Sui's Hashi bitcoin lending protocol has processed more than 1.1 million deposits and 165,000 withdrawals in the three weeks since its July 22 testnet launch. Onchain analysts report brisk activity on Sui's Hashi testnet, with cumulative deposits surpassing 1.1 million and withdrawals topping 165,000.
Key Features
Hashi allows native bitcoin to function as collateral in onchain lending and credit markets without wrapping the asset into a synthetic token.
Security Measures
The protocol's security rests on a layered design, with deposits secured by a 2-of-2 multisig and a Guardian Layer for risk management.
Institutional Participation
More than 25 institutions, including Bitgo and Cumberland, are stress-testing the system, signaling demand for compliant, non-custodial ways to put idle bitcoin to work in DeFi.
Revenue Model
The protocol's revenue model is based on interest-rate spreads, rather than inflationary token emissions, mirroring traditional lending desks' pricing of credit.