Unified Bitcoin liquidity layer Solv Protocol introduced the Staking Abstraction Layer (SAL), a framework developed in partnership with BNB Chain, Ceffu, and Chainlink. This initiative aims to simplify and standardize Bitcoin staking across multiple blockchains, facilitating broader adoption of Bitcoin staking in the market.
The SAL framework abstracts the complexities associated with Bitcoin staking, enabling BTC holders to easily access yield while ensuring liquidity and security. This advancement represents a major step in realizing Bitcoin’s potential within the decentralized finance (DeFi) sector.
The collaboration with key partners aims to establish a strong, secure, and liquid Bitcoin staking ecosystem. In particular, BNB Chain will assist with user onboarding, Ceffu will provide a secure custody solution, and Chainlink will implement its Cross-Chain Interoperability Protocol (CCIP) to ensure seamless and secure operations across different blockchains.
Currently, Solv Protocol offers three BTC staking products, including SolvBTC.BBN on Babylon for Bitcoin re-staking, SolvBTC.Core on Core DAO for enhancing network security, and SolvBTC.Ethena, which utilizes Ethena’s basis trading strategy. The SAL framework brings everything together, serving as a foundational component for Bitcoin staking, which allows BTC holders to stake across various networks while earning yield.
According to Solv Protocol, more than 20,000 BTC has been staked through its platform since April 2024, with 13,000 BTC originating from BNB Chain alone. This figure highlights the growing interest in Bitcoin staking as more integrations are introduced, signaling the untapped potential of this sector. With the SAL at its foundation, Solv Protocol is at the forefront of the BTCFi movement, enabling Bitcoin to secure Proof-of-Stake (PoS) blockchains and engage in DeFi.
Introducing The Staking Abstraction Layer (SAL)
Today, we're thrilled to introduce SAL, a revolutionary framework designed to simplify and standardize Bitcoin staking across chains. With the help of partners like @BNBChain, @CeffuGlobal, and @Chainlink, we're paving the way for… pic.twitter.com/U0mEdJ6KcW
— Solv Protocol (@SolvProtocol) October 8, 2024
Solv Protocol Brings Liquid Staking To Base, Expanding Bitcoin’s Role In Onchain Economy
Solv Protocol functions as a decentralized liquidity infrastructure designed for ERC-3525 Semi-Fungible Tokens (SFTs). Its primary goal is to connect on-chain entities with individual and institutional investors through a liquidity network. The protocol provides various solutions, including delta-neutral strategies, opportunities for yield enhancement, and structured financial products.
Recently, Solv Protocol announced the introduction of Bitcoin staking for cbBTC holders on Base. This initiative aims to facilitate secure, low-cost, and developer-friendly on-chain development. With the launch of cbBTC, a wrapped Bitcoin asset created by Base, users can mint cbBTC tokens into SolvBTC, which can then be further converted into SolvBTC.BBN.
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