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Native Bitcoin on Sui
Recorded: June 26, 2025 Duration: 1:00:39Space Recording
Short Summary
Native launches a groundbreaking Bitcoin interoperability protocol, enabling DeFi opportunities for Bitcoin holders with potential yields up to 300%. The project emphasizes partnerships with leading DeFi protocols and a strategic focus on attracting new users to the decentralized finance space.
Full Transcription
Thank you. Thank you. Thank you. Hey everybody, this is Coffee Tech.
We're just organizing ourselves, getting the right speakers on and welcome.
We're going to start in a couple of minutes, but thanks for remaining patient.
And yeah, we're all going to learn something today about GoNative and BTC, Fi, and NBTC. So stay tuned, just give it a minute or two, and we're going to start. Thank you. Hello, hello, just a couple more seconds for just some technical situation, but we're
going to start in any second.
Just give me a second here.
GM, GM.
Kofi, can you hear me?
Sir, can.
Yep.
I had to work on the mic again.
GM, everybody.
Thank you guys for joining us on Fizz Spaces. We're here to learn a bit more about Bitcoin and DeFi, bringing that opportunity for you to experience earning yields and with the better security that native is bringing to
ecosystems and making it possible for holders to experience yields rather than
just stacking out Bitcoin and we're gonna learn a lot and thank you guys for the patience
GM Native
If you can hear me
Let's say GM again. Yep, great
Yep, yep. Yeah, so excited to be here excited to learn excited to
experience what native is bringing to Ciri and the ecosystem at large. So, we no further delay.
Would like to ask, what is Native?
The word Native, I know it must resonate some meaning.
And what is Native and the team behind native?
Would like to learn a bit about that first.
Yeah, for sure.
Thank you so much for having me.
So I'm the only one currently here.
I'm actually on the native account as well,
and my personal account.
So I'll be speaking today and explaining and talking a little bit about native.
So my name is John, by the way, I'm currently leading business development partnerships for native partnership strategy a little bit of that. And, you know, I've been in a Bitcoin ecosystem for about three years now. I'm very
interested since the beginning. And, you know, overall, I do think Bitcoin is really important
for every chain. I see, you know, obviously, as you guys are a little bit more closely related
to Solana, and I see that Solana also has some pretty interesting stuff happening on the Bitcoin side.
But on Sui, I think Sui is focusing a little bit more.
I would assume.
I'm not 100% fully aware of everything that's happening on Bitcoin on Solana.
But if you guys have maybe even some more information, I'd be happy to learn a little bit more.
But in terms of native, you know, we're essentially the most advanced Bitcoin interoperability protocol on the market.
Our mission is to enable BTCPY in a Web3 native way.
native way is that you don't have to trust custodians or you don't have to trust centralized
companies to actually use your Bitcoin in DeFi. So we want to provide, that's kind of, you know,
what we're building native as a technology, as an infrastructure, is this interoperability protocol
that it's not a wrapped, we donped or wrapped versions and we don't use bridges
we use an mpc network which is currently present on sui which is called eka
super decentralized non-collusive network but essentially native is this interoperability
protocol um for for our vision in terms of product market fit and how users use our protocol there's two components there's the vertical of
you know users are able to use nbtc which is our uh native bitcoin um as they would any other
defy asset so they could grab nbtc and they can use it in d5 borrow lends um you know use it in
in in whatever they want social apps uh gamify apps um even so casinos you know i use it in whatever they want, social apps, gamify apps, even casinos.
You know, I know Solana also has some casinos.
You know, once we have DoubleUp, we can potentially, you know, use Bitcoin liquidity, the NBTC asset, like you would any Defy assets.
But with that in mind that it's not currently custodian by someone, it's fully decentralized.
So that's the vertical.
Then we have the other vertical, which is users that don't understand DeFi.
How are they using this Bitcoin?
So our vision for that is we want to provide a very easy-to-use platform where these users can earn yield on their Bitcoin holdings with a single
click of a button without compromising on security and decentralization. So this is what we call
build. And this is why also our mascot and what we're kind of building is a bee. And the whole
narrative they're also building is called believers. So this product which stands for bitcoin yield um is a dashboard
that connects to every single sui defy platform available that provides yields on your bitcoin so
vision is usually connects every coin wallet one click and they get deposited into any
free protocol and get yield on their bitcoin very very simply simply. You know, the yield can range from like 2%,
which is very, that doesn't have a lot of risk or any risk almost, to like maybe 100%, maybe 200,
300%, depending on maybe some liquidity pools. And obviously, you know, from these liquidity pools,
there's risks associated like impermanent loss and all that but there's a possibility to have those high
yields. So yeah I guess to sum up this is what native is and happy to go a little bit further
from that. This is pretty awesome considering that crypto has the most present, the most uh present uh the most dominant in crypto assets happen to be bitcoin and
there is a lot of people who have been around for quite some time having bitcoin but not really
experiencing the benefits of uh decentralized finance and it is awesome to see what you're building on sui and we're coming to the
part where we'd like to know how and why you're building on sui but first the tech behind what
you're building would like to understand how it works the bitcoin part and the NBTC so like what's the
infrastructure behind what you're building what makes it possible for you
to attract Bitcoin holders to experience DeFi onto it yeah for sure so I'll start
with what you mentioned which is know, Bitcoin is the most liquid
asset on the market. And it has the most mind share as well. And currently, there's a lot of
people that don't know this, but Bitcoin in DeFi is less than 1%. Less than 1%. When you compare
that to Ethereum, Ethereum is 65% of that is in DeFi. So it's the big, big amount, like a big difference.
So at Native, we're trying to close that difference.
Maybe we can get from less than 1% of Bitcoin to 2%, 5%, 10%.
This will unlock crazy amounts of liquidity.
So yeah, correct.
Mostly liquid asset, but it's not used.
In terms of the tech, how we use, what happens on the back end is we're part of kind of sister
company, I would say, but not legally, let's call it that, but sister company of IKA. So IKA is this
NPC, non-collusive NPC network. You know, as probably you might know, but there's a lot of MPC networks,
which stands for multi-party computation, which is, you know,
there's multi-parties, multiple parties doing computation
to achieve a transaction or to achieve something together, right?
So in this case, you know, on traditional MPCs,
So in this case, on traditional MPCs, we see around maybe 5, 10, 15, maybe max 25 parties that are doing the signatures to combine those signatures and execute a transaction or a computation.
So this is pretty common across the boards and exists.
pretty common across the board and exist.
MPC networks have existed before.
MPC signatures have existed before.
This is similar to multisig as well.
And these have existed.
But what this company, which is called Ika, is building
is extremely innovative because they were
able to solve the threshold signature part, which
is they were able to scale this threshold signature part, which is they were able to scale this NPC so much and so fast
that no other NPC network is currently competing with them.
And to maybe do a little comparison,
there's a couple of similar products to ECAP.
So one of them is chain abstraction, near chain abstraction.
The whole concept and the whole
idea is pretty similar. It's how it works. But near chain abstraction, the fun thing is that I
think their NPC has nine validators. So nine validators and the threshold is one-third. So
that means that you only need three nodes. By the way, I believe this is correct, but correct me if I'm wrong, if anyone knows,
but I believe this is currently... I've read this a couple of months ago.
It might be outdated, but this is from what I understand. They only need three of these
validators to execute a transaction and do something there. So this is extremely centralized,
and those three validators, I think, again,
are run by the same company. And then we have Chainfusion. Chainfusion, I think it is, yeah,
from ICP, you know, computer network, internet computer. ICP and Chainfusion, I think Chainfusion
has like around 20 or 25. Don't quote me on this. but it's exactly the same. I think it's around one third threshold.
And you know, you need very, very few validators
to actually execute and do that computation.
When it comes to Ica, Ica tested more than a thousand on Testnet.
And actually, they can go higher than that.
Maybe even they can read numbers like 5,000, 10,000, which is insane. And it's a level
of difference compared to traditional NPCs, completely innovative. This is not only it,
this is not the most or what they are building, but this is a big part of it. And the other part,
you know, I'll leave to the tech, to the eco tech team if anyone um knows a little bit more but this this is what i want to mention for now
and so this npc actually allows us to um and also that there's a non-collusive part which i'll get
in a second but this npc actually allows us to have super decentralized wallets and D-wallets. And you're able to control assets from these wallets, from SUI,
control any assets on any network almost, right?
And this is what we're building native specifically for Bitcoin.
So we're utilizing this ECA MPC technology to create these D-wallets
and to control these funds on the Bitcoin network.
So in this case, we're able to tap into that Bitcoin liquidity very easily in a very fast way.
And this actually means that there is no bridging and there's no wrapping of assets between Bitcoin and Sui through this MPC network. There's no wrapping because wrapping requires you to
wrap the asset on a smart contract. That doesn't happen. And there's no bridging. There's no
centralized operators. There's nothing happening. There's not a bridge between there. So it's
actually MPC and it's super, super secure and decentralized through this eco product technology.
secure and decentralized through this eco product technology.
And on top of that, we also have one thing that we strive at Native, which is you don't trust,
you verify. Every single product vertical that we build, every single tech part that we build,
is built on this exact knowledge, which is we want to make it verifiable. So everything,
we're building on open source model. We also, everything is ver want to make it verifiable. So everything we build on open source model,
we also, everything is verifiable in the sense of you don't need to trust native team or native
relayers or whatever to actually verify anything when it comes to this stack, right? Whether it's
on the, you know, how much Bitcoin are we holding on the onka side to actually mint NBTC on Sui side, right?
This is all verifiable by anyone at all, by users, by anyone. So yeah, that's a little bit of the
tech. When it comes to how the user flow would go is users would connect their Bitcoin wallet.
Let's say if it is OKX wallet or other wallets that support both Bitcoin and Sui,
it would be the easiest because then they connect their Bitcoin wallet where they have the Bitcoin
assets and automatically they have a Sui address, right? And then they would send this, they would
execute this transaction, you know, they would send or we would execute for them as we can control
those assets. Again, we can control these operations as well. We can make that easy
through our build product. And then this BTC on layer one would be sent to us D-Wallet,
which is, again, D-Wallet is a super decentralized wallet. Again, more than a thousand validators
can consecutively be signing this D-Wallet. And it's a two out of three threshold.
So remember how I said for the other chains,
it's one for the other products like near-chain abstraction
and chain fusion is one third threshold.
For Eka, it's two thirds.
So let's say if they have 1,000 nodes,
you would need to compromise more than 600 of those nodes
or validators to actually do something
and to build Bitcoin or to do anything
there. 600 nodes, I'm not going to say it's impossible because it's not impossible, but it's
almost improbable to happen, to ever happen. But yeah, so and then this Bitcoin is sent to this
wallet and then we issue through a SPV for layer, so simple payment verification, that it's running from
Bitcoin directly to SUI. So everything is verifiable on SUI. Anyone can verify that this Bitcoin is
locked on this Bitcoin D wallet on the Bitcoin network, and we issue an NBTC version of that
on SUI. And then you can use that NBTC like you would any other defy asset so this was a long explanation but um this is how we worked on the on the on the user flow side
of things uh i think there was another question let me know if i if i missed something there
hey um really interesting stuff i have a question a follow-up question so
And a follow-up question. So when Eka, I guess, and D-Wallet and Native interacts with Bitcoin itself, how long does the actual transaction take whenever you have to interact with Bitcoin itself?
Because as you know, the SWE network is much, much faster than the Bitcoin network. I heard that some of the settlement
layers of Bitcoin can last up to 30 minutes. How does the tech work there? Or is there a slowdown
because of interaction with Bitcoin itself? Yeah. So this is the thing because
the reality of things is that Bitcoin is not programmable in a sense.
It's not also used for DeFi, right?
You know, high minutes for every block.
So this is very bad for user experience.
So in this case, when you do this transaction from Bitcoin to NBTC,
you would have to wait that 10 minutes, which is a normal
Bitcoin block, only one time. And then as you use NBTC, which is on SUI, you don't have to wait
anything. Because this NBTC is on SUI, and it basically uses SUI consensus, SUI finality,
and all of that. So you would only have to wait the initial kind of
transaction to actually get the NBTC, but then you would use NBTC like you would any DeFi assets.
Cool. And just wanted to follow up on your B-Yield. It's pretty interesting where you're
talking about different strategies from as low as 2% to, you know, 300%. Obviously that
involves a lot of yield,
a lot of risks and whatnot.
Are you going to develop your own strategies
as part of Native,
or you're working with other DeFi protocols
to say, okay, well, what's the best way
to integrate NBTC?
And also, could you talk about basically
what are you referring
to in terms of the safest uh yield possibility versus kind of um like are you like i'm assuming
you're working with a lot of partners on this or you're just allowing basically the the community
to just run wild and and kind of develop strategies and and you integrate that all into one hub
yeah exactly so there's there's very there's a lot of verticals when it comes to this
because in DeFi, there's a lot of things you can do, right?
So Native itself, we can have our own strategies, for sure.
We can have...
Right now, it's not the focus.
The focus is developing build
and making sure the product is good
and the UX is perfected and the UI is awesome
and anyone that uses it doesn't have any problems.
So that's the main goal for now.
Maybe once we have that product developed,
maybe we'll think about how we can expand from that
and maybe build our own strategies around NBDC
and paying out those yields.
But initially, we are working with
different partners on this. So we actually, yesterday, we had our BTC FI on SUI spaces,
where we talk a little bit with some partners. So one of them is Turbos Finance, which is basically
one of the major DEXs on SUI. And they have, obviously, you have liquidity pools right now there that pay up, you know, 200%, you know.
And plus, on top of that, we can have incentives from native, incentives from turbos, and those yields can even go higher than that.
They also have some yield strategies, which potentially there's going to be NBTC there or other types of bitcoin versions that that they are able to do um and this
is uh their vault kind of strategies um it's it's you know it's kind of a you use all the
isolated vault designs um so you know it's rebalancing vaults and um constantly adjusting
the liquidity ranges and auto compounding rewards and all of this to actually optimize the investment. So this is, you know, it can be risky, but, you know, has high APIs. And then
we have stuff like partners that we're working with specifically that will leverage everything
on Suisse DeFi to actually pay out big amounts of yields. You know, this means anything that
you could think of.
There's a few ones that we're working with.
Actually, one of them is Lotto's Finance.
We had an announcement today to partner up with them.
And they are really interesting.
And then there's also stuff like points multipliers
that people can also work with, for example, with Nemo Finance,
which is another partner of ours.
And obviously, point multipliers is not yield per se,
but it can be.
So this is the good thing, where you can really integrate
NBTC and Bitcoin into any of these assets
and actually allow you to do pretty good investments.
So yeah, in general, to answer your question,
native as initially, we won't have that.
We won't have our proper vaults or strategies.
We might work with partners to develop some vaults
that we say, OK, this is built by native.
You can use this pretty safely, let's say.
And we have other partners that are
going to offer those yields.
One thing also to mention is that on this product, which
is built, we're also introducing an AI component.
And this AI component is mostly a way
to look at users' data.
So let's say we can access the user's data from analytics and all of that to see if the user is new to blockchain or new to DeFi or old and has been doing DeFi for a long time and has of a proper recommendations to the user, depending on their, I guess, risk appetite and all that. will give them certain not risky yield solutions, which
will not need anything, essentially.
You don't need to rebalance.
You don't need to do any of this.
And then there's the potential of higher DeFi users,
people that have been using DeFi for a long time.
They can still act that they have a lot of experience,
and we can give them higher yields and let them do their own thing as well. So there's some
verticals there on the build product.
Yeah, pretty cool. And that makes me wonder, what exactly is the
strategy here for adoption? Because we have blockchains like Ethereum already.
I think they have three times more turn ups when it comes to BTC bags and DeFi.
They were the first to actually give BTC holders the experience of DeFi.
the experience of DeFi and so far how do you intend to adopt many Bitcoin holders and people
from users from other ecosystems to want to try out what you're building so what is the edge you
know like that also relates to the previous question on what yield strategies are you trying to adopt
for people to want to you know experience what you're building because when you talk about
bitcoin we have a lot of wheels that would want some incentivized, you already talked about security.
So we're talking about the protocol reward system,
longevity, so what is the edge you have
and how do you intend to attract this class of users
in the ecosystem, which are the Bitcoin holders?
Because I'm sort of interested to know how.
Yeah, good question. So in terms of adoption, obviously there's a lot of products and Bitcoin
products out there, right? Recently we got XBTT from OKX and I think that's, you know,
they have a really good chance. Why? Well, it's the
same strategy. I think maybe even a little bit better, to be honest, from what I've seen. But
to Coinbase, you know, CBBTC, I think might be like one of the second, I think it might be the
second largest Bitcoin token. I don't know fully on this, but I think it might be.
And the reason why is,
obviously, Coinbase has 100 million users, right?
They have a lot of people using Bitcoin.
They're trusted.
You know, they're obviously,
you know, they have a lot of legal backing.
They're a Fortune 500 company, I think,
or they're an S&P 500, yeah. So, you know, obviously a lot of people
trust them. And although they have, it's a centralized WAP token, you know, people trust
them. And then there's also, like I mentioned, XBTC from OKX Wallet and OKX, which is the second
largest exchange. I think they're one of the biggest wallets, if not the biggest. And they
have a lot of programs internally when it comes to SBTC, and they launched that on Sui. And then
on Sui, also there's SBTC, which is Stacks, and there's also a few other Bitcoin. So there's a
lot of Bitcoin versions. But the idea here is that we are not competing with them directly.
There's no competition here. There's only synergy. Like I mentioned before, there's only less than
1% of Bitcoin used in DeFi. If that number doubles up to 2%, everyone can get every single one of
these tokens, so we can get more than 100 million TVL, right? And 100 million TVL is a very, very good place to be at already. So we don't really see this as a competition. We see this
as a synergy to actually acquire and get users to use Bitcoin, right? And Native is trying to
be a center of that. Yeah, we could be, you know, there's always people that might think,
you know, I don't want to use Native, I prefer a centralized company. But there's also other people that, okay, I don't want to use centralized companies.
I want to use decentralized solutions that I can verify myself and I can do anything.
I don't have to trust any centralized components.
And they can use native.
And then there's also the version of, okay, I don't understand DeFi.
I have Bitcoin on my wallet.
How can I do this in the easiest way possible? I don't want to install new wallets. I don't want to go through DeFi and understand DeFi.
I don't want to read. I don't want to do anything like this. Okay, you go to native. Native lets you
connect your Bitcoin wallet. In one click, you're depositing into DeFi and getting yields.
So I think the vertical here is there's
two components to our adoption, which is, first of all,
decentralization and verification.
And all of this that we're building on the tech part,
on the infrastructure, is extremely
necessary on the space.
There's no other similar product being built on the market currently,
as decentralized as native, obviously. There's a few ones that are somewhat decentralized and
they're trying to be, but not as much as native. One of them, I think, is Zews Network, which is
building on Solana. I think Zews Network is interesting. And then there's the other vertical, which is, or the other component, which is the builds, which is exactly to be that point of entry for Bitcoin holders, right?
But there's also another component or another way that we are also looking at this, which is you can target old Bitcoin users, right?
People that have been Bitcoin for a long time, Bitcoin maxis, you can try old bitcoin users right people that have been bitcoin for a long time bitcoin
maxis you can try to target them from what i understand and from what i've talked with people
these these guys are extremely hard to target and the reason why is because they don't want
to put their bitcoin in d5 their their mindset is okay i have bitcoin i'm stacking it on my
hardware wallet i'm not moving them this is for my my kids, this is for my retirement, this is for whatever.
I don't want to move this, I don't care about yields, I don't care about anything, I know my Bitcoin will appreciate over time, I don't care.
These guys are very hard to actually get it, you can give them the safest solution on the market and you won't get them to move out.
And so with this, we also developed a strategy or an idea, or maybe I'll say this personally,
we haven't executed or done anything in that regard for native, but personally, what I think
about this is, why do we want to target old Bitcoin users when we can target new ones?
Right?
Because the past 10 years are going to be overshadowed by the next 10 years of users. The next 10 years of users are going to
be so much more than the past 10 years, right? So there's going to be so many new people getting
Bitcoin and buying Bitcoin. Why would we target the old ones, right? Let's target the new liquidity
that will come in because these guys are already prone to DeFi. People that are getting into crypto already are using DeFi naturally.
And so they're a bit more, the risk appetite is a little bit better,
I would say, for the context of getting yields.
So this is another strategy.
Getting to focus on the next 10 years of users,
onboarding them onto native.
Very interesting stuff.
Just a question.
So we know, we understand that native is currently in testnet.
You know, Ica is also in testnet at the moment.
When NBTC kind of goes live, does the, where do you foresee,
will the team itself kind of be its own test validator
and bring some liquidity over from BTC over to SWE?
Or is there going to be some kind of incentive program to kind of attract people
who have Bitcoin and say, hey, bring it over and we'll give you incentives?
Or is there going to be a mix of two?
Yeah, it's a mix.
From Native personally, we have liquidity providers
that we're talking with to actually bootstrap that initial liquidity
on pools and all of that to actually have a good liquid market for NBTC,
because this is needed.
Otherwise, you get pretty poor trades to actually get NBTC, right? Because this is needed, otherwise you get pretty poor trades to actually
get NBTC or to trade NBTC and swap it or use it in DeFi. So obviously we'll have some initial
liquidity provision to actually bootstrap the liquidity on SUI. As a second kind of, or maybe
very close to that liquidity provision is users, because
we are targeting, and a lot of people here know as well that we're going to have a lot
of incentives for people to actually use RNBTC and bring liquidity to that.
That's in the form of a lot of different things that we're working on, on a program that we're working on, which is
related to our BTC5 believers narrative, which I can talk a little bit more if you guys are
interested in. But essentially, this is the whole movement to actually bring Bitcoin to Sui,
and it's a big part of how Native will try of uh try to be that number one bitcoin on suite
um so i guess yeah uh i guess i kind of answered the question yeah thanks for that uh so moving on
to the um believers believers uh program yeah uh and uh i see you guys have future rewards.
If the word here, partner rewards.
I think the community will be interested in learning about this and what it yields or what it offers early adopters of what you're building.
offers early adopters of what you're building.
And it's pretty interesting to also, you know, people who might just, you know, like to go to
the website and see what's going on with the platform, the web app.
So what phase is this currently on Testnet?
And what are users expected to experience
when they go to the web app?
And what is the future plans for early users?
Because I think I see that on your website as well.
So yeah, the BTC5 believers is kind of this movement
that we're creating,
this kind of stewardship activation movement
where we want
to center the attentions of uh of sui and basically the market to be focused on this btc fight and how
important it is and the reason why we think this is very very important is like i've mentioned a
few times already which is you know bitcoin is the most liquid asset it has the most amount of
mind share on the market.
You know, in these new market cycles, we've seen that Bitcoin is just the strongest and will continue to be the strongest.
Not sure for for how long, if forever or not, but it's it's you know, it's it's completely different from every other alt.
So that's very important and i think this is this is how a chain will eventually become you know the biggest chain or one of the biggest chains right sui is already one of the
biggest chains but i think with btc5 we can take this the top five top three chains um and i say
this to every chain right i think solana if they focus on btc5 they're gonna be
big um we've seen recently a lot of things trying to focus on this we've seen bitcoin
layer 2 trying to do this so there's a lot of interest for bitcoin in general so this is this
is what this btc5 believers is uh understanding and trying to explain to everyone and to get
people to join this movement of bitcoin is really important for Sui and in general for every chain.
And we want to make sure that
people talk about this, people
are believers, people
believe in this technology,
believe in Sui,
and talk about this to
everyone else and become
part of this movement.
Right?
With that movement, we're also launching an NFT,
but I just want to make sure that this NFT is not the movement itself, it's a part of it,
right? The movement is just not an NFT. This movement is content creation, is talking with
people and believing in Bitcoin, believing in Bitcoin and Sui, believing in this Web3 native way of doing Bitcoin, right?
So this is kind of supporters of Bitcoin fight in general that believe this is kind of the future,
right? And there's perks for early adopters. There's also perks for everyone that joins
and gets, for example, the NFT. There's multiple ways to actually get the NFT through whitelist
and everyone will be able to get one.
Not everyone, obviously, but if you stay attentive, you'll get one.
Just make sure, I guess, everyone here that's listening, I see a lot of familiar faces as well.
Most of you guys will most likely get it.
Most of you guys interact and do content for native
and talk about native. And this is this is what this is who will eventually get the whitelist.
Right. But also this NFT to actually bring people from outside of SUI and bring them on to the
ecosystem to see how powerful SUI is for BTC5. So there's two components to that as well.
And why we should mint is, like I mentioned,
be part of the movement, and you get access
to future rewards that we might have, or drops,
or other things that we have.
And there's community perks as well to all of this.
So we are currently on the kind of
setup stage of this BTC5 Believers campaign. Our NFT launch will be very soon as well.
And yeah, I guess kind of a call to action is if you're interested in Sui, if you like Bitcoin,
you can just, you know onto this uh uh narrative and
this activation to be a part of it essentially very cool um any any term any um like numbers
like how big will the nft collection be um yeah yeah i'm curious about that. For sure. Yeah, so the NFT, right now we're planning at around 621.
So 600, sorry, 6,021.
6 out of that will be normal ones.
And then we have 21 mythical.
And that 21 is a special number, obviously, because of 21 million Bitcoin, right?
And, you know, I think I mentioned this before as well, but I'll mention it here. In 2021, we had over 100k people doing our whitelist form.
And we, you know, people doing our campaign, testnet campaign,
giving out that whitelist form to get whitelisted for the NFT.
So, obviously, this is, you know, not everyone there will get it,
but 100k is a huge amount, right? And if we get, we're kind of considering how do we
best allocate and be able to reward the users that have been here and not just the ones that have
been recently run a reward in early OGs and also
people that actually believe in this narrative, right? So it's going to be a pretty competitive
NFT, I believe, but we're trying to make it as fair to everyone as possible. Yeah.
Yeah, that's good because I can assume that probably there's a lot of alpha groups out there that go into this form and they basically don't know anything about native and whatnot. So I'm glad you guys are thinking about that because you want to attract, you know, 6,000 is sizable, but not that big, not as big as it can be. So you've got to be selected who gets in. So yeah, good on you guys. And we definitely want to learn more there.
And so, yeah, good on you guys.
And we definitely want to learn more there.
In terms of it seems like there's a timeline and there's a possible TGE.
Could you talk about that?
Is there going to be some points and kind of a system in place?
And, you know, will there be a possibility of governance coin or something like that?
Maybe native or, you know, anything you can tell us on this front?
Yeah, for sure.
I mean, I think it's pretty out there that there's going to be a native token, correct?
It's going to be native.
This native token will have different types of utility
when it comes to our protocol build itself and in general.
I won't be diving too much into that
because it's always something that can change
and will most likely change depending on a lot of things.
But yes, there will be a native token.
And I don't like to call it point system.
That's also a word that I don't like to use.
And probably I want to suggest to actually change this
because we do that on our website.
I think the point system is not the best way
to actually determine what we're going to do.
What we're currently working on is that incentivization model of,
okay, you're a Bitcoin believer.
You use our protocol.
You actually provide liquidity and do tasks and all of that.
And there's this whole campaign that we're doing.
So yes, there will be a possibility for everyone to join that.
There's going to be rewards.
And we're currently planning all of that.
Very cool.
Now, believers, and I was looking at some of the documentation it seems like you know
you're kind of looking to believers and maybe there's some kind of an incentive to really
spread the word of native out there uh uh is it like obviously you you mentioned kato in some of
your documentation like are you hoping to kind of use the nft and kind of empower your biggest fans
to kind of spread the word about about the protocol or is that how you're kind of envisioning it or
am i a little off on that um you know you know personally i'm not a huge fan of kato and um and
you know some some of those protocols uh i think this is something that we've
been discussing internally as well,
but I don't think this is something
that we're going with for now.
This is not the way.
How we're going to be able to do this
will be through our campaign model that we have set up,
or the points, the community, the BTC Fiber Levers campaign,
this will all be monitored through that way.
There's potentially protocols or ways
to integrate some of those that you talked.
But we've seen recently that, you know,
we don't want to allocate and be able to, you know,
do airdrops or any type of that stuff to outside community, right?
And kind of screw over current community.
At least that's not what I strive for personally.
And I don't like that as well myself.
So obviously this is using stuff like Kato might be good
for certain metrics and all that,
but I'm not sure how good is it long term.
We also have stuff like GiveRap on Sui specifically,
which is getting a pretty good protocol.
I think it needs a little kind of, I guess,
upgrades when it comes to detecting bots and all of that.
I think right now the user experience might be a little off,
but I'm sure they're going to improve.
And there's a potential of us working with them as well.
But yeah, I guess that kind of answers the question.
OK, awesome.
I think we have some people in the audience who would like to ask questions.
And be sure to click on the grape link and join the Discord.
You could be eligible for some Vine for being a participant of the spaces
and also contributing so be sure to join a great discord for that and a a quick one though
what is what is the next uh phase of what we should expect on your uh be yield interface because
should expect on your BeYield interface,
because that's what I'm looking at now.
And I think there is a whole lot more
we could be expecting in a few months,
or I don't know, what do you think we should be expecting soon?
Because for now, I think it just had to swap some SUI to NBTC.
So what's the next thing a user could be expecting to see because
i mean you shared a lot of uh alpha on what you're building and i believe a lot of people might be
very very will be very very interested to try what you're building. I think it's interesting. And I'm curious to know what next I could be seeing
on your web app.
Yeah, and I just wanna also make it clear
that what you're currently using on our web app
is not build per se.
That's-
Sure.
That's simply the NBTC buy of Witsui, right?
So this is kind of the new one of our web app.
That's kind of the Kickstarter for swapping Sui to NBTC
and swapping NBTC to Sui and back.
This is very simply done to showcase the UI
and start kind of that campaign of BTC, I believe.
Is that to say that further versions from that, version 2,
version 3, will add more features to the web app?
For the second version that we're working on,
we already have partner protocols integrated with NBTC,
or NBTC integrated into partner protocols.
So you're able to, on Testnet, use NBTC or NBTC integrated into partner protocols. So you're able to, on Testnet, use NBTC
in some of these partner DeFi.
So that would be kind of second stage.
And again, just to make it clear that build itself
is part of the product, the first product
that we're going to build for native, for the native technology.
So you can think of native as the whole technology,
so NBTC, what powers NBTC and all of that.
And then we have products built with that technology.
Build is one of them.
And builds will most likely be developed or deployed
after native mainnet.
So we're going to have native mainnet with NBTC,
and you're going to be able to use NBTC in any DeFi protocols.
And then we're going to be deploying builds on top of that
and allowing users to use builds.
I just want to make sure that native itself does not
need build to work, because native NBTC is permissionless.
Anyone can use it.
You don't need our permission.
You don't need our app to use it. You can use it. You don't need our permission.
You don't need our app to use it.
You can do it yourself, essentially.
So this is what I mean with build itself
is a product build on top of the native infrastructure.
And for build, for the one-click mechanism,
that's something that it's actually hard to do.
It's not easy, because there's a lot of components
that go on to one click.
But our kind of overall idea is that
this is going to be the easiest UX DeFi protocol on the market.
And with that is, you know, you one click from maybe Ethereum,
even if you want to connect the Ethereum wallet,
then you're going to be able to go through Bitcoin to NVDC.
Like this is the stuff that we're working with.
We're working with some protocols like Agoric,
which adds something called cross-chain orchestration,
that you're able to orchestrate multiple actions in just one click.
So you can go from Cosmos, Kepler wallet,
to Ethereum, to then Su Sui to Bitcoin, whatever.
So there's a lot of stuff that we're doing that with Yield to be one click.
But that's kind of the final goal of the product is a very easy one click application for everyone.
But on Mainnet, Native will exist as NBTC.
And we're going to have a lot of different yields and a lot of different
partner integrations. Just like you have XBTC, for example. XBTC launch, as we all know, XBTC
is a wrapped token of Bitcoin, right? So you can use it on almost any DeFi protocol that will be
integrated with XBTC. That's exactly how NBTC would work.
But we then have the component of builds,
which is a product build on top.
And then we're going to have other products.
And further from that, also, I guess I'm
leaving an alpha here, is that with eco technology,
Bitcoin is not the only thing that you can actually build.
This is a reason why native is called native native and it's not called native Bitcoin.
So because native, in reality, we can make NBTC, but we can also make NLTC, Litecoin.
We can also make NDOD, Dogecoin.
We can make N, you know, I don't know, anything, right? And we can bring native tokens and
native liquidity to SUI through that system, and through Ica and through native. Again,
everything verifiable, everything decentralized, non-collusive, non-custodial. So this is the
power of native tech combined with eco tech.
Awesome. And congratulations on the DeFi category for overflow.
And talking about partnerships and building,
concerning the C hub at Greece, I think it would be nice to share
a little more about that
yeah for sure
so yeah we won the sui overflow again
thank you for everyone on the community
that voted
we were
on the defy category there's a lot of friends
there other categories as well but Magma Finance on second place with 23,000 votes.
And then we also have DeepTrade on fourth place.
So, you know, we're very thankful for everyone that voted.
These are, you know, all of them are amazing protocols.
But we thank everyone for the votes and to actually believing in us.
And this is kind of, you know,
at Native, we've been getting a lot of attention and a lot of kind of rewarding of how we've been
dealing with building and all of this on Native. So we're very, very thankful for everyone that
voted. Recently, we also won Kostas Crypto Akaton, which essentially, you know, we build this kind of Bitcoin node.
And, you know, we've been getting a lot of good feedback around that.
And we're very thankful.
And Suihub, yeah, Suihub is this kind of hub that actually opened in Greece recently.
We were part of their Suihub in Asia. I believe it's Dubai, if I'm not mistaken.
And there is essentially this kind of accelerator that provides a lot of
goods and ways to actually build out the product. And we were part of that. And now SuiHub in Europe, in Greece, opened.
And SuiOverflow will be hosted in Greece
for that specific reason as well.
And we're going to be there for the final demo day.
And hopefully, we get a prize as well.
And we're very happy for everyone and everyone
that voted on us.
Awesome.
Like, it's pretty exciting.
I'm super hyped to see what we get experience on Citi with BCC.
It's incredible.
It's incredible to see builders actually see where needs to be, you know, worked on in the ecosystem,
bring in the BTC experience and DeFi. It's a big one and we're super excited to see where this leads.
And thank you to everyone. Zhao, it's been amazing having you on this basis and thank you to everyone for being here.
And we expect to have this again with Lotus Finance on Builderstock.
More information about the spaces, I mean, the shuttle will be shared on Twitter.
So to everyone listening, you can actually join our Discord.
We normally have community calls on Sundays and on Tuesdays.
So on Sundays, we do have that at 3 p.m. UTC and on Tuesdays, 6 p.m. UTC.
So if you're part of this audience, you can join the Discord and probably get to experience Divine Rewards, which is what we used to appreciate active participation for spaces like this, where we learn and we share every alpha across ecosystems.
So thank you again, Zhao. And if you have anything else to you know say
to the community i think now will be a great time yeah um you know in in general again thank you for
everyone that kind of us have been supporting us um in this whole journey we're very thankful for
everyone and um and uh basically i guess call to action is is if you're interested and if you believe in BTC5, if you care about Sui, this is something that everyone should join, everyone should care about. And this technology will most likely create this whole new wave of assets
that we're very excited to be powering alongside with Ica.
And we're very, very excited for the future.
And yeah, again, join us.
Take a look at our socials.
Take a look at our website.
Take a look at our website.
We have a lot of information there.
If you're interested to learn a little bit more,
If you're interested to learn a little bit more,
there's a lot of interviews or spaces or keynotes
that we have gave over the months.
So feel free to listen up on those as well.
So yeah, thank you so much for the invitation.
Very happy to see the Solana users trying
to explore other ecosystems and explore
how SWE as well.
So if you are a Solana user, feel free to try out
SWE and try out our application and everyone,
basically DeFi in general.
So yeah, thank you again.
Much appreciated.
And I just want to let you know that we actually
love SWE here at the Grape.
We actually have a very active SWE chat. We talk about Alpha all the time in the Discord.
So we're definitely interested. And also, I went to SWE Biz Camp in Dubai on behalf of Grape Protocol.
So we're more than interested, kind of a group and a DAO into SUI. So we expect
to hear more from us. And thank you so much for taking the time. I think we all learned something
today. And lovely. Thank you, everybody, for coming in here. This is one of many Builders
Talks we're going to have. And thank you so much again to Jiao and Neda for coming along.
Take care.
Have a great day, everyone.
Yep, it's been great.
Thank you, guys.
