Binance-backed Solv Protocol introduces Bitcoin staking on Base with cbBTC token

• Solv Protocol has launched Bitcoin staking for cbBTC holders on the Base community.
• cbBTC holders on the Solv protocol can mint SolvBTC and convert it to SolvBTC.BBN for Bitcoin staking yield.
• cbBTC, backed 1:1 by Coinbase’s BTC holdings, is stay on Ethereum and Base for DeFi integration.

Solv Protocol, supported by Binance Labs, has unveiled its newest innovation within the cryptocurrency area: Bitcoin staking for holders of the newly launched wrapped Bitcoin token, cbBTC, on the Base community.

Solv Protocol x @base

Solv Protocol is worked up to boost cbBTC’s utility on Base! With this integration, Bitcoin holders can now simply entry new alternatives in Base’s rising DeFi world. This can be a large step ahead, including much more potentialities for Base as Bitcoin joins… https://t.co/KnZT3lZdiB pic.twitter.com/vYJVmcKszk

— Solv Protocol (@SolvProtocol) September 12, 2024

Coinbase’s cbBTC token permits Bitcoin holders to transform their belongings into this new wrapped token, just like earlier efforts with Wrapped Bitcoin (WBTC).

The conversion course of includes transferring Bitcoin from consumer accounts to both Base or Ethereum addresses, the place it’s reworked into cbBTC. This token can then be utilized throughout numerous DeFi protocols, together with MakerDAO, Aave, and Compound as we had detailed in our earlier information protection.

Incomes Bitcoin staking yields on Solv Protocol with cbBTC

Solv Protocol is capitalizing on the newly launched Coinbase cbBTC token, which is backed 1:1 by BTC holdings on Coinbase and is now obtainable on each Ethereum and the Base layer 2 chain to supply Bitcoin staking by the cbBTC token on the Base community.

Solv Protocol allows cbBTC holders to mint SolvBTC, a token designed to boost participation in decentralized finance alternatives. The customers can then convert SolvBTC into SolvBTC.BBN, a liquid staking token that gives extra Bitcoin staking yields.

Solv Protocol’s newest providing provides to the rising array of platforms offering liquid staking or restaking alternatives for Bitcoin, alongside different companies like Lombard Finance, Swell, and AcreBTC.