8 months ago
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The staking protocol introduces Bitcoin to DeFi, providing greater economic opportunities for BTC holders across the entire omnichain landscape.
Decentralized finance protocol Solv, which helps unlock native yields for multiple blockchains, has announced the launch of SolvBTC, the first yield-bearing BTC token for the omnichain landscape. The latest BTC-based asset will be backed by a diverse delta-neutral portfolio, allowing holders to earn a yield of 5% to 10% in BTC.
SolvBTC joins a list of other assets such as Ethereum and stablecoins on Solv, bringing the total amount of assets staked on the platform to $162 million in crypto assets. Solv team members believe the latest product offers a “major breakthrough for the Bitcoin ecosystem”, allowing holders to earn yields in the DeFi realm, where they previously could not.
As an omnichain token, SolvBTC will be accessible on several blockchains, starting with Ethereum Layer 2 chain Arbitrum, BNB Chain, Ethereum and Merlin Chain, providing the benefits of BTC exposure combined with the upside to holding a yield-bearing asset. With BTC increasingly being integrated into the DeFi protocol, SolvBTC, with unique products built around it, will further offer BTC holders enhanced utility and earnings.
The Swizterland-based project aims to add accessibility of SolvBTC to other chains in the future, unlocking opportunities to earn native yield on BTC. This will enable BTC holders to increase the value of their assets, adding to the increasing value of BTC currently.
Additionally, SolvBTC will solve the problem of billions of dollars in BTC lying idle, giving holders a practical incentive via its stake-to-earn platform. SolvBTC provides an incentive for BTC holders to participate in DeFi and access the opportunities it has to offer in terms of generating real yield.
Solv leverages DeFi solutions such as GMX, Curve and Aave via its secure Trading Strategy Vault to execute delta-neutral strategies. As the platform expands its roots to other blockchain platforms, the team believes there will be more opportunities to offer higher yields, allowing users to earn higher APRs via staking. To bootstrap initial adoption and accelerate the growth of Bitcoin DeFi, Solv intends to launch a points system that will reward early holders of SolvBTC.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice
