XBTC: The Secret Weapon of OKX's Dark Watanabe Chen Cang The premise of 'hidden Chen Cang' is' clear construction of plank roads', which means publicly displaying actions that make people feel foolish or harmless, in order to make the enemy relax their vigilance. Behind the public action, deliver a fatal blow to the enemy that catches them off guard. XBTC looks really stupid, but behind xBTC, OKX seems to be hiding a huge conspiracy. Let's sneak in! ⬇️ Compared to various BTCFi projects that constantly take detours and confuse themselves in order to decentralize, it seems foolish for centralized exchanges to encapsulate BTC. But many people overlook one thing, CEX naturally has a cross chain bridge and a huge BTC reserve, and xBTC is what OKX is doing in this context. What is xBTC Simply put, xBTC is a token launched by @ OKX that is pegged 1:1 to BTC. You can choose to withdraw BTC from OKX exchange to Solana, Sui, Aptos to participate in DeFi cultivation. Conversely, you can also deposit xBTC into the OKX exchange to automatically convert it into BTC. Did you notice? There are no cross chain bridges or operations, no destruction or redemption, no locking, and no BTC as gas here. Your BTC can become xBTC and freely shuttle between Aptos, Sui, and Solana public chains, operate in various DeFi applications, and then smoothly return to the exchange. Safety, I know many people ask this question, and safety includes two levels here. The first layer of meaning is the 1:1 anchoring and security mechanism at the exchange level. OKX uses full custody and proof of reserves (PoR) on the chain to verify asset health in real-time and transparently. As of the time of writing this article, the total supply of xBTC is 1103.549, and the total reserve is 1103.646 BTC. On chain address viewing: https://www. (oklink.com)/zh-hans/bitcoin/address/bc1q7mvqd5apnrngm36rwqlgk7nwkt5kwc37thzgd79puh55wscr42mqct7lss The second level is the public chain level. After xBTC leaves the centralized exchange, all operations are controlled by your personal private key, and it enters a completely decentralized secure self custody process, so security depends on yourself. Of course, mining accidents and the responsibility of protocols are all very clear when playing DeFi. What is xBTC doing? Encapsulating BTC is not the first creation of OKX, Coinbase has cbBTC and Binance has BTCB. As a Tier 1 exchange, OKX naturally does not want to miss out on BTCFi's market share, but there is still a lot of room for improvement on how to do it. CbBTC serves the Base Chain, and BTCB serves the BNB Chain. It is clear that xBTC is targeting the most popular emerging public chains Solana, Aptos, and Sui on the market, and is not confined to its own territory. Isn't this interesting? We have seen many wrapBTC or native BTCFi projects using various methods to pull BTC towards EVM, but xBTC has bypassed all the troubles by directly using a centralized exchange, allowing BTC deposited in the centralized exchange to be activated and freely introduced into the emerging public chain DeFi ecosystem, thus saving the country and completing the mission of BTCFi. Now, @ Aptos is in first place, with 435.519 xBTC precipitated, followed closely by Sui 435.223 xBTC and Solana 232.806 xBTC. Once this step is completed, the DeFi magic begins. On Aptos, you can use @ hyperion-xyz, @ EchoProtocol_, @ AriesMarkets for exchange, staking, lending, and leveraged trading. Of course, you can also choose to use @ bluenapp, @ navi_datocol, and @ MMTFinance on Sui, or use @ KaminoFinance and @ orca_so on Solana. This is a classic interaction between CeFi and DeFi assets, with OKX choosing a more open stance to unleash more possibilities for BTC, but the war has just begun. At present, there are only 1103 xBTC, and none of the top five BTC packages are included, WBTC 128, 851 occupy half of the country, BTCB 65, 301 cbBTC 51, 125 of them. But from the perspective of supported public chains and DeFi ecosystem diversity, xBTC is not inferior at all, and I am even willing to take a high look. Dig a hole today and see how xBTC performs in the future. This is a soft core science popularization article, through which you can have a partial understanding of the following knowledge: What is encapsulated Bitcoin Why is xBTC different from others The cross chain bridge no longer exists (not Author: Anymose | A Soft Core Science Popularization Writer <End of Full Text>