At a time when the Bitcoin narrative is heating up again, Sui chose to launch the Hashi testnet, presenting the extreme proposition that "BTC can earn income on another chain without moving." Hashi, which was just a concept in March 2026, was pushed to the testnet on July 22, indicating that this new income line around Bitcoin is starting to enter an interactive and verifiable phase—this is a key step for a public chain from shouting slogans to actually capturing BTC flow, as well as a moment for users of airdrop radar to reassess the value of the Sui narrative.

The contradiction lies in that: Sui repeatedly emphasizes on X that the original intention of Hashi is "not to let BTC leave the Bitcoin network," while also allowing these native BTC to participate in DeFi collateral and income operations on Sui. It appears as if the same asset exists simultaneously in two worlds, with the true tug-of-war being the security boundary between custody and income—who holds control, and who bears the responsibility when problems arise. Hashi introduces the Guardian Layer to put all BTC collateral into a "safebox" controlled by a 2-of-2 multisig, where any key operation must be jointly signed by a Hashi validator and an independent guardian; this design attempts to incorporate "observable income" and "verifiable risk control" into the protocol's foundation within institutional lending and credit scenarios. For users of the airdrop radar, this type of cross-chain income scheme is worth tracking now, not because there are immediate opportunities at the start of the testnet, but because it is redrawing the risk and narrative boundaries of BTC cross-chain; each subsequent performance in security, mechanism adjustments, and the opening of participation paths will directly determine whether this new income line is an entrance to the next opportunity or a new source of risk.

Bitcoin is no longer just a static position, earning on Sui

For the vast majority of holders, participating in income from Bitcoin across chains has always seemed like a "beautiful idea but difficult to achieve" path: it requires selecting bridges, changing chains, and adapting to various protocols' interaction logic, with each step compounding custody risks, contract risks, and operational complexity. The result is that many BTC remain long-term in a single network and a singular asset form, often seen merely as positions that need to be "held" rather than actively managed liquidity positions. Even users accustomed to using airdrop radar to filter new opportunities often navigate multiple chains with other on-chain assets; the true proportion of bringing BTC native assets into DeFi remains limited, reflecting the dual constraints of cross-chain barriers and risk perception.

Hashi attempts to carve out a new path here. The proposal made in March 2026 aims to allow BTC to engage in collateral and income roles within the Sui ecosystem without leaving the Bitcoin network—essentially combining the ideas of "positions remaining on the original chain" and "funds working on another chain." On July 22, as Sui officially confirmed the launch of the Hashi testnet, this idea entered an interactive phase for the first time: users are allowed to participate in collateral and income operations on the Sui network using native BTC, rather than needing to wrap BTC into another asset before crossing chains. From the perspective of the airdrop radar, this implies that if Hashi opens clearer participation paths in the future, BTC holders will no longer face cumbersome multiple conversions but will redesign asset configurations around "how to expand the use of their positions on Sui while keeping original chain assets secure."

From the perspective of participation opportunities, the potential value of this new path lies not in short-term tasks or income parameters, but in opening up a "second space" that can be systematically utilized for BTC assets: one side has native holdings on the Bitcoin network, while the other side is Sui applications aimed at institutional lending and credit scenarios. Hashi emphasizes on-chain verifiability and the Guardian Layer risk management structure, connecting both sides through protocol logic rather than human commitments. For airdrop radar users, the launch of the Hashi testnet is more like a starting gun, reminding them: once this structure moves to a public qualification verification phase, BTC could cease to be merely a static position and become a core chip in the narrative of participating in multi-chain income and credit, all of which will ultimately depend on the security performance and level of openness after the testnet.

Questions of Security and Centralization of the Guardian Layer Multisig

Hashi's choice to use the Guardian Layer to lock all BTC collateral into a "2-of-2 multisig" looks like a typical risk management strategy: any operation related to the collateral must receive signatures from both the Hashi validators and an independent guardian to occur. This means that theoretical issues like a single role's private key leak, operational mistakes, or malicious actions cannot directly shake the collateral position itself; for institutions and individuals attempting to participate in Sui's collateral and credit narrative with native BTC, this is a clearly defined security constraint embedded in the structure rather than a post-hoc "trust endorsement."

However, from the perspective of airdrop radar users, the other side of secure income rises the issue of trust costs and centralization skepticism. All BTC collateral is unified under this layer of 2-of-2 multisig, forming a highly centralized control plane; if problems arise regarding the design of Hashi validators or guardians in aspects such as operational pace or transitions, the multisig structure could shift from a "risk isolation layer" to a new point of reliance. The more immediate suspense is that the current briefing has not disclosed the specific identities and selection mechanisms of guardians nor provided any audit conclusions or finer security parameters; users can only see a design goal—"on-chain verifiable, aimed at institutional lending and credit scenarios"—but are still unable to determine if this power structure can genuinely uphold the original intention of "BTC not leaving the Bitcoin network" under pressure testing.

This information asymmetry is particularly prominent during the testnet phase. Hashi has progressed from a paper proposal to an interactive testnet, but the multisig logic of the Guardian Layer remains at a framework-level explanation: how it handles abnormal transactions in practice, how it deals with failures or biases on the guardian side, and whether more decentralized participation nodes will open after the mainnet launch remains an ongoing variable for airdrop radar users to observe rather than providing a definitive participation judgment based on it. For users closely monitoring new opportunities, whether this layer of multisig is a protective umbrella or a new centralized hub will become one of the critical risk boundaries in tracking Hashi going forward.

From the March Proposal to July Testnet, Sui Accelerates BTC Narrative Implementation

Looking back at the timeline, Hashi has almost moved quickly throughout. From March of this year, when Sui first proposed the idea of "allowing Bitcoin assets into its own ecosystem without migrating BTC," to explicitly proposing to manage risks through the Guardian Layer and 2-of-2 multisig, and then to locking the scenarios in an institutional lending and credit framework based on native BTC, the concepts that were initially confined to the technical white paper were rapidly condensed into a system architecture that can be externally scrutinized. For a public chain that already has its own DeFi landscape, this new income line surrounding native BTC emphasizes "all operations verifiable on-chain" during the design phase, revealing Sui's intention to reshape its security and compliance image using the BTC narrative.

The true acceleration point occurred on July 22. The Sui official confirmed the launch of the Hashi testnet on X, meaning that this mechanism of "BTC not leaving the Bitcoin network but being able to participate in collateral and income on Sui" has entered a phase where users can actually interact with it for the first time. For monitoring users, the significance of this step is that Hashi transitions from a paper proposal to a testnet; the protagonist of cross-chain income is no longer just a concept but a system that can be clicked on and experienced. However, what the airdrop radar currently sees remains at a high-level design and testnet framework; specific participation conditions, income parameters, and security audit results have yet to be disclosed, making it difficult for participants—despite the ability to try collateral and income with native BTC in the test environment—to make quantitative judgments on future mainnet opportunities and risks.

Putting Hashi's timeline back into the context of the competition, Sui's intention to jumpstart is clearer. During the period from March to July, the use cases for Bitcoin assets across different public chains continued to expand, and debates surrounding cross-chain security heated up, making "BTC cross-chain income" one of the trending directions in the airdrop radar's scope. In this environment, Sui moving Hashi to the testnet stage within four months provides an early narrative sample for this track—“native BTC, on-chain verifiable, not leaving the chain.” For users of the airdrop radar, this means that Hashi has the opportunity to hold a greater topic weight in the BTC cross-chain income sector, as well as that any subsequent adjustments concerning security, decentralization level, and mainnet participation paths will directly change its opportunity and risk boundaries in this sector.

The Airdrop Radar Perspective on Hashi's Participation Window

From the perspective of airdrop radar users, Hashi now resembles a "testing ground that is igniting" rather than an opened income gateway. Sui has put Hashi onto the testnet on July 22, and the public narrative now allows native BTC to participate in collateral and income operations on Sui, but what has been disclosed so far remains limited to high-level design and the testnet's opening: there are no specific user participation conditions, no task descriptions, nor any public details about rewards, points, or token distributions. In the airdrop radar's BTC cross-chain income sector, this state implies that "interactivity does not equal an already available expected income window," and the act of participation itself is still constrained by its testing nature.

For users accustomed to finding opportunities from task cards and eligibility filters, Hashi's current stage feels more like a live verification of mechanisms and risks. The Guardian Layer and 2-of-2 multisig structure are still under testing; all BTC collateral needs dual signatures from Hashi validators and an independent guardian to be utilized, and whether this design holds up under real stress and potential attack surfaces remains to be further validated on-chain and disclosed by the official risk announcements. Under this uncertainty, the focus of the airdrop radar in tracking Hashi is not to "speculate" on future points or retrospectives on rewards, but to document every public change in task design, eligibility boundaries, and on-chain interaction paths, enabling users to clearly know when they are simply participating in tests and when they truly enter an opportunity window with clear rules.

Therefore, the most reasonable attitude towards Hashi right now is to view any potential interaction as a stress test of the native BTC cross-chain scheme rather than treating it as a confirmed airdrop scenario; whether there will be task descriptions, adjustments in participation thresholds, or upgrades in security mechanisms will be the key variables that users of the airdrop radar truly need to lock in while observing Hashi.

The Opportunity and Risk Boundaries After Hashi Testnet

What Hashi truly seeks to address is a long-ignored core issue by cross-chain bridges: how to reconstruct the balance of profits and risks on another public chain, without migrating BTC and letting it remain on the Bitcoin network. The combination of the Guardian Layer and 2-of-2 multisig locks BTC collateral firmly on the Bitcoin side while extending verifiable lending and credit scenarios to Sui, which for the first time disassembles the narrative of "native BTC participating in cross-chain income" into two layers—value stays on Bitcoin, while profits and credits move to Sui. For users of the airdrop radar, this means that if clear participation paths emerge in the future, it resembles a long-term structural opportunity centered around risk isolation and on-chain transparency, rather than the traditional single TVL growth narrative of cross-chain bridges.

However, this structure also presents dual uncertainties: on one hand, the Guardian Layer and the 2-of-2 multisig remain in the testnet verification period, and any mechanism-level adjustments or flaws in the signing process could directly rewrite Hashi's security profile; on the other hand, the entire product has currently only disclosed the testnet and high-level design without providing specific participation conditions, income parameters, or audit results. The landing rhythm of institutional lending and credit scenarios remains blank. As the airdrop radar continues to track Hashi, it needs to focus on several lines of inquiry: whether any security events occur on-chain or at the Guardian level, whether real institutions begin testing lending structures based on native BTC, when participation paths and rules will be publicly disclosed in clear documents or task form, and whether Sui's narrative of "BTC not leaving the network yet usable on Sui" can remain consistent and continually supplement details in subsequent versions. These variables will directly determine Hashi's opportunity boundaries and risk pricing space on the airdrop radar.

Join our community to discuss and grow stronger together!
AiCoin exclusive Hyperliquid benefits: https://app.hyperliquid.xyz/join/AICOIN88
AiCoin exclusive Aster benefits: https://www.asterdex.com/zh-CN/referral/9C50e2
On-chain Telegram community: https://t.me/AiCoinWhaleData
On-chain community: https://www.aicoin.com/link/chat?cid=N6OVMor5g
AiCoin on-chain Twitter: https://x.com/aicoinwhaledata

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。