Solv Protocol Announces Classifications for SolvBTC Reserve

Singapore, Singapore, November 7th, 2024, Chainwire

Solv Protocol has announced its classification of underlying assets for its SolvBTC reserve. This initiative ensures security for users while providing yield-generating opportunities and maintaining liquidity.

These classifications help to ensure stability with various asset types, as minting caps and cross-chain rate limits will manage and minimize risk for innovative reserves.

This standardization acts as an essential layer of protection as the protocol scales. 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 such as WBTC, cbBTC, FBTC, BTC.b, and tBTC.

Solv is now one of the largest BTC Liquid Staking Token (LST) issuers to go multichain in terms of Total Value Locked (TVL) and network connections. The platform is accessible across more than ten blockchain networks, including Ethereum, Base, BNB Chain, and Arbitrum, boasting over 25,000 BTC in reserves (over $2 billion).

This multichain expansion enables users to engage BTC in diverse DeFi strategies with its added utility, allowing staking and lending to maximize BTC’s liquidity and versatility across networks.

Additionally, Solv has introduced the SOLV token utility, establishing Solv Protocol as one of the first BTCFi protocols to classify its reserve assets.

Currently, the classifications and parameters are determined by Solv Protocol, but as the platform transitions to fully decentralized governance, SOLV token holders will take on this responsibility.

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 among 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, enhancing 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 efforts to promote Bitcoin staking with its Staking Abstraction Layer (SAL). The SAL framework has enabled the launch of four SolvBTC Liquid Staked Tokens (LSTs): SolvBTC.BBN (Babylon), SolvBTC.ENA (Ethena), SolvBTC.Core, and SolvBTC.JUP (Jupiter). The complete tokenomics and additional utility of the SOLV token will be rolled out in phases.

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, it unlocks the full potential of over $1 trillion in Bitcoin assets. With SolvBTC.LSTs (Liquid Staking Tokens), Bitcoin holders can access diverse yield opportunities without sacrificing liquidity, enabling them to participate in DeFi ecosystems seamlessly. 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. The platform has also undergone extensive security audits by leading firms, including Quantstamp, Certik, SlowMist, Salus, and Secbit.

Contact
PR & Partnerships
Catherine Chan
catherine@solv.finance

This article was originally published on Chainwire.