BTCfi on Sui Network: Transform Bitcoin into DeFi Capital

Bitcoin is the world’s biggest and oldest cryptocurrency. Many people use it as a way to store value, like digital gold. But did you know Bitcoin is not easy to use in other crypto activities like lending, borrowing, or trading? 

That’s because Bitcoin doesn’t have smart contracts or fast transaction times like newer blockchains do.

BTCfi on Sui: Making Bitcoin Work in DeFi

BTCfi is a new project that helps people use Bitcoin in the world of decentralised finance (DeFi). 

It works on the Sui Network, a blockchain that is fast, low-cost, and safe. 

BTCfi lets people use their Bitcoin to earn money, trade, lend, and borrow without giving up what makes Bitcoin special, its security and decentralised design. Let’s break this down in a simple way.

Why Bitcoin Needs Help to Join DeFi

Bitcoin is great at being secure and decentralised, but it has some limits:

• It’s not easy to program.

• It’s slower than newer blockchains.

• It doesn’t work well with other blockchain systems.

Because of these things, it’s hard to use Bitcoin directly in DeFi apps. People want to use their Bitcoin in DeFi, but they don’t want to lose control over it or trust central companies. BTCfi offers a new way to solve this problem.

What Makes BTCfi on Sui Special?

BTCfi is built on the Sui Network, which has some big advantages:

• Fast Transactions: Sui can handle up to 120,000 transactions every second. That means you don’t have to wait long for your Bitcoin trades or DeFi actions to go through.

• Low Fees: Sui is designed to keep costs low, even when the network is busy.

• Safe and Secure: Sui uses a special coding language called Move. It helps keep DeFi apps safe from bugs and hackers.

• No Need to Trust a Middleman: BTCfi lets users move their Bitcoin into DeFi in a way that doesn’t require giving it to a company to hold. This helps keep Bitcoin true to its roots, fully decentralised and trustless.

More Ways to Use Bitcoin: With BTCfi, users can:

• Lend Bitcoin to earn interest

• Borrow against their Bitcoin

• Trade with Bitcoin in decentralised exchanges (DEXs)

• Use Bitcoin in new financial tools like structured products

What Kind of Bitcoin Can Be Used in BTCfi?

There are many forms of Bitcoin that can be used on BTCfi. These forms are special tokens that represent real Bitcoin but work on the Sui Network. Here are a few:

tBTC

Created by Threshold Network, tBTC is backed by real Bitcoin and protected using special cryptography. It allows people to use Bitcoin in DeFi without relying on any one company.

sBTC

sBTC is connected to Bitcoin using the Stacks network. It brings smart contract powers to Bitcoin, letting people do more with their BTC.

mBTC, LBTC, and wrapped BTC

These are other types of Bitcoin that work on DeFi platforms. They allow different options for people who want to use Bitcoin in smart contracts.

How BTCfi Works Behind the Scenes

BTCfi uses something called DeepBook. This is a system that helps move and combine liquidity (money in the system) across different apps. It helps make sure there is always enough Bitcoin available for lending, trading, or borrowing.

BTCfi also works with other helpful crypto projects. One example is Babylon. Babylon is a protocol that brings extra security from the Bitcoin network to other blockchains like Sui. This makes BTCfi even safer.

Read Also: GOAT Network Alpha Mainnet Launches With BTCFi

Why BTCfi Is a Big Deal

Before BTCfi, people mostly just held Bitcoin. It was hard to use Bitcoin to earn interest or take part in the fast-moving DeFi world. Now, thanks to BTCfi on Sui, people can put their Bitcoin to work. They can earn money from it, trade it, or use it as collateral, all while keeping it safe and decentralised.

With faster speeds, lower fees, and more tools, BTCfi is giving Bitcoin a second life in the world of DeFi.

Conclusion

BTCfi on Sui is changing how people use Bitcoin. It takes Bitcoin out of cold storage and brings it into a live and active DeFi world. Whether you want to lend, trade, or earn yield, BTCfi gives you more choices with your BTC. And you don’t have to give up security or trust someone else with your coins. This is a big step for Bitcoin and for the future of decentralised finance.

Always remember: crypto prices go up and down. Never spend money you can’t afford to lose. Stay informed in Bitrue, and don’t invest more than you can afford to lose!

FAQ

What is BTCfi?

BTCfi is a crypto project that helps people use their Bitcoin in decentralised finance (DeFi). It runs on the Sui Network and lets users lend, borrow, and trade BTC safely and quickly.

Why can’t Bitcoin be used directly in DeFi?

Bitcoin doesn’t have smart contracts and is slower than other blockchains. That makes it hard to use in DeFi apps, which need fast and programmable features.

What is the Sui Network?

Sui is a fast and cheap blockchain built for smart contracts. It can process a lot of transactions at once and uses a language called Move to make apps more secure.

How does BTCfi keep Bitcoin safe?

BTCfi uses trust-minimised methods. That means users don’t have to hand their Bitcoin to a central company. It also uses secure programming tools and partners with strong security projects like Babylon.

What is DeepBook?

DeepBook is a system inside the Sui Network that helps move and manage liquidity for BTCfi. It makes sure there’s always Bitcoin available for trades and loans.