OKX, a prominent player in the blockchain technology sector and one of the largest cryptocurrency exchanges worldwide, is set to launch xBTC, a wrapped version of Bitcoin (BTC), on the layer-1 blockchain Aptos. This strategic move aims to enhance accessibility and utility for Bitcoin holders in the burgeoning decentralized finance (DeFi) space.
According to a recent press release from CryptoPotato, the introduction of xBTC will allow Aptos users to easily access wrapped BTC without incurring any minting or redemption fees. This initiative marks a significant milestone in bridging the gap between traditional and decentralized finance operations.
OKX Unveils xBTC on Aptos
xBTC will be backed on a 1:1 basis by Bitcoins securely held in the custody of OKX. Starting May 22, users on the Aptos platform can mint xBTC, as well as deposit or withdraw it onto the blockchain. This wrapped asset will be usable across a wide array of Aptos-native DeFi applications, enabling users to engage in trading and lending activities.
The launch of xBTC represents a major advancement in unlocking new functionalities for both Bitcoin and the Aptos DeFi ecosystem, particularly given that BTC is widely regarded as the most trusted and dominant cryptocurrency in the market.
The Aptos Foundation, an organization dedicated to fostering development on the Aptos blockchain, previously disclosed that the network boasts a DeFi ecosystem with over $1 billion in total value locked (TVL). Notably, there has been a robust interest in wrapped BTC assets, illustrated by the performance of the Echo Protocol’s aBTC, which has acquired over $270 million in TVL. Echo Protocol specializes in Bitcoin liquid re-staking and yield solutions.
The foundation anticipates that xBTC will bring about greater liquidity, enhance cross-chain interoperability, and expand access to various DeFi protocols within the Aptos ecosystem.
Ash Pampati, Head of Ecosystem at Aptos Foundation, remarked, “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 Special Campaign for xBTC
In conjunction with this launch, OKX has planned a special campaign for xBTC starting May 23, aimed at facilitating deeper integrations across the Aptos ecosystem in the weeks to come. The company will collaborate with the Echo Protocol, decentralized margin trading platform Aries Markets, and the decentralized mapping ecosystem Hyperion for this campaign.
“Delivering seamless usability and access to on-chain use cases is central to our mission at OKX. By introducing xBTC to Aptos, we look forward to empowering Bitcoin holders to leverage their BTC in fast, cost-effective DeFi applications while maintaining the security and transparency they expect from us,” stated Jason Lau, Chief Innovation Officer at OKX.
For further details, you can read the original post titled OKX Launches xBTC on Aptos Blockchain to Enhance Bitcoin-Backed DeFi on CryptoPotato.
