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New York, September 12, 2024 – Solv Protocol, a number one Bitcoin staking platform, has introduced Bitcoin staking for cbBTC holders on Base, an Ethereum Layer 2 providing safe, low-cost, and builder-friendly onchain improvement.
With the launch of cbBTC, a wrapped Bitcoin asset by Base, Solv Protocol permits cbBTC tokens to be minted into SolvBTC, which may additional be transformed into SolvBTC.BBN —a liquid staking token that broadens the Bitcoin DeFi panorama on Base.
Base, dedicated to constructing a extra accessible and decentralized onchain financial system, welcomes this integration because it permits Bitcoin holders to leverage their property extra successfully in DeFi.
Via Solv Protocol’s integration, Bitcoin holders with cbBTC can mint SolvBTC after which convert it to SolvBTC.BBN. This integration permits Bitcoin holders to leverage their property extra successfully, unlocking seamless staking alternatives inside the decentralized finance ecosystem.
“Integrating cbBTC as a reserve asset is a big step in direction of unifying Bitcoin liquidity and making the Bitcoin DeFi expertise extra accessible to customers,” mentioned Ryan Chow, Co-founder of Solv Protocol. “This launch is completely aligned with Solv’s mission to increase the utility of Bitcoin inside decentralized finance, offering extra alternatives for yield and liquidity to Bitcoin holders.”
The introduction of cbBTC and Solv Protocol’s Bitcoin staking choices marks a vital step within the onchain financial system. Base’s infrastructure helps builders and creators worldwide by providing scalable options for various use circumstances. Solv Protocol, in flip, enhances the Bitcoin DeFi panorama by offering clear and safe staking choices, making DeFi extra accessible to a broader vary of customers.
Base and Solv Protocol are constructing bridges for a decentralized future the place anybody, wherever, can take part within the onchain financial system. This collaboration highlights innovation prospects when builders come collectively to create new monetary alternatives.
For extra particulars on the combination and future updates, please go to Solv Protocol’s official web site.
About Solv Protocol
Solv Protocol is a number one Bitcoin staking platform designed to unlock the total potential of Bitcoin property in decentralized finance. By providing SolvBTC, a liquid staking token backed by a various vary of reserve property, Solv Protocol offers a clear and safe gateway to BTCFi (Bitcoin Decentralized Finance), enabling each conventional and digital-native traders to discover the advantages of onchain monetary providers.
About Base
Base is an Ethereum Layer 2 (L2) providing a safe, low-cost, and builder-friendly means for anybody, wherever, to construct onchain. With a mission to construct a world onchain financial system that will increase innovation, creativity, and freedom, Base is dedicated to shaping a extra decentralized future.