Currently, Bitcoin's total market capitalization is approaching $1.5 trillion, accounting for approximately 60% of the crypto market. However, a counterintuitive fact is that less than 0.37% of this is actually circulating in DeFi. This means that the vast majority of BTC remains idle for extended periods. In the past, we've tried to release liquidity through wBTC or various encapsulated assets, but we've always faced a fatal flaw: the crisis of trust in centralized entities. Whether handing over private keys to custodians or relying on cross-chain bridges, it's essentially trading asset security for meager returns. Hashi, launched by @SuiNetwork, is not just another DeFi lending product targeting end-users, nor is it a traditional cross-chain bridge. Its core logic is to build a native BTC collateral infrastructure. If we compare the on-chain DeFi world to a building, with various lending protocols as rooms and users as guests, then Hashi plays the role of the foundation and load-bearing walls. At the underlying protocol level, it enables native BTC to function directly as a "credit asset" within Layer 1 smart contracts for the first time. The fundamental difference between Hashi and wBTC or cbBTC lies in its 100% native nature. Firstly, it's unencapsulated. Your BTC remains on the Bitcoin network and doesn't need to be converted into any synthetic token. Secondly, it's non-custodial. It completely abandons centralized custody models like Celsius, which led to major collapses. Through Hashi, the core trust model is strictly reduced to only two points: 1. Consensus of the Sui validator node set. 2. Smart contracts managing the staking logic. This institutional-grade consensus has been endorsed by multiple leading custodians and infrastructure providers, elevating security to the level of native assets. For large holders, Hashi offers a highly logically convincing use case: monetization without selling. Through Hashi, users can directly stake native BTC on the Sui chain and borrow stablecoins. This operation is financially similar to traditional real estate mortgage loans: Reduced tax exposure: The entire process does not involve asset sales, therefore it typically does not trigger taxable events. Efficient credit expansion: Users gain liquidity available for on-chain investment while maintaining long-term BTC positions.