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User Flows

There are two main user flows for interacting with hashi: deposits and withdrawals.

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The only coin the Hashi protocol creates is hBTC, the Bitcoin-backed asset it mints on deposit. There is no $HASHI token: Hashi has no governance, utility, or airdrop token, and committee members govern the protocol by voting onchain with their validator stake weight. Treat any $HASHI token offering, presale, or airdrop as an imitation.

Deposit flow​

To use BTC on Sui (for example, as collateral for a loan), you must deposit your BTC to a Hashi MPC-controlled Bitcoin address.

BTC deposit address​

Every Sui address has its own unique Hashi Bitcoin deposit address. See Bitcoin Address Scheme for the full derivation details.

Deposit​

After your deposit address is determined, you can initiate a deposit to Hashi.

  1. Broadcast a Bitcoin transaction depositing BTC into your unique deposit address.
  2. Notify Hashi of the deposit by submitting a transaction to Sui that includes the deposit transaction ID.
  3. Hashi nodes query Bitcoin and watch for confirmation of the deposit transaction.
  4. Hashi nodes communicate, waiting until a quorum has confirmed the deposit (after X block confirmations).
  5. Hashi confirms the deposit onchain, minting the equivalent amount of hBTC and transferring it to your Sui address. You can then immediately use the hBTC to interact with a DeFi protocol. For example, you can use the hBTC as collateral for a loan in USDC.

For a detailed breakdown of each phase, see Deposit.

Running a test deposit on Testnet​

Hashi's Testnet deployment uses Bitcoin Signet, so a test deposit needs Signet BTC. Signet coins have no value, and you cannot buy or mine them in any practical sense; you get them from a faucet.

caution

The Signet faucets below are third-party services, not operated or verified by the Hashi team. Availability, rate limits, and URLs change without notice, and this page makes no guarantee that any of them work at the time you read it. Never send real BTC to a Signet faucet or a Signet address.

Commonly used public faucets for the default Signet network include signetfaucet.com and its alternate at alt.signetfaucet.com. Confirm that a faucet serves default Signet before using it. Some communities run custom signets whose coins are not valid on the network Hashi's Testnet uses.

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Your own Signet node cannot create spendable coins for you. A central authority signs Signet blocks, so a faucet is the normal way to get test BTC.

Once you hold Signet BTC, run the deposit loop described above through the CLI. Global options attach to the first-level subcommand, so -c goes after deposit (see the CLI reference):

# 1. Get the deposit address derived from your Sui address
hashi deposit -c hashi-cli.toml generate-address --recipient 0x<sui-address>

# 2. Send Signet BTC to that address from your wallet or the faucet,
#    then note the resulting Bitcoin txid.

# 3. Notify Hashi of the deposit
hashi deposit -c hashi-cli.toml request --txid <btc-txid> --recipient 0x<sui-address>

# 4. Track it until hBTC is minted
hashi deposit -c hashi-cli.toml status <request-id>
hashi balance -c hashi-cli.toml 0x<sui-address>

The deposit must meet Bitcoin's dust minimum, and Hashi waits for a confirmation threshold before minting, so expect to wait for several Signet blocks between steps 3 and 4. See Deposit for the request, approve, confirm, and mint phases in detail.

Withdraw flow​

After you decide you want your BTC back on Bitcoin (for example, after you pay off your loan), you can initiate a withdrawal.

Withdraw​

  1. You send a transaction to Sui with the amount of hBTC you want to withdraw and the Bitcoin address you want to withdraw to.
  2. Hashi picks up the withdrawal request and crafts a Bitcoin transaction that sends the requested BTC (minus fees) to the provided Bitcoin address, then uses MPC to sign the transaction.
  3. The transaction is broadcast to the Bitcoin network.

For a detailed breakdown of each phase, see Withdraw.