This currency will be among the first tokens to be launched on Hyperliquid, a layer-one network specializing in trading.
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Trading platform Solv Protocol is preparing to launch its native token, SOLV, on Hyperliquid, a layer 1 (L1) blockchain network specializing in spot and derivatives trading, Solv reported on Dec. 19.
This listing will mark one of the first token launches on the Hyperliquid spot exchange, which launched in May and lists nearly a dozen tokens as of December 19.
Solv told Cointelegraph that it has successfully secured a listing for its token, but a specific launch date has not yet been set. The company did not immediately respond to a request for comment from Cointelegraph regarding the utility of the SOLV token or the mechanisms for vesting value.
Onchain MicroStrategy"
Hyperliquid Spot Exchange
Hyperliquid, a high-performance L1 designed to offer a trading experience similar to a centralized exchange (CEX), has attracted more than $2.5 billion in total value locked (TVL) since its launch in May, according to data from DefiLlama.
It specializes in trading leveraged perpetual contracts but also supports nearly a dozen spot trading markets for tokens ranging from BTC to PENGU, the newly launched native token of Pudgy Penguin's non-fungible token (NFT) project.
The Hyperliquid spot exchange limits the listing of new tokens to one every 31 hours. Tokens compete for positions through a permissionless auction process, and proceeds are directed to Hyperliquid’s liquidity pool.
Solv paid nearly $130,000 to secure a listing spot in Hyperliquid's "Dutch auction," according to the project.
Perpetual futures, or “perpetual futures,” are derivatives that allow traders to buy or sell an asset at a future date without an expiration date.
Hyperliquid's Perps platform allows traders to double positions on certain tokens with up to 50x leverage.
Source: DefiLlama
Bitcoin storage problem solution
Solv is a Bitcoin trading platform that offers multiple yield strategies across more than half a dozen blockchain networks.
It generates yield by putting BTC into Bitcoin's layer 2, including Babylon and CoreChain, as well as decentralized finance (DeFi) protocols, such as Jupiter and Ethena.
Solv currently oversees over $3 billion in TVL, according to DefiLlama.
Solv Protocol is preparing to launch a “small on-chain strategy” to bring yield-bearing Bitcoin reserves to DeFi, Solv co-founder Ryan Zhao said in November.
According to Zhao, Solv aims to build a “strategically managed Bitcoin reserve that not only preserves wealth, but also generates yield and enhances returns.”
