Sui Hash Testnet Launched, BTCFi Verification Begins

Hashi, a financial infrastructure utilizing Bitcoin (BTC) as collateral, has entered verification on the Sui testnet. The Sui Foundation announced the launch of the Hash testnet on the 22nd. The Hash testnet provides developer SDK documentation and technical integration guides, allowing developers and institutions to test Bitcoin collateral loans and stablecoin borrowing in a real environment. The mainnet deployment schedule is planned for after the completion of audits. Hashi manages collateral BTC on the Bitcoin mainnet, with Sui smart contracts overseeing the collateral status and loan conditions. After confirming loan repayments, validators generate signatures, and users can withdraw BTC released from the Bitcoin mainnet. Hashi's structure does not move BTC to other chains, aiming to reduce trust issues in existing Bitcoin DeFi. The collateral Bitcoin UTXO is bundled in a 2-of-2 multisignature structure, with a guardian layer providing an additional line of defense. However, vulnerabilities in smart contracts and the potential for economic attacks still exist. Over 20 institutions are participating in the Hash ecosystem, with initial use cases being BTC collateral loans and stablecoin borrowing. Future expansions into insurance and structured products are also planned. Security verification remains a critical point of observation, more important than total value locked (TVL).