Solv Protocol brings massive liquidity from BTCFi to DeFi.

Solv is a decentralized finance (DeFi) platform focusing on enhancing Bitcoin liquidity. It aims to unlock the potential of over $1 trillion in Bitcoin assets using a liquidity consensus framework. The protocol allows users to stake Bitcoin, reshaping how Bitcoin assets can be utilized in the DeFi space.

"Solv became a leader in TVL at the end of August, with 11,189 BTCB tokens staked into SolvBTC, and approximately 70% of SolvBTC participating in various Liquid Staking Tokens (LST), DeFi, and mining scenarios." https://www.binance.com/en/square/post/2024-08-31-bnb-chain-s-solv-protocol-leads-tvl-competition-with-over-70-growth-12896058652401?utm_source=BinanceNewsRSS

Relation to Base L2 Recently, Solv Protocol expanded its offerings by launching Bitcoin staking options on Base L2. This initiative utilizes the Coinbase wrapped Bitcoin token, cbBTC, allowing cbBTC holders to engage in DeFi activities. The move is seen as revolutionary in the BTCFi sector, broadening the scope for Bitcoin involvement in decentralized finance.

Latest Updates on Bitcoin Staking As of September 11, 2024, the launch of the liquid staking option through Solv Protocol enables cbBTC holders to participate in Bitcoin staking. The initiative not only facilitates staking yields through the creation of SolvBTC but also allows for the conversion into the liquidity token SolvBTC.BBN to access additional staking yields. This comes amid a growing trend of integrating Bitcoin into decentralized finance, further supported by cbBTC crossing $100 million in market cap shortly after its launch.

• Implementation for cbBTC Token Holders on Base Bitcoin Staking Access: cbBTC holders can mint SolvBTC, enhancing participation in DeFi.

• Staking Yields: Additional staking opportunities are available through liquid staking with the SolvBTC.BBN token.

• Market Impact: The swift market uptake of cbBTC indicates strong interest in Bitcoin's DeFi applications and its potential to unlock significant liquidity with over $330 billion estimated to harnessed via Solv Protocol Staking.

In sum, Solv Protocol's recent activities mark a significant advancement in Bitcoin staking capabilities on Base L2, offering new financial products while positioning Bitcoin more centrally in the evolving DeFi landscape.

Reference articles: https://crypto.news/solv-protocol-launches-bitcoin-staking-for-cbbtc-holders-on-base/ https://www.cryptoglobe.com/latest/2024/09/solv-protocol-brings-bitcoin-staking-to-base-with-new-liquid-staking-options-expanding-bitcoins-role-in-the-onchain-economy/ https://www.globenewswire.com/news-release/2024/09/11/2944866/0/en/The-Future-of-BTCFi-Solv-s-Integrated-Bitcoin-Staking-Platform.html https://coinjournal.net/news/binance-backed-solv-protocol-introduces-bitcoin-staking-on-base-with-cbbtc-token/ Show Less