Sui and Cardano Vie for Bitcoin DeFi Supremacy

CryptoFly has identified Sui and Cardano as key contenders in bringing Bitcoin liquidity into decentralized finance (DeFi). According to the video, Sui may have a faster route to institutional capital.

The stakes are substantial: Bitcoin is valued at more than $1 trillion, while DeFi's total value locked stands at roughly $76 billion. The central obstacle is custody, as traditional bridges create large, concentrated targets for attackers.

Sui's Hashi targets Bitcoin liquidity with layered controls. Under the proposed model, Bitcoin remains locked on the Bitcoin testnet while users receive HBTC on Sui, a token intended to be backed one-to-one by the underlying BTC and usable across Sui DeFi applications.

Linda questioned the 'bridgeless bridge' label, noting that the system still resembles a wrapped-asset arrangement. Hashi reportedly attracts more than 25 institutional partners and projects, including BitGo, Ledger, Blockdaemon, and Cumberland.