Here’s Why Spring Staked Sui (SSUI) is Up 400%

Spring Staked Sui (SSUI), the first liquid staked token (LST) developed by Suilend, has recently seen a notable price surge. The latest increase can be attributed to some factors. 

Following the latest ecosystem announcement, the SSUI token surged 400%. However, the digital asset has slightly declined to 370%, currently trading at $18.79 at the time of writing. The asset’s trading volume also spiked to over $531,000.

Notably, the rise in its trading volume shows strong investors’ confidence and commitment to the crypto asset as the crypto market experiences positive movement. Despite the favorable market condition, SUI was trading at $3.95, down 0.5% in the last 24 hours. However, the asset was up over the last 7 days.  

OKX Launches xBTC 

Sui offers one of the most comprehensive infrastructure and asset selections in the BTCfi ecosystem. As such, the launch of OKX’s xBTC, a native BTC asset now live on-chain, further reinforces the growing landscape.

“At OKX, we’re always launching new features that drive onchain growth and support decentralized finance. Our unique advantage as one of the most trustworthy and transparent institutions imbues xBTC with a powerful security model, and we’re excited to bring it to Sui’s vibrant Bitcoin finance ecosystem,” said Jason Lau, Chief Innovation Officer at OKX. 

The OKX executive added that, with the launch of xBTC, Sui will gain expanded reward opportunities and enhanced liquidity infrastructure supported by a globally trusted exchange. It also solidifies Sui as the top destination for BTCfi. 

As a native asset on Sui, xBTC can be minted directly on OKX exchange and withdrawn into other on-chain wallets, including OKX wallet. Furthermore, Sui is among the first three blockchains selected for robust security, scalability, and speed. It makes Bitcoin DeFi more accessible to users. While Cetus and Navia are the key players in Sui’s DeFi protocols, they will act as exclusive launch partners for the initial rollout of xBTC.  

Sui Blockchain Attracts Almost 600 BTC

The Sui blockchain has attracted nearly 600 BTC since February, highlighting its growing role as a trusted destination for Bitcoin DeFi. With BTC-backed assets exceeding 10% of the network’s total value locked (TVL), Sui’s momentum in the BTCfi sector keeps accelerating. 

“Bitcoin DeFi on Sui has gone from an intriguing concept to proving complete product-market fit in a matter of months. OKX choosing to bring xBTC to Sui speaks to the robustness of Sui’s BTCfi ecosystem, and it’s yet another example of giving Bitcoin holders the tools they need to participate meaningfully in DeFi on Sui,”  said Christian Thompson, Managing Director at the Sui Foundation. 

Thompson added that xBTC is the latest addition to the lineup of BTC-based assets like WBTC, LBTC, and sBTC. Each works differently, with some, more decentralized and others issued by exchanges. 

Meanwhile, early this year, Sui debuted on the Photom wallet, one of the leading crypto wallets for the Solana Ecosystem. The Phantom integration enables full support for the Sui ecosystem. Users can send, receive, and manage their tokens in a single interface. 

It also opens access to Sui-based tokens like BLUE and SEND, enables token swaps with thousands of assets, and connects users to key dApps such as Suilend, Navi, Aftermath, and Bluefin.

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