Hashi Surpasses 2 Million Deposits on Testnet and Announces Mainnet Transition
The Hashi infrastructure, based on SUI and backed by Bitcoin (BTC), has surpassed 2 million deposits on its testnet. SUI has announced that the launch of the Hashi mainnet is approaching. On the 22nd, it was reported that the testnet deposits for Hashi exceeded 2 million, and the mainnet is expected to be launched soon. Hashi is designed to utilize BTC as programmable collateral on SUI while keeping it on the Bitcoin network, focusing on connecting BTC not just as a storage asset but as an on-chain collateral asset. The structure consists of four stages: Bitcoin deposit, validator confirmation, collateralization on SUI, and withdrawal. When a user sends BTC to a Bitcoin network address, the SUI validator confirms it, and corresponding BTC assets are issued on SUI for collateral use. After repayment, the asset is burned, and the BTC is withdrawn back to the Bitcoin network. The SUI Foundation launched the Hashi testnet on July 22, providing a testing environment for Bitcoin-based financial applications. Hashi is premised on uses such as Bitcoin-backed loans, stablecoin liquidity, and automated collateral management, although a specific timeline for the mainnet launch has not been provided.
-- Price
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