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User Flows

hashi has 2 main user flows: deposits, which turn BTC into hBTC on Sui, and withdrawals, which turn hBTC back into native BTC at a Bitcoin address you specify. For the phase-by-phase details, see Deposit and Withdraw.

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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 Bitcoin address, spendable by the MPC committee together with the Guardian. Your own wallet keys do not control the deposit address. To try the flow without real BTC, see Try a deposit on Testnet.

BTC deposit address​

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

How to deposit BTC​

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

  1. Broadcast a Bitcoin transaction depositing BTC (at least bitcoin_deposit_minimum) 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 bitcoin_confirmation_threshold block confirmations).
  5. After the bitcoin_deposit_time_delay_ms window, 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 step-by-step instructions with the CLI or the SDK, see Deposit BTC. For a detailed breakdown of each phase, see Deposit.

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.

How to withdraw BTC​

  1. You send a transaction to Sui with the amount of hBTC you want to withdraw (at least bitcoin_withdrawal_minimum) and the P2WPKH or P2TR 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 signs it with the MPC committee and the Guardian.
  3. The transaction is broadcast to the Bitcoin network.

For step-by-step instructions with the CLI or the SDK, see Withdraw BTC and Cancel a Withdrawal. For a detailed breakdown of each phase, see Withdraw.