NAVI Protocol Partners with OKX for xBTC Lending and Borrowing Services

NAVI Protocol, a prominent decentralized finance (DeFi) platform on the Sui network, has formed an exclusive two-month partnership with OKX, a leading centralized exchange, in collaboration with the Sui Foundation. This alliance aims to introduce xBTC lending and borrowing services, enhancing the utility of xBTC and reinforcing Sui’s position as a hub for Bitcoin-based DeFi (BTCFi).

The collaboration enables xBTC liquidity providers on NAVI to access borrow incentives for Sui and USDC, alongside liquidity provision rewards. These incentives are designed to boost xBTC asset composability, allowing users to maximize the utility of their BTC holdings through sponsored borrowing opportunities. This initiative drives higher utilization of xBTC on the Sui network, fostering deeper liquidity and enhanced user engagement.

As part of the campaign, OKX will distribute SUI rewards through its OKX Earn program, while NAVI will allocate $500,000 in NAVX rewards to participants throughout the initiative. Additionally, OKX is providing another $200,000 in SUI incentives for users who supply xBTC via OKX Earn and borrow assets on NAVI. These rewards aim to incentivize user participation and strengthen the ecosystem’s growth.

The campaign will follow a phased rollout, with incentivized borrowing pools for xBTC opening on NAVI Protocol on June 24, 2025. Incentivized borrows for USDC liquidity providers will kick in on June 27, 2025, followed by incentivized borrows for SUI liquidity providers on July 7, 2025. This structured approach ensures a gradual and effective integration of the new lending and borrowing services.

Elliscope Fang, co-founder of NAVI Protocol, highlighted the significance of this partnership, stating, "This partnership marks a significant milestone in establishing BTCFi as a cornerstone of the Sui network. By collaborating with OKX and the Sui Foundation, we’re empowering users with seamless access to xBTC lending and borrowing, unlocking new possibilities for liquidity and financial innovation." This joint effort underscores NAVI’s commitment to enhancing DeFi accessibility and positions Sui as a leading network for BTCFi.

Users can participate in the campaign through NAVI’s platform and OKX Earn, tapping into deep liquidity pools and exclusive rewards. This initiative is expected to drive increased activity and liquidity for xBTC on the Sui network, fostering a more robust and participatory DeFi ecosystem. The partnership not only enhances the utility of xBTC but also provides users with new opportunities to optimize their BTC-based assets through supported borrowing mechanisms.