Solv Protocol Enhances SolvBTC with Asset Classification
Singapore, Singapore, November 7th, 2024, Chainwire
Solv Protocol has announced its classification of underlying assets for its SolvBTC reserve. By this, Solv protocol ensures security for users as well as yield-generating opportunities while maintaining liquidity.
These classifications help to ensure stability with various asset types, with minting caps and cross-chain rate limits being implemented for innovative reserves to manage and minimize risk.
This standardization serves as an essential layer of protection as the protocol continues to scale. The SolvBTC reserve categorizes assets into two groups: Core Reserve and Innovative Reserve. Core reserves consist of native BTC and BTCB (Binance-backed), while innovative reserves include wrapped assets WBTC, cbBTC, FBTC, BTC.b and tBTC.
Solv is now one of the largest BTC Liquid Staking Token (LST) issuer to go multichain in terms of TVL and network connections, accessible across more than ten blockchain networks, including Ethereum, Base, BNB Chain, and Arbitrum, with over 25,000 BTC in reserves (over $2 Billion).
This multichain expansion means users can engage BTC in diverse DeFi strategies with its added utility, allowing staking and lending to maximize BTC’s liquidity and versatility across networks.
In addition, Solv is marking the first introduction of the SOLV token utility making Solv Protocol as one of the first BTCFi protocols to classify its reserve assets.
Currently, the classifications and parameters are decided by Solv Protocol, but as the platform transitions to fully decentralized governance SOLV token holders will make the determination.
Solv’s token utility is further amplified as SolvBTC was accepted into the core pool of Venus Protocol, the largest lending protocol on BNB Chain and in the top five globally on DeFiLlama. SolvBTC joins BTCB as the only BTC assets in the Venus core pool, enabling users to collateralize SolvBTC to borrow assets like BNB, further facilitating DeFi strategies, including participation in the Binance Launchpool.
“SolvBTC’s multichain deployment and our fresh approach to categorizing BTC reserves is providing diversification and setting a higher standard for Bitcoin utility in DeFi,” said Ryan Chow, Co-founder & CEO of Solv. “With our robust network connections and TVL, we are allowing Bitcoin to work across chains with more ways for users to leverage BTC in a secure and robust ecosystem like never before.”
This announcement follows Solv’s recent move to bring Bitcoin staking to wider adoption with its Staking Abstraction Layer (SAL). The SAL framework has facilitated the launch of four SolvBTC Liquid Staked Tokens (LSTs): SolvBTC.BBN (Babylon), SolvBTC.ENA (Ethena), SolvBTC.Core, and SolvBTC.JUP (Jupiter). The full tokenomics and additional utility of the SOLV token will be introduced in a multiphase rollout.
To learn more about Solv’s new reserve classifications, click here.
About Solv
Solv Protocol is the leading Bitcoin staking platform, powered by its innovative Staking Abstraction Layer (SAL). Through SolvBTC, a Bitcoin Reserve for everyone, we unlock the full potential of over $1 trillion in Bitcoin assets. With SolvBTC.LSTs (Liquid Staking Tokens), Bitcoin holders gain access to diverse yield opportunities without sacrificing liquidity, allowing them to seamlessly participate in DeFi ecosystems. Solv acts as a comprehensive gateway to BTCFi, paving the way for institutional and traditional funds to confidently enter the crypto space.
Solv Protocol is backed by prominent investors such as Binance Labs, Blockchain Capital, Laser Digital, and others. Solv Protocol has undergone extensive security audits by leading firms, including Quantstamp, Certik, SlowMist, Salus, and Secbit.
