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— Solv Protocol (@SolvProtocol) April 20, 2024
Solv Protocol Launches SolvBTC on BNB Chain and Offers Double XP for BTC Stakers
The protocol took to X to disclose the respective development. In addition to the launch, the company also intends to offer double XP to facilitate the consumers. They take into account the individuals who stake BTC tokens on the BNB Chain. In a devoted blog post, the firm revealed that strategic development emerges as a prominent landmark in its mission. It focuses on turning SolvBTC into a liquidity hub.
The respective liquidity hub would expand the BTCFi ecosystem on several networks. SolvBTC operates as a pioneering project that redefines the BTC composability and yield. It provides a secure and convenient source of local yield while guaranteeing matchless composability and liquidity. SolvBTC effortlessly integrates with diverse DeFi protocols to unlock several yield opportunities.
Many diversified sources are responsible for generating the yield of SolvBTC. They take into account trading, restaking, and staking strategies. The respective strategies operate on a decentralized agenda for asset management. In addition to this, SolvBTC can run as collateral for DeFi protocols dealing with lending, stablecoins, and perpetual DEXs. This develops exclusive revenue streams to benefit the BTC holders.
Just within a couple of weeks after the launch of SolvBTC, it has seen remarkable growth. In this respect, it has allured approximately 1,000 wBTC staked tokens on Arbitrum. Moreover, it has also witnessed more than 6,000 mBTC tokens on Merlin Chain. The respective swift adoption denotes the potential of SolvBTC to lead toward the creation of an effective BTC yield economy.
Platform Ensures Security and Transparency to Build User Confidence
SolvBTC’s thorough integration with Merlin Chain points out its potential in the form of a liquidity hub. The MerlinSwap-based SolvBTTC-mBTC pool possesses a huge trading volume. However, SolvBTC keeps on serving as the chief asset that operates on lending protocols like Mage and Avalon. Solv Protocol asserted that real-time audits of the BTC reserves are conducted to ensure transparency. Additionally, Solv’s collaboration with Antalpha (the platform offering digital-asset custody) ensures security.