The platform is designed to enable lending, borrowing and yield on native Bitcoin through onchain financial services. A new Bitcoin-based finance protocol called Hashi has been introduced on the Sui blockchain, with early participation commitments from crypto institutions including BitGo, Bullish and FalconX ahead of its planned launch later this year. According to an announcement shared with Cointelegraph, Hashi is designed to let Bitcoin holders earn yield on native Bitcoin (BTC) through onchain lending and borrowing, targeting a segment that currently represents a small share of Bitcoin’s overall market. The protocol, developed primarily by Mysten Labs, the core contributor to the Sui blockchain, will initially focus on BTC-backed lending, allowing users to borrow stablecoins against their holdings while institutions are expected to supply liquidity at launch. Read more
Hashi has more than $500M in commitments ahead of mainnet launch, while Anchorage offers institutions settlement and self-custody. Mysten Labs’ Hashi Bitcoin finance network will begin a phased rollout in October with more than $500 million in capital commitments from its launch partners. Hashi uses Bitcoin (BTC) as collateral in Sui applications by minting hBTC on Sui against deposited Bitcoin, the Sui Foundation announced Thursday. Applications could include lending, borrowing, credit, vaults and structured products. When users exit, hBTC is burned and the underlying BTC is returned to the Bitcoin network. Read more