OKX Introduces xBTC on Aptos Blockchain to Increase Bitcoin-Fueled DeFi

OKX, a top blockchain technology company and international crypto exchange, has introduced xBTC, a wrapped Bitcoin (BTC) token on the Aptos layer-1 blockchain, to enhance Bitcoin-backed decentralized finance (DeFi) possibilities.

In a press release issued to CryptoPotato, OKX announced that xBTC would become available for minting and redemption at no cost from May 22, providing Aptos users with direct access to BTC-wrapped assets on DeFi platforms.

The newly introduced xBTC will be 1:1 collateralized with Bitcoin in OKX's custody. It can be minted directly on OKX, deposited, or withdrawn to the Aptos blockchain, facilitating usage in Aptos-native DeFi protocols like lending and trading.

This strategic initiative brings new use cases for Bitcoin, tapping into its market dominance and credibility in the crypto space to drive activity on the Aptos DeFi network.

Aptos Sees Wrapped BTC Growth with More than $1B TVL

The Aptos Foundation, dedicated to promoting innovation throughout its ecosystem, revealed that its DeFi ecosystem has exceeded $1 billion in total value locked (TVL). Growth of wrapped BTC assets such as Echo Protocol's aBTC, with over $270 million in TVL, indicates high community demand.

Echo Protocol offers Bitcoin liquid re-staking and yield solutions, and the launch of xBTC is anticipated to further improve liquidity, cross-chain compatibility, and exposure to new DeFi protocols.

As per Ash Pampati, Aptos Foundation Head of Ecosystem:

“Aptos was built for real-world open finance applications, and Bitcoin is the linchpin between traditional and decentralized finance markets. Being one of the first blockchains to support xBTC is a testament to the network’s high performance, security, and scalability. This opens up new avenues for liquidity and ecosystem growth while giving developers the confidence and tools to seize them.”

OKX to Launch xBTC Campaign with DeFi Partners

In order to facilitate the deployment of xBTC, OKX is going to start a special campaign starting May 23 aimed at facilitating wider integrations in the Aptos ecosystem.

The effort will be done through collaborations with prominent DeFi players like Echo Protocol, Aries Markets (a decentralized margin trading platform), and Hyperion, a decentralized mapping ecosystem.

OKX Chief Innovation Officer Jason Lau highlighted:

"Providing smooth usability and access to on-chain use cases is at the heart of what we've been developing at OKX. Introducing xBTC to Aptos, we're excited to enable Bitcoin users to put their BTC to productive use in quick, inexpensive DeFi applications and benefit from the security and transparency they've grown to trust from us."

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