Sunday, 14 July 2024

Crypto News

Solv Protocol launches first omnichain yield-bearing token for BTC

Solv Protocol launches first omnichain yield-bearing token for BTC

  • SolvBTC will catalyse further growth for the burgeoning Bitcoin DeFi ecosystem, Solv said in a press release.
  • Initial launch will be across Ethereum, Arbitrum, BNB Chain and Merlin Chain.

Solv, an on-chain fund platform that offers native yield strategies across the blockchain ecosystem, has launched the first yield-bearing BTC token.

SolvBTC is an omnichain yield-bearing token that benefits from a diverse delta-neutral portfolio and will provide BTC-based yield of between 5-10%.

Solv, which provides asset-yield for over 35,000 DeFi users, shared the news in a press release shared with CoinJournal on Tuesday.

SolvBTC to boost Bitcoin DeFi ecosystem

The new BTC-based token provides both exposure to Bitcoin as well as the benefits of holding a yield-bearing asset.

How does this work?

According to Solv, the omnichain token taps into a secure Trading Strategy Vault, with delta-neutral strategies executed across top DeFi protocols like GMX, Curve, and Aave.

SolvBTC integrates into DeFi protocols to allow for the creation of new unique products around it, with more upside for yield possible.

The team at Solv believes SolvBTC will help transform the Bitcoin ecosystem. Specifically, it’s now possible for BTC worth billions of dollars to explore opportunities in the DeFi space.

SolvBTC will initially go live on Ethereum, Arbitrum, BNB Chain, and Merlin Chain.

Future expansions are targeted across the blockchain ecosystem as the protocol looks to unlock earn opportunities for native yield for more users. Solv says its users have earned more than $6.7 million in real yield so far.

As part of its plans to boost adoption and expand Bitcoin DeFi, Solv will launch a rewards system where early SolvBTC users earn points.

Solv, which is also backed by Binance Labs, raised $6 million in a funding round led by Nomura in August last year.

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