Gregory Pudovsky
Revealed: October 08, 2024 at 10:07 am Up to date: October 08, 2024 at 10:07 am
Singapore, October 8, 2024 – Solv Protocol, in collaboration with BNB Chain, Ceffu, and Chainlink, is happy to announce the launch of the Staking Abstraction Layer (SAL), a modern framework designed to simplify and standardize Bitcoin staking throughout a number of blockchain ecosystems. With the introduction of SAL, Bitcoin holders can now unlock new yield alternatives with out sacrificing liquidity or safety. This marks a big breakthrough for Bitcoin, the world’s most dominant cryptocurrency, because it transforms from a passive retailer of worth right into a yield-generating asset.
Solv Protocol: Main Improvements in Bitcoin Staking
Finest recognized for its flagship product, SolvBTC, Solv Protocol is on the forefront of advancing Bitcoin-Finance. Its “Bitcoin Reserve for Everybody”, SolvBTC, is deployed throughout 10 completely different blockchain networks, permitting customers to stake Bitcoin whereas sustaining liquidity, revolutionizing DeFi for Bitcoin holders. Since launch, greater than 20,000 BTC has been staked by Solv’s merchandise, bringing the Whole Worth Locked (TVL) of SolvBTC to roughly $1.3 billion.
With the launch of SAL, Solv is increasing its Bitcoin staking capabilities, simplifying a course of that has historically been restricted by Bitcoin’s design and lack of native staking performance.
SolvBTC LSTs and Their Position in Bitcoin Staking
Solv has launched three profitable Bitcoin staking merchandise by SolvBTC:
SolvBTC.BBN: A liquid staking token representing staked Bitcoin on Babylon, enabling BTC holders to earn staking yields. By staking, customers contribute to securing PoS chains with Bitcoin’s $1.3 trillion financial safety.
SolvBTC.ENA: A delta-neutral buying and selling technique that generates yields by Ethena’s basis-trading, providing returns by hedging Bitcoin’s worth volatility.
SolvBTC.CORE: Centered on offering Bitcoin liquidity to CoreDAO, permitting customers to stake BTC to safe the community, obtain block rewards, and actively take part within the CoreDAO ecosystem.
These merchandise be certain that Bitcoin holders can earn yield whereas sustaining liquidity, and now, the SAL Framework ties every thing collectively, enhancing scalability and cross-chain interactions.
SAL: Constructing the Spine of Bitcoin Staking
The Staking Abstraction Layer (SAL) isn’t simply one other staking answer – it’s a complete framework designed to combination and standardize Bitcoin staking throughout a number of blockchain networks. Key options of SAL embrace:
Cross-Chain Compatibility: Integration with EVM-compatible chains, similar to BNB Chain, permits for seamless Bitcoin staking throughout completely different networks.
Liquid Staking Tokens (LSTs): SAL helps the issuance of Liquid Staking Tokens that allow customers to take care of liquidity whereas incomes staking rewards.
Safety and Custody: With institutional-grade custodians similar to Ceffu, SAL ensures that the underlying Bitcoin is safe. Chainlink’s CCIP additional enhances this with safe, clear cross-chain operations.
This new framework goals to unravel the important thing challenges of cross-chain complexity, liquidity limitations, and programmability, offering a standardized answer for Bitcoin staking.
The Highway Forward: Driving Mass Adoption of Bitcoin Staking
As Bitcoin Finance (BTCFi) continues to achieve traction, Solv’s Staking Abstraction Layer can be a key driver within the mass adoption of Bitcoin staking, with extra companions and integrations set to comply with.
“SAL is designed to unravel the ache factors which have traditionally stored Bitcoin staking from taking off,” mentioned Ryan Chow, Co-founder & CEO of Solv Protocol. “What excites us most about SAL is its skill to combination all the important thing gamers – validators, protocols, LST issuers and yield distributors – underneath one standardized framework. This opens the doorways for improvements and yield alternatives that had been beforehand unimaginable. By unifying the expertise throughout chains and eradicating limitations, we’re enabling a brand new period of monetary alternatives for Bitcoin holders.”
About Solv Protocol
Solv Protocol is the main Bitcoin staking platform, using SolvBTC to unlock the complete potential of over $1 trillion in Bitcoin property. By offering a totally clear Proof-of-Reserve, incorporating various reserve property, and enabling entry to Bitcoin Liquid Staking Tokens, Solv provides a complete gateway to BTCFi, paving the way in which for conventional funds to confidently enter the crypto world.
Solv Protocol is backed by distinguished buyers similar to Binance Labs, Blockchain Capital, Laser Digital, and others. Solv Protocol has undergone intensive safety audits by main corporations, together with Quantstamp, Certik, SlowMist, Salus, Secbit and Hexagate.
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About The Writer
Gregory, a digital nomad hailing from Poland, isn’t solely a monetary analyst but additionally a useful contributor to numerous on-line magazines. With a wealth of expertise within the monetary trade, his insights and experience have earned him recognition in quite a few publications. Utilising his spare time successfully, Gregory is presently devoted to writing a e book about cryptocurrency and blockchain.
Extra articles
Gregory, a digital nomad hailing from Poland, isn’t solely a monetary analyst but additionally a useful contributor to numerous on-line magazines. With a wealth of expertise within the monetary trade, his insights and experience have earned him recognition in quite a few publications. Utilising his spare time successfully, Gregory is presently devoted to writing a e book about cryptocurrency and blockchain.
