Hashi Testnet Posts Strong Early Numbers Sui Network's Hashi Testnet has logged more than 1.1 million deposits and 165,000 withdrawals in just three weeks since going live, pointing to strong
Sui Network's Hashi Testnet has logged more than 1.1 million deposits and 165,000 withdrawals in just three weeks since going live, pointing to strong early demand for the protocol ahead of a planned mainnet launch.
The pace of activity has had a measurable knock-on effect on Bitcoin Signet, the public test network used by developers to experiment with Bitcoin transactions without touching the main chain. According to Sui, over 50% of the transactions made in Bitcoin Signet over the past two weeks were generated by Hashi testing. That wave of traffic has pushed Signet activity to roughly five times its pre-launch baseline.
To keep up with the volume of withdrawal requests, Sui Core introduced Overdrive Mode, a feature designed to manage heavy withdrawal traffic and maintain efficient processing under load.
The Sui Foundation and Mysten Labs launched the Hashi testnet on July 22.Hashi lets bitcoin serve as collateral for onchain loans while keeping $BTC on the Bitcoin network rather than re-minting or moving it to another chain.
Deposits are secured with a 2-of-2 multisig that requires signatures from the protocol's multi-party computation validators and a separate Guardian Layer, a configurable risk-management system designed to slow or block suspicious withdrawals.
More than 25 institutional partners are testing lending and credit applications on the testnet.Participants include custody provider BitGo, trading firms Cumberland and FalconX, hardware wallet maker Ledger, infrastructure provider Blockdaemon, exchange Bullish, and Sui-native lending platforms Navi and Scallop.
Sui Network says Hashi is now progressing toward mainnet, with the protocol's broader goal being to unlock $BTC's large pool of idle capital for productive use inside decentralised finance. While Bitcoin's market cap exceeds $1 trillion, roughly just 0.22% of it is currently deployed in DeFi.
Sources:Sui Blog: Hashi Testnet Is LiveTechTimes: Bitcoin Collateral Reaches DeFi Without WrappingCrypto Times: Sui Launches Hashi Testnet for Bitcoin-Backed Finance
