Atlas oversees qualified custody, while Porto assists hedge funds
The client’s choice of route is based on how strictly it is regulated. Sui says that public companies and digital asset treasury firms might not be able to directly interact with DeFi right now, so their bitcoin goes through Anchorage’s Atlas system, which is a three-party collateral and settlement system, making sure that it stays in qualified custody.
Porto is for everyone else. Sui says that Anchorage’s self-custody wallet can be linked directly to Hashi by hedge funds, crypto venture funds, miners, market makers, and liquidity providers, letting them use lending, yield, or real-world asset strategies.
Anchorage says it is the first crypto bank in the US to be chartered by the federal government. It also wants to add stablecoin liquidity to the network.
“Public companies and institutions hold enormous amounts of Bitcoin, but their ability to use that capital has been constrained by the technology available to them and the limitations of the DeFi space,” Nathan McCauley, CEO and co-founder, said.
More than 20 companies have promised $500 million before mainnet launch
More than 20 companies have pledged more than $500 million to help fund the launch, including BitGo, Bullish, Cumberland, FalconX, and Ledger. But those are just promises; Sui hasn’t said how much of the money will be in Hashi contracts on the first day.
The framework was made by Mysten Labs, which was the original contributor to Sui. Since July 22, a global testnet has been up and running, and before that, it was only on the devnet.
$BTC added to Hashi stays on the Bitcoin network. On Sui, hBTC is minted against it and can be used in loan markets, credit products, vaults, and structured products.
On withdrawal, the process is reversed, the hBTC is burned, and the original coins are released. Sui says that more than $1 trillion in bitcoin is largely going unused because institutions don’t have the right tools with the controls they need.
Two parties must sign off on a withdrawal. Deposits are protected by a 2-of-2 multisig, which means that both Hashi’s validators, who sign through multi-party computation, and a separate Guardian Layer must agree before any $BTC leaves, and the Guardian Layer can slow down or stop transfers that seem suspicious.
Hashi’s smart contracts were formally verified by Certora, and CommonPrefix looked over the security behind its MPC protocol.
Sui also brings up an opinion from the law firm Fenwick, which said that Hashi deposits and redemptions shouldn’t count as taxable events under US law. However, an opinion is different from an IRS ruling.
At the same conference the day before, Sui pushed 40.6 million transactions per second through a test that was checked by CertiK, Cryptopolitan reported. Phantom said in August that it would stop supporting Sui after the chain’s DeFi value locked dropped below $1 billion.