NAVI Protocol and OKX Team Up for xBTC Lending
NAVI Protocol and OKX have joined forces to boost xBTC lending on the Sui blockchain. this two-month collaboration aims to attract more users to xBTC lending and borrowing on Sui.
OKX will give out $200,000 worth of SUI tokens through its OKX Earn program. NAVI will add $500,000 in NAVX tokens, making the total incentive pool $700,000. Elliscope Fang, co-founder of NAVI, said this partnership is a big step for btcfi on Sui. It will make it easier for users to lend and borrow xBTC, opening up new financial opportunities.
xBTC is a wrapped asset that lets Bitcoin holders use their BTC in DeFi. It can be lent out or used to earn yield, increasing Bitcoin’s utility. However,there are risks,such as security vulnerabilities and counterparty exposure. Traders should understand how these tokens work before participating.
NAVI’s rewards are mainly to attract new users. Incentive programs are common in the crypto space. For example, Binance Wallet gained 96% of wallet transaction volumes thanks to its Alpha rewards program.
through this partnership, both retail and institutional users can earn SUI and USDC tokens. They also get cheaper borrowing rates and native rewards for providing liquidity. this collaboration is a win-win for users and the Sui network.
- OKX and NAVI offer $700,000 in incentives for xBTC lending.
- Users can earn rewards in SUI and USDC tokens.
- The initiative aims to drive user engagement and promote BTCFi on Sui.
