Hashi, a protocol for cross-chain asset referencing, has introduced a method for using Bitcoin as collateral on the Sui blockchain without the need for wrapping. This approach avoids the custody risks and potential depegging issues associated with wrapped Bitcoin. Instead, it utilizes a vault commitment on Bitcoin and a read-only proof on Sui, allowing a Sui-side contract to verify the locked state of the Bitcoin collateral. AI
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IMPACT Enables new DeFi strategies by allowing native Bitcoin to be used as collateral on other blockchains without wrapping.
RANK_REASON This describes a new technical capability for using an existing asset on a new platform, which falls under tooling.