reason is we think that BTC
is definitely like a really great asset.
And the main functionality of BTC
is to serve as a collateral asset
because of all the consensus Bitcoin has built
from both like Web3 players as well as traditional finance
institutions. So we think that BTC asset can definitely play like a very important role,
especially by serving as a high quality collateral asset and to being able to drive the flywheel by
incentivize like users to, you know, supply BTC and borrow other more volatile assets
and to make sure that they can drive the DeFi flywheel in a very sustainable and healthy way.
Yeah, I mean, I think that makes sense because I think I saw the numbers somewhere,
and someone can correct me if I'm wrong, that's like 90 of bitcoin is just sitting there uh and and it's
not being used in any kind of d5 even as a collateral asset um but i i'll move over to
i guess either bluefin or momentum because i see you guys have opened up to btc5
momentum because I see you guys have opened up to BTC5 quite a lot.
And like you're, there's a lot of pools or, I guess, lending options that where you can
lend different wrapped Bitcoin on your protocols.
So I'm wondering, when did you guys decide to move into BTC5?
And is this the direction that you're moving forward with or? Like, will this be a strategic priority for you guys?
Maybe I'll go with Rubil first.
Yeah, for sure.
We've, you know, we think that Bitcoin
is gonna unlock a lot of liquidity.
And so at Blueprint, we also have a multi-product suite
across, you know, spot perks and lending.
So we can actually enable a lot more utility
and capital efficiency for users.
In terms of when we got started, it came, you it came as soon as WBTC was available on Suiza.
Since day one, it's like the first leg of Bitcoin liquidity starting over.
We were involved and now obviously it's super exciting to see it scale with XBTC.
As of a week ago, I think when we started the campaign and as more and more variants come,
I think there's more interesting strategies that can be run.
But ultimately, you know, we're focusing on scaling out spot as much as we can and then trying to run strategies with derivatives on top of it.
Right now, the strategies with derivatives, they aren't out yet, right?
No, not yet. We actually just launched the next version of our purpose exchange
today uh so once you know that starts scaling out in the next couple of weeks we'll work towards
having uh some of the derivative based strategies wow that yeah that's super exciting i think yeah
i mean we can definitely get into that uh a bit later on because i i'd really like to know like
what's the kind of next stage from where we are to kind of level two, I guess.
But it'd be great to hear from Vincent first on Momentum, because of course you guys have done the same thing.
You've got a lot of different RAP Bitcoin assets available to use on Momentum.
And a similar question, I guess, like when did you guys move into BGC5 and is that your direction moving forward?
Yeah, you know, I think a lot of people kind of forget that SUI as a chain, it really still
is the new kid on the block. It really came down to SUI Foundation and Misty Lads really making a
big focus on BTC5 this year. You know, in terms of the history,
a lot of people don't realise that the first BTC5 was WBTC.
That was only available on February 4th.
And then we had Lombard BTC, which came on March 6th, right?
So you're only looking about four months, five months max old,
you know, in terms of the age of any BTC5 in Sui.
You know, to that, there wasn't anything.
They had an interesting
goal last year of trying to hit a billion tbo and they almost doubled that on january 4th this year
uh we know that their the goal is to make many big multiples on top of that and we know that
the center of that is the btc fight strategy so we're really excited to see that sui foundation
is really leading the charge with um encouraging lot of major BTC-powered protocols
to come into the SUI ecosystem.
And part of our role as the protocol
is to create as many strategies and campaigns
and align along together,
like the XBTC launched by OKEx is a good example of that.
And there's been some really exciting launches.
We know TBTC launched recently with BluFin,
and they've done some amazing work
in bringing more of the protocols into the ecosystem.
And I think right now the goal is to really show more people,
compare the yield of SUI BTC Vi to non-SUI,
and really show that there's more adoption,
more trading fees, more incentives, more higher APY.
And I think that's really what Sui has been doing really well.
That's really going to bring a lot of this BTC adoption this next year.
Yeah, I was actually looking at the APY on Momentum and Blufin, actually.
and yeah, and Navi too.
And yeah, and Navi, too.
And I think the APY on BTC,
any wrap BTC and Sui is just insane.
Like on those pools, it's just crazy.
So yeah, that's something I definitely need to get on.
I'm a bit slacking there.
I'll move over to Carl,
maybe from a different perspective,
because you mentioned that you guys are kind of just getting into it now, right?
In terms of BTC5.
No, actually, we get into it like over actually last year.
Like XBTC is not the first BTC protocol we work with.
We've already developed a very, very mature strategy to maximize the potential of any BTC asset.
But this is a very, very good topic we can look deeper into, right?
Because we always treat BTC-related asset as a very, very valuable tool or a key puzzle in any DeFi protocol, right? Because most of the BTC holders, they stand to stick around it for a while.
They did not intend to sell it, but it's the market move a lot, right?
It's DeFi, right?
If they see like a short-term opportunity, they want to trade it,
buy a dedicated token for a short period of time to scrap some short-term profit,
and probably lending protocol will be their best friend. All they got to do is apply the BTC as a
collateral, borrow a stable coin, make a quick profit, and then redeem the position, and then
that's it. But I guess this is a very, very common and typical way for BTC-related strategy.
But as Navi, we're dedicated to provide more options for users.
They can do leverage, they can do looping strategies,
they can provide incentive for borrow sometimes like this time in this campaign.
And we also provide quite a lot of step-by-step guidance to LP strategy,
to how you how you would
interact you get a position on navi how you can maximize your game by interacting with other
decks or like any other DeFi protocols as well and Carl you guys have with navi and do correct me if i'm wrong here again like you have under your belt volo and astro yes yes
are they also moving to btc5 oh yes so astros is actually a cross-chain aggregator we support
xpdc as well if they want to move xpdc from other chain on suite it could be a very very handy tool
as well and for volo we're actually launching a new product like next month is going
to be automated yield farming, highly related to BDC related asset. So XBDC will be one of the
first BDC related asset we support in the first wave of launching.
Nice. I mean, you can't help but feel more bullish than what you hear about it. So,
I mean, we've heard a lot about the BDC5 products on Momentum, Bluefin, and Navi. I want to hear
from Sui Foundation. So, Cynthia, because BDC5 is kind of popping up across different chains.
We've seen it getting more and more popular.
And I'm wondering on your side,
what are the advantages specifically for Sui,
especially considering how more and more chains
are trying to move into BDC and capture that liquidity?
Yeah, that's a great point.
So I think there are are a couple of reasons.
So the first reason is I think
move is a highly secure language and it's
trusted by a lot of institutions as well as by users and by projects.
Because I think from retail users' perspective,
I think they care about all the like
yield enhancing opportunities
for leveraging their BTC assets.
And the other important factor
they will consider is the safety
of the BTC asset.
And especially if they want
to move the asset on chain.
So I think they definitely will care a lot
about, you know,
whether the chain is secure
and whether the, you know,
whether all the like protocols live whether the chain is secure and whether all the protocols live
on the chain is secure.
And we, as SWE Foundation, we're definitely doubling down our security efforts around
protocol safety by launching the 10 million security fund to like DeFi protocols auditing
with top tier auditor firms,
as well as constantly communicating with DeFi protocols
and make sure that we can support them
from all the technical perspective.
So I think this is definitely like really important
about our BTC5 strategy in general. And then the second reason I think this is definitely like really important about our BTC5 strategy in general.
And then the second reason I think why, you know,
so far BTC5 strategy has been playing like really well on Sui
is I think we have a great relationship
with all of our DeFi protocols.
And there is a really high level of coordination
between the ecosystem DeFi protocols and the third party, including that we're closely working with. have a really coordinate effort between like marketing,
between ecosystem, between like DeFi team,
and make sure that, you know,
the strategy is aligned both internally and externally,
and to make sure that we can ship what we want to do
in the most like effective way.
And I think the speed and how well we execute
really matters, especially in a very competitive market
when there are a lot of layer one ecosystem
want to compete for the BTC market share.
Yeah, absolutely.
And I want to add just from a user perspective,
because I myself, I'm not a builder.
I'm just a user.
And it's what I mentioned earlier.
I feel like for SWE and the protocols on SWE,
it's just so intuitive, just the UX in general.
So having BTC5 on SWE just makes it a lot easier to use.
And I guess for people who aren't really sure
what is XBTC, it's just the wrapped Bitcoin on OKEx.
So when you're withdrawing Bitcoin from your OKEx exchange directly to SWE, it just converts automatically to XPTC.
And then from there, it's just so easy to use across all the protocols and dApps and anything on SWE really.
So it just makes things a lot easier.
And you can put your PTC to use straight away.
I've actually pinned on the space.
I hope I've got all the right ones from Navi,
Blueprint, Momentum, all the different campaigns
going on with XBTC.
And you guys can see just how many rewards
are being given away there.
The API is really high as well.
When you're depositing your XPTC there.
So, yeah, I mean, for me, it's a no-brainer.
I think if you're holding PTC, then it makes sense just to go in and go ahead and use it and earn some yield on there.
And I think for now, we'll kind of move on to what reveal was somewhat hinting at which was
the next level uh of what to do with btc phi on sui and and feel free to as well uh to mention
what you guys are doing with xbtc2 uh but yeah i'm wondering for you guys because you were mentioning
you guys because you were mentioning about doing derivatives with with with Bitcoin assets is there
another level you'd like to take BTC5 in I guess in the next couple of months yeah for sure so I
think the first stage as we've spoken about with Nadia and some of the others I think is going to
be strategies like looping you know yield products that effectively allocate across different variants and run different strategy bolts.
So that's typically stage one. And it's still like heavily incentivized to bring liquidity over.
I think stage two is kind of where you can use derivative products to enable new strategies.
We saw Athena scale as a result of this. So we, as I mentioned,
we just launched the next version of our exchange. And on top of it, we're going to be able to run
structured products, especially now that we have spot lending and derivatives at Bluefin. And
derivatives is still like, you know, our bread and butter butter. So next up in the next couple
of months is to be able to run, you know, not only just like simple basis trade strategies, but like more collective basis alpha strategies that can then, you know, leverage funding rates and add like another, you know, 10 to 12% yield on Bitcoin products.
Wow.
So what would that look like from a user perspective? Like I would just be putting up my
wrapped Bitcoin as a collateral asset and then I guess not just borrowing but trading on that?
Yeah so basically the way it would work is we would have a trusted party you know it might be a winter mute or a Selenia you know a larger market maker who would have would be running a vault
and you would just you know deposit your Bitcoin asset to that vault and you would just deposit your Bitcoin asset to that
vault and you would maintain the single side exposure towards that vault and then they
would then keep the upside on your Bitcoin, but also run essentially a basis alpha strategy
on top of it.
And a large part of that basis alpha strategy might be Bitcoin, but it can actually also
be diversified.
So it could be earning a little bit on ETH and mostly on Bitcoin based on wherever the So a large part of that basis of a strategy might be Bitcoin, but it can actually also be diversified.
So it could be, you know, earning a little bit on ETH and, you know, mostly on Bitcoin based on wherever like the funding rate ARB looks like.
And then just passing that on to the users who deposited into the vault.
So effectively, you're getting, you're still keeping the upside on your Bitcoin.
You might even actually be, you know, lending it out and earning that yield.
And then on top of it, you're earning the funding rate spread.
Yeah, that's awesome.
Um, do you know, do you know what the yield would kind of look like in terms of
percentage or kind of just have to wait and see until that comes out?
It's hard to predict what it looks like.
And the thing is, it is also interesting to see how it scales out.
But back of the napkin match should be closer to between 8 to 12% from the basis of a strategy.
Okay, gotcha, gotcha.
Yeah, I mean, it makes sense since the API is always just so variable, especially when
depending on how much TVO is in there I'll move up I'll move over to Vincent at Momentum and similar question as well in
terms of how you see the the utility of rapid coin just developing not just in
the ecosystem in general but for momentum specifically yeah well right
now the the base use case of the btc file is quite clear and
so we you know users can either lp or use you know things like xbtc as collateral to earn yield
um where we are seeing like a like a strong steady influx right now btc coming into the ecosystem so
once once that does happen we can sort of unlock new privileges like you know btc back stable coins
structured your products and uh you know even things like Perp to Lateral for BTC Native Trading.
So we're in the process of working with multiple vault providers
to launch very complicated multi-strat strategies
to provide yield using BTC.
We're also going to be launching multi-chain vaults
that will allow you to set things like native BTC
and WBTC from a variety of different EVM assets.
We found that that's really been the biggest challenge
that the SUI ecosystem as a whole has been facing
the last, you know, since BTC has been around.
It's been, it's really difficult for,
speak to a lot of liquidity providers
for them to bring liquidity into the
SWE ecosystem so if you can reduce that friction point um and and see you know btc native btc or
any evm btc being deposited uh and bridge over very easily three smalls that's going to really
unlock a lot of liquidity and give a lot of pure exposure to these you know high api yields that we're seeing on this ecosystem
from a pure uh user perspective i guess when you say vaults moving forward if once i deposit my btc asset into one of the vaults uh what happens to that btc and how is it generating yield from that
yeah so um you know the thing that a lot of btc uses is they're a lot
of them are very old school right they they just want to put a single asset btc in one place and
not have to do anything even though it's quite easy to you know turn btc to wbtc and then have
that become a wbtc say lbtc pool a lot of them don't want to have to deal with the concept of
potential impermanent loss having to you know bridge and move assets around so what these bolts my WBTC say LBTC pool a lot of them don't want to have to deal with the concept of potential
impermanent loss having to you know bridge and move assets around so what these bolts do will
allow you to do things like deposit say WBTC natively on Ethereum right where most of the WBTC
is held and then that can be bridged over to SUI without having to deal with the entire cluckiness
of having to bridge and then having to sell or swap
half that position into another BTC, right? So from a user perspective, it's just simple. You
deposit a single asset and you get a performance upside knowing it's being deployed into different
strategies. And from your perspective, you can just withdraw any time and you just know that
you'll be making more than what you
would if you just simply was to deposit into staking, you know, minus the small performance
fee, right, which is really what the, which is what where the majority of the EVM meta has been
lately, right, with what Morphe has created with the Bolt strategies. I think that's going to be
that's going to be what's going to really open a lot of liquidity here for sui
what's going to really open a lot of liquidity here for Sui.
yeah that's awesome when do you think we will be able to see if you know or at least
you have a vague timeline available like when when we'll start to see these vaults open
uh in the next couple months yeah it's going to be launched in a couple of different stages um
yeah i think there's a there's some really interesting vault
providers that are finally deploying in Ansui
that we've been working very closely with.
So I think there'll be a couple of announcements
coming up in the next two months for sure.
Yeah, I mean, I think for users in general,
that's the easiest thing to do, right?
Simply find a vault, put it in, leave it, forget about it,
and then fingers
cross you're retired in like 10 years yeah that's that's the dream uh yeah i guess i'll move over to
navi as well uh and sam i'm going to hit you with the same question too in terms of the future utility of your
wrapped Bitcoin and what you guys are planning to do with that wrapped Bitcoin in the near
future.
And maybe it applies to Navi, Volo and Astros altogether.
Yep.
So I guess we got different plans for it.
Actually the XBTC campaign is actually a very good testing point about how
much potential we can actually have for a dedicated BTC asset and how we can learn from
this experience and replicate the same strategy to different BTC asset. So far, there's quite
a lot of funny stuff that I can actually share.
I'm actually looking at the back end right now.
So for this campaign, actually over 60% of people who deposit their XBDC on Navi choose to borrow USDC
and the remaining 30% choose to borrow three.
One of the major reasons, of course, is the borrow APR
is heavily incentivized and the borrow fee is being compensated.
But it's actually funny when you track the data,
it's actually a diverse strategy among different users.
So around 20% of them just swap back to stable
and restake on Navi with APR around 8.4%, which is still not bad
for stablecoin yield.
Some of them prefer to form an LP in different DAXs to capture the heavily incentivized
LP pool as well.
And a third of them have choose to interact with other altcoins on Navi as well, right? They choose to, for example, if they borrow out USDC,
they choose to swap to other L coins
and we stake it back to Navi.
So I guess like from a data standpoint,
we actually, we can see that just by manipulating the LTV
of a certain BTC asset,
we can actually help users to have more and more options to
how they can actually play with their DeFi strategy.
And as a protocol standpoint, we're kind of obligated to provide as much options to users
as possible.
So I guess it's actually is actually a very,
very good experience.
Like we have run the campaign for one month,
we've been doing quite a lot of data analytics
and we look into backend data and adjust our strategy
dynamically around different BTC asset rates.
So that's why next month we're launching
our automated yield farming product,
a valve-like product product dedicated for the first
way for XPDC, and we'll accept more PTC in the future, different types of PTC in the
future.
But just for the audience, if you want to participate, better check out Volo.
It's actually a whitelist required.
You are required to pre-register to actually deposit for the first batch, and you can actually gain some additional perks for it.
So sorry for shilling the product for a little bit, right?
And for Astroth, we're actually planning to support different BTC assets to provide them a more seamless cross-chain experience
whenever they need to cross from any EVM or any Rust-based environment to SWEG.
We try to make the transaction or swapping experience
more seamless, more user-friendly,
and of course more with a lower cost
or a lower gas per se.
So I guess this is the synergy between Navi,
between Asteros, between Volo itself.
We actually, we're trying to create a more user-friendly loop
for, especially for BTC holders.
If they want to borrow some short-term liquidity
or like they want to maximize their yield
by doing some loop strategy,
you can do that in, you know,
just in the Navi ecosystem in one go.
Yeah, I'm a massive fan of Loop strategies.
So I'm looking forward to what you guys and at Bluefin are going to do with those.
I want to give a chance as well, because we've kind of crossed the halfway point on the space for you guys to maybe not show,
but introduce what you guys are doing with XBDC, because I know there's a couple of really good
campaigns going on and Kyle since you're you're up on stage anyway do you want to give a quick intro
into your campaign with XBDC I see you guys have crossed a milestone as well with was it 400 BDC
already deposited in in navi carl
yeah i okay i think we've momentarily lost carl but uh i'll head over to reveal on on bluefin
again because you guys have a really really big campaign going on with xbtc i think it's over 600k in rewards uh do you want to give a quick
introduction on how users can participate in that yeah for sure so right now we have three pairs
that are supported um one is an xbtc usdc pair second one is an xbtc sweet pair and then the
third one is an xbtTC WBTC pair.
So we're working on encouraging liquidity to be deployed on all three via the OKExperine UI.
In parallel to this, we also have a Cryptopedia campaign just to activate more users and raise more awareness of the ongoing initiatives.
users and raise more awareness of the ongoing initiatives.
And then in a couple of weeks or roughly two months, actually,
we're also going to have lending supported with XPTC too.
But at high level right now, our main focus is spot based liquidity with XPTC.
Yeah, that's awesome.
And anyone who wants to get involved in that, just go ahead, find the right campaign in
the pin tweets above, and you can just find more details there.
It's super easy to get started.
So yeah, I mean, I do say highly recommend at the same time as saying no financial advice,
but yeah, I do recommend.
I think we've actually lost Kyle.
I'll try to bring him up again.
So I'll go over to Vincent.
And same thing with you guys.
Do you want to introduce what you guys are doing with XBDC?
Because, you know, I mentioned about the high APYs.
And you guys have already mentioned your XBDC, WBDC pools 107% APY.
That's insane, especially for such a stable pair uh but yeah go ahead vincent
thank you um so it was great to be the the official launch partner with xpttc on sui uh we we hosted the first uh okx cryptopedia campaign um so users can earn up to a million
dollars in their jobs um to through certain tasks like providing liquidity on the XPTC pairs on Momentum.
We also are running an OKExtern campaign as well where,
through the UI, you can get significantly increased APY
by depositing into any of those three major pairs,
the XPTC, USDC, and XPTC, WTC, and XPTC SUI.
So they're all paying for XPTC, USDC, and XPTC SUI. So they're all paying for XBTC, USDC and XBTC SUI.
So it's way over 100% APR through the UI.
So it's very, very juicy at that moment.
XBTC, WVTC is still paying 17, over 17%,
which is incredible for a pair with another internal loss, right?
Just pure VTC exposure.
So that's been very popular for a lot of new liquidity providers
we've been trying to bring into the ecosystem.
Absolutely. I'm really not sure why I'm not getting involved in that. That's just fuel money generation there.
Okay, we have Carl back over at Navi. Carl, do you wanna go ahead and do the same thing?
I'm not sure if you heard
the previous answers and questions.
Yep, yep, loud leaving clear.
I guess I just got overexcited
and Twitter just decided to keep me out
to cool down a little bit.
So yeah, what we're doing with XBTC,
we're actually running a very, very massive campaign
around XBTC.
We got over like 700K worth of reward output grabs.
So all you got to do is like supply your XBTC on all-case earn,
which is already integrated with Navi.
So the first layer, you got the supply incentive.
And then second of all, while you are supplying xpdc you can actually get some uh apr boost for
borrowing usdc and borrowing sweet so actually in for example right let's say i supply xpdc
uh i got the first layer of reward which is the supply incentive and when i borrow usdc or sweet
i got a borrow fee rebate so usually we try to pursue 4.3% of borrow fee,
but it was actually, we'll compensate on that.
We actually rebated that as long as you supply XBTC, right?
And we got a boosted APR from OK side and our side as well.
So actually, by doing like two actions,
you're actually getting like at least three layers of different rewards.
So I know that it's actually a little bit complicated,
and we have created quite a lot of a step-by-step
or a user guide for most of the users out there.
And later on in this evening, we're
going to share some of our LP strategies
on how you can further interact with Navi,
how you can borrow different assets and asset and form an lp on you
know that's just here like you know momentum or like a blueprint or to maximize your yield gain
so you know it's actually pretty simple right you supply xpdc you borrow our usdc in the circumstances
of uh since the borrow apr is being heavilyized. You can actually see some crazy numbers like negative APR for borrowing USDC.
So you're actually earning money per hour
while you are borrowing a position,
which is a very, very juicy incentive
for most of the users out there.
Like the same case for borrowing SWE tokens as well.
So this actually allows you to do quite a lot of crazy stuff
or like
advanced strategy around diva you can actually swap them out to stablecoin and restate it back
to navi which providing like 8.4 percent of apr you can actually you know be aggressive form some
lp xvvc related to some of the taxes in this panel as well they got some incentive incentivized pool
as well you know you can actually if you look at your average APR,
if you got a relatively smart position, you can actually get an average of a three-digit APR
among all the overall for your DeFi strategy. So it's actually pretty amazing.
Yeah, I mean, I think the adjective for the space here today is juicy.
Juicy indeed.
A lot of great stuff to do with your Bitcoin.
And I want to reemphasize again for everyone on the space.
Just go ahead, pin tweets, check them out.
A lot of different campaigns across all the different protocols here on today.
And yeah, go play around.
See what you can do with your Bitcoin because you don't want it just sitting there.
If you're hodling, then you might as well be putting it to use.
So I want to move over to maybe more of your personal thoughts on a matter and something that I'm personally quite curious on.
I think this is a question for you, Cynthia, on SWE Foundation's side and maybe for everyone else as well.
you cynthia on sweet foundation side and maybe for everyone else as well uh but i want to ask first
uh in terms of who you guys are targeting for btc phi is it the retail users is it wales or will it
eventually be institutions because we're seeing a lot of bitcoin treasuries uh just pop up and
everyone's starting to buy into bitcoin and just hold them in their treasuries.
And I guess it's going to be about time where these companies are going to be thinking,
do I just hold this Bitcoin or do I try to earn interest or do I try to earn some yield
on this Bitcoin? So do you have an insight into what might potentially be the strategy moving forward?
Or what's kind of on the wish list in terms of institutional cooperation?
Yeah, that's a really great question.
So I think we're definitely like targeting, you know, retail users as well as institution users.
retail users as well as institution users.
But I think there needs to be like a sequence.
But I think there needs to be a sequence.
So I think first of all, we want to partner
with a high quality BTC variant.
So I think XBTC is a great example.
And I know XBTC only launched for less than two months.
And a lot of things are still hammering out.
And I think initially, XBTC might target like retail users on OKEx
because we are incentivized like users to mint XBTC
and then to move them on chain
and interact with the DeFi protocols.
But I also believe that, you know,
once there is enough like supply of XBTC
and other crypto players are saying and recognizing like the the trust and the commitment
into XBTC by you know OKEx by layer one ecosystem as well as retail users I'm pretty sure that
institutions will break will embrace XBTC as well and there there might be, you know, a great opportunity that XBTC can be the next WBTC
or like even, you know, be comparable to WBTC in the future in terms of the total supply and
in terms of like the TVL. And I think by that time, there will be more like institutions, you know, accumulating XBTC as a treasury assets or even like large custody institutions like FileBlock or Bigo.
They might, you know, they might accept XBTC collaterals as collateral and to allow users to borrow out other USDC or other volatile assets.
So I think initially it might be retail driven, but I think once it gets to a strong supply
and the institutions will get into the space and put in more effort supporting the future growth.
Yeah, I mean, I certainly hope so as well.
From the product, I'll leave it open as
well uh for anyone else on the space kyle rabiel vincent if you guys want to jump in as well in
terms of do you see these institutions these treasuries custodians moving into moving their
bdc uh into these products to start earning yield or is that something you guys would start to do outreach for as well?
Yeah, absolutely.
So I guess like in recent conversation,
we got quite a lot of institutional level chat about,
you know, they got a, you know,
they want somewhere safe to park their BGC.
You know, this kind of conversation happened more rapidly than before,
at least more than last year.
And I think like, you know, it's being, it's actually the whole
traditional finance or like institutions actually pick up the momentum.
I guess the pattern is similar to like two years ago, you know,
when the bull market still there, like people start to realize this new class of new asset class is starting to getting
more awareness or like more adaptive rate around the globe. And while like, you know, the regulation
is more open to accept this kind of asset class as a recognizable asset, you know, it can appear
on the balance sheet. So more and more asset management
or like a custodian service provider
is happily to look at a lot of on-chain solutions
to park their fund while they can maximize their yield gain
in a more safe or like a steady manner.
So yes, the answer will definitely be yes.
More conversation, more open,
and more widely accepted to uh on-chain
you know uh yield farming
yeah i mean i'm looking forward to the day when i see on twitter or on the news
um that just and you know any company uh has decided to work with any of you guys on the space
and start depositing
at Bitcoin and start earning yield because that itself is so bullish, not just for Bitcoin
or for SWE as well, because it's just a marker of exactly what you said right at the start,
Cynthia, of increasing TVL on SWE network.
So, yeah, I mean, if no one else wants to add anything on that, then I guess I'll move
over to the closing remarks.
In terms of closing remarks, I want to get an idea of maybe outside of XBDC, what you guys have upcoming and planned in the next couple of months.
Or is there anything in specific that you might want to share with the audience on the space here today?
And I can start over at Vincent at Momentum.
Is there anything that Momentum wants to share for the audience
that could get them excited or just get them involved in the next couple of months?
Yeah, I think what's going to be exciting is that on the back end,
you know, especially StoryFind Ocean has been spearheading
a lot of initiatives to bring a lot of new established BTC protocol players, especially
BTC LSTs, whether they're like layer ones or EVM layer twos. We're probably going to see about a
dozen of those come in, not including the ones that have already launched this year, which is
what now we're at.
We just had two BTC recently launched on Bluefin, right?
And before that was XBTC.
So now we're at four BTC LSTs, right?
So there'll be at least another dozen coming in this year alone.
And I think that's going to be an interesting wave.
It really remains to be seen, though,
which one is going to really come in and make the impact.
I mean, we're speaking to a lot of these guys,
and the interesting challenge is like how do we match
you know the 300 btc that they have that they want to bring in you know with another btc
and and i think the first btc lst that can really crack that i think that's really going to bring a
lot of the mass adoption of btc 500 sui uh and we think definitely having these vault strategies is one of the things that are central to that,
especially the multi-chain vaults.
Because, yeah, it's strange how much of a high friction point
there really is for BTC to come in.
You know, for us, like, we always compare ourselves
to all the DEXs on the other chains.
That's where, you know, we really see them as our competitors
because if we're going to really bring in the next billion,
you know, into SUI,
we have to think about how can we reduce the friction points
so it's as seamless as operating on, you know, Uniswap and dealing with all the EVMs there.
And, yeah, I think the vault strategies that are going to be deployed
across all the SUI protocols in these next three to six months
in these next three to six months are going to be really really key to that
are going to be really, really key to that.
absolutely i'm looking forward to seeing um how it develops in that three to six months too um
same thing over to carl uh what is the alpha going on with navi in the next couple of months
i know you've mentioned a lot about xpd, same with everyone else. So feel free if you want to re-emphasize that
or touch on something else.
The offer is if you get any BTC on SWE or not,
use Astros to cross chain it over onto SWE,
join our campaign, supply it,
you know, borrow a thumb of USDC or SWE,
which is heavily compensated on borrow fee and supply APR.
And do everything you want.
Swap to other token, restate it back to Navi,
form an LP with our DAXes here, like Momentum or Bluefin,
and then enjoy the bull market.
And then because this campaign still has a month to go
and this month you're sitting on a very, very high yield, right?
So I guess like, you know, just do all the positioning,
you know, turn off your computer, turn on the tab,
check it back after like a week
and you will see a lot of like at least like a four to five
to a claim to reward based on your position you're providing, right?
That's the ultimate alpha
damn that's some good alpha as well um yeah i i it's hard to give all that alpha and just say
no financial advice but man that's yeah it's so good this space uh i'll jump over i don't know i
i try to i try to not be like a overshilling person in the space here, right?
But I can't. I just can't help it.
Because I'm supplying as well. I'm exposed as well.
And I actually tried the campaign and it was just so good,
like, you know, to use experience, to flow,
and of course the reward, right?
So I guess, like, I encourage everyone in the chat to try it as well.
Yeah, for sure.
I mean, if you're looking at the APRs on any of these products,
just with any Bitcoin asset on SWE,
to be honest, for me, it's remarkable,
especially considering we've gone through like a decade
of people just holding Bitcoin and not getting any yield on it.
And then suddenly we have the
we're all just spoiled for choice uh right now of what we can do and is and you know not even on
bitcoin but on sui itself where everything's just a lot smoother a lot faster and a lot easier to use
so yeah i mean who can help but not be like super bullish.
Yeah, and I'll leave the closing remarks for you, Rubil, as well,
if you wanna emphasize what's going on with XBDC
or anything else that Bluefin might be up to
in the next couple of months.
Yeah, for sure.
Look, we're gonna continue honing on product
and user experience.
That's our bread and butter.
And every product that we've launched
is differentiated. You can see that with Spot, you can see that with Perps. You'll see that very
soon with Lending too. So it's really just like, you know, iterating on product, making the UX
consistently better, and also enabling more composability within the products. I think
that's something we've seen a lot in CPI, you know, whether that's OKEx or other exchanges,
how the products are intertwined.
And now that we have control over the stack, we're going to focus a lot on that
composability, whether your deposits and perps can earn yield.
And much more than that, a lot of this is going to come out in the next couple of
weeks. And then beyond that, we started off with perps.
We're continuing to scale that out.
And as I mentioned earlier,
really gonna like focus on getting derivative based
strategies because ultimately I think that's,
you know, true differentiation in what,
you know, these strategy bold products can offer.
Yeah, I'm particularly excited to see where,
especially when that comes out,
because I think you mentioned is still a couple
of months to go and yeah I mean a few months left to the year so hoping we see it within 2025
then Cynthia it's all on you now the final closing remarks like what's going on in SWE Foundation
what do you guys have coming up not necessarily just on btc fire as well because i know sui always just has a bucket load of things coming up in terms of updates with
gaming uh with man you guys have a very good timeline but yeah is there anything you want
to emphasize coming up in the next couple of months yeah there's a there's just so much going on and there are new products coming soon.
And then we also have a lot of plans for in-real-life events.
And what's the most exciting one being the Sweet Fest at Token 2049, which will be a totally retail-driven event. And then there will be a lot of creative experiences
like curated by our project.
So please stay tuned to our main Twitter account
and get yourself updated
with all the progress on SWE Network.
Absolutely.
And just to hone in on that point,
for everyone on the space here today,
make sure to follow all of our speakers
up on the panel here today.
All the protocols are either on the panel.
We have Momentum there, Bluefin Listing,
Navi Protocol.
I think the old tag is Navi Protocol,
but you can just see in the pinned tweets above.
We have the sweet foundation
account the sweet chinese account as well uh so go ahead follow all the accounts to make sure that
you guys are getting all the updates that you need to have uh especially as this is a very for bitcoin
this is a very fast paced and quickly fast developing um how would i say i guess section
of crypto.
So yeah, make sure you keep up to date.
You can see all the campaigns going on with XBDC.
And I guess I'll do my 10 second shield of OKEx wallet too.
If you guys aren't using OKEx wallet,
then you're just making your Web3 life harder than it needs to be. 130 plus chains, 500 X is aggregated, et cetera, et cetera.
You can use SWE and do everything on sweet on your okx wallet manage your sweet assets participate in the campaigns above
go ahead and start using navi bluefin momentum all through okx wallet super easy uh yeah if you're
not using okx wallet you're just making it with three life harder uh but yeah thanks for everyone
on the space today thanks for the speakers thanks
for all the listeners uh and yeah we'll see you next time have a great day have a great night
wherever you are in the world see ya Thank you.
Host
OKX Wallet
from
OKT Chain
