OKX Launches 1:1 Bitcoin-Backed xBTC on Solana With $250K+ Rewards From Kamino Finance and Orca

OKX has launched xBTC, a Bitcoin-backed asset, on the Solana blockchain, providing native Bitcoin liquidity to Solana's decentralized finance (DeFi) ecosystem. The asset is pegged 1:1 to Bitcoin, with custody maintained by OKX.

To support liquidity, Kamino Finance and Orca have committed over $250,000 in rewards across xBTC pools, including $100,000 in USDG incentives on the Orca platform and an additional $150,000 in other rewards. This launch aims to combine Bitcoin's value with Solana's high-speed infrastructure, enhancing DeFi opportunities on Solana. Industry figures have emphasized Solana's role as the infrastructure supporting Bitcoin as the asset in this development.

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