If the value of Bitcoin collateral falls while the debt stays the same, the position becomes riskier: its debt is larger relative to its collateral. If it crosses the liquidation threshold set by the specific lending market, the protocol may allow collateral to be sold to repay some or all of the debt. The exact trigger and consequences are market-specific; no live BTC-specific liquidation terms for Hashi are established in the available documentation.
Why a falling Bitcoin price can put a position at risk
A Bitcoin-backed position uses BTC as collateral for a loan. When BTC’s value declines but the borrowed amount does not, the collateral covers less of the debt. The debt-to-collateral ratio therefore worsens, potentially bringing the position to the market’s liquidation threshold.
That threshold is defined by the protocol, not by Sui as a whole. Hashi says its code governs collateral parameters, loan-to-value (LTV) ratios and liquidation logic, but its available feature page does not publish a live BTC-specific trigger. Hashi’s feature page describes the rules as: “Smart contracts govern collateral parameters, LTV ratios, and liquidation logic–all defined in code.”
What liquidation can mean
Once a position qualifies for liquidation, a protocol may let a liquidator repay debt in return for some of the borrower’s collateral. That can lower the outstanding debt, but it also leaves the borrower with less BTC. The size of the sale, any reward or fee, who can execute it, and whether liquidation is partial or full depend on the market’s rules.
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For example, Suilend documentation describes third-party liquidators repaying 20% of eligible loans and receiving an additional 5% bounty on the amount liquidated. That illustration is specifically for BTC debt backed by USDC collateral; it is not a rule for BTC collateral on Hashi or an ecosystem-wide Sui standard. See Suilend’s liquidation documentation.
How to interpret “Liquidation Price” and “Minimum Collateral Ratio”
Liquidation Price
A liquidation price is a protocol-specific estimate of the collateral price at which a position would meet its liquidation conditions, based on that market’s formula and parameters. It is not a universal Sui price, and it can change if the debt, collateral amount, or applicable rules change.
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Minimum Collateral Ratio
A minimum collateral ratio (MCR) is the minimum collateral value relative to debt required by a particular protocol. Bucket Protocol’s guide defines an asset-specific MCR and gives a liquidation-price formula; its worked example uses SUI collateral. Those SUI parameters should not be applied to Bitcoin collateral or to Hashi. Bucket Protocol’s liquidation guide explains the terms, not BTC-specific Hashi settings.
What is known about Hashi on Sui
Sui’s September 2, 2026 article said Hashi had not yet shipped and was still being built. It named AlphaLend, Navi, Scallop and Suilend as prospective protocol integrations, not confirmed live markets. Because launch and integration status can change, check current official documentation and the actual market interface before treating Hashi or any integration as available. Sui’s Hashi article gives that dated status.
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Do not infer a position’s safety from a general Sui liquidation example. Check the live market terms and interface for each of these points:
- The collateral and debt assets for the specific market.
- The initial LTV and the liquidation threshold; confirm whether they are distinct limits.
- The oracle used to value BTC and how often or under what conditions its price updates.
- Whether liquidation is partial or full, and the amount that can be liquidated at once.
- Any liquidation bonus, fee, or other deduction, and who is permitted to execute liquidation.
- How much collateral would remain after liquidation and debt repayment.
- Whether you can add collateral or repay debt before liquidation, and how the interface indicates that the position is approaching its threshold.
The available Hashi page does not establish its live BTC-specific liquidation threshold, liquidation size, penalty, oracle details, or user recourse. Treat those as unknown unless the current market documentation or interface states them clearly.
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