Introduction to the xBTC Incentive Initiative
In a recent development within the decentralized finance sector, the xBTC incentive initiative introduced by OKX Wallet and the trading platform Momentum has been running successfully for a fortnight, boasting a substantial prize pool of $1 million. Participants are given the opportunity to contribute liquidity via the xBTC-USDC and xBTC-SUI pairs by engaging through the designated section of the OKX Wallet. Reports indicate a remarkable participation level, with over 578,000 users taking part in the event.
Impact on Total Value Locked (TVL)
The impact of this campaign is evident in the sharp rise of the Total Value Locked (TVL) in the Momentum platform, which has surged from $65 million to an impressive $140 million—marking an increase of 115% in just two weeks. Additionally, the platform’s total trading volume reflected a healthy month-on-month growth, climbing from $4 billion to $5.8 billion, resulting in a 45% increase.
Strategic Importance of the Collaboration
This collaboration is pivotal as it enhances liquidity for Bitcoin assets on the Sui blockchain and facilitates the seamless on-chain presence of OKX’s centralized assets. This strategic movement is instrumental in forging a connection between Centralized Finance (CeFi) and Decentralized Finance (DeFi). The significant growth in TVL underlines Momentum’s capabilities in aggregating liquidity and underscores its potential within the burgeoning Sui ecosystem, steadily positioning it as a leading decentralized exchange (DEX) in the market.
