Solv Protocol Integrates with Ethena to Unlock Yield Potential for Bitcoin-Based Assets
Singapore, Singapore, June 5th, 2024, Chainwire
Solv Protocol, the leading DeFi platform providing liquidity and yield opportunities across major assets, has announced a landmark integration with Ethena. This partnership represents a significant step in bringing robust yield-earning opportunities to Bitcoin-based assets, which have historically lagged behind Ethereum and other EVM-compatible chains in this regard.
Through the partnership, Solv Protocol will launch the ‘SolvBTC Yield Vault – Ethena’ in its yield market, enabling users to deposit SolvBTC and earn yields from Ethena’s strategies while maintaining exposure to Bitcoin. Yields will be distributed in Bitcoin, which generates returns through delta-neutral arbitrage, along with sats incentive from Ethena. Vault depositors can also continue to earn Solv Points, providing them with multiple sources of earnings.
“Solv Protocol is dedicated to providing SolvBTC users with the most robust and diverse yield-earning opportunities,” said Ryan Chow, Founder of Solv Protocol. “Our integration with Ethena marks the beginning of our efforts to transform SolvBTC into a truly liquid yield token with unmatched earning potential for our community.”
Historically, yield-generating opportunities for Bitcoin-based assets have been limited compared to Ethereum and other EVM-compatible chains. This integration represents a significant milestone, as it brings a premier yield protocol’s strategies to the Bitcoin DeFi ecosystem. It also opens the door for SolvBTC, Solv Protocol’s liquid Bitcoin asset, to become a yield-bearing instrument with earning potential that rivals or even exceeds leading yield tokens on other chains. SolvBTC is available on BNB Chain, Arbitrum, Merlin Chain, and other networks.
The SolvBTC Yield Vault – Ethena’ represents the first of many collaborations planned by Solv Protocol to introduce fresh yield sources and strategies to the expanding SolvBTC ecosystem.
Backed by prominent investors like Blockchain Capital, Binance Labs, and Laser Digital, Solv Protocol has successfully achieved many significant milestones, boasting a total value locked (TVL) of over $1.1 billion, ranking it in the top 32 protocols on DefiLlama across all chains. Over 15,000 BTC has been put to work earning yield on Solv, equivalent to over $1 billion at today’s prices.
Meanwhile, Ethena’s TVL stands at $2.75 billion. Ethena is described as a next-generation DeFi protocol that enhances yield optimization and simplifies the DeFi experience.The platform is built for yield farmers, liquidity farmers, and all DeFi users looking to make the most of their capital.
About Solv Protocol:
Solv Protocol is a revolutionary yield aggregation and liquidity platform that tokenizes and consolidates high-quality yields from various sources. At the core of Solv’s offering is the creation of “Liquid Yield Tokens,” which unlock new earning opportunities across the blockchain ecosystem.
The flagship product, SolvBTC, empowers users to seamlessly participate in the growing “BTCFi” space, serving as the key to unlocking Bitcoin-powered DeFi on every chain.