A Twitter user named @Clarissexx0805 posted a message on Twitter to defend his rights after being dormant for half a year. She said that she had promised to provide 1,800 BTC liquidity to Solv Protocol in the early stages, but when TGE was approaching, the protocol party did not provide the originally promised remuneration. This article also aroused discussion in the Chinese area, and the response of Solv founder Meng Yan also aroused heated discussion, and @Clarissexx0805 also used the momentum to launch a rights protection AI agent on the Base chain and publicly issued coins. At the same time, Binance also announced that Solv Protocol will be listed on Megadrop.
The distribution of interests between early major investors and parties to the agreement caused controversy
When the article was published, many people thought that the user had encountered a rug. 1,800 BTC was not a small number (approximately 180 million mg based on the current price of 100,000). Some people gradually confirmed that the protocol identified in the article was Solv Protocol. But then it was discovered that the 1,800 BTC were not missing. More specifically, the user had negotiated the remuneration with the agreement party in the early stage, and the user would provide 1,800 BTC to increase the TVL (Total Locked Volume) figure.
Afterwards, everyone turned their focus to where did the 1,800 BTC come from? Some people think that this user is more responsible for operating the wallet on his behalf. In fact, there may be a funder providing funds or raising BTC from multiple people. Some users also found out the user's address and confirmed it later. From the on-chain data, it can be found that this address has pledged M-BTC in multiple tranches on the Merlin chain since March to obtain solvBTC. This is the address with the most consistent numbers so far.
What also caused controversy was that the address still actually held 1,800 BTC at that time. Why was it included in TVL? It pointed out the false TVL strategy commonly used by BTCfi, and also included the statement that the owner of the address was included in the TVL just for signing the promise. These TVLs basically cannot provide liquidity and are therefore considered false TVLs. But the part of operating on Merlin is really reasonable, because solvBTC is basically a liquid pledged token, and M-BTC is exchanged for solvBTC at a 1:1 ratio.
The co-founder of Nubit fired, triggering a debate in the BTCfi community
After the incident spread, another BTCfi protocol co-founder @trackoor also came out to criticize. He FUD Solv Protocol with the title "1 solvBTC ≠ 1 BTC". He pointed out that Solv Protocol uses pre-signed transactions to authorize the same BTC across multiple protocols. When a user pledges 1 BTC in Solv Protocol, this TVL will also be calculated in Bsquared and other protocols, so 1 BTC will create a false TVL of 3 BTC.
He even reiterated that users need to withdraw the BTC in Solv as soon as possible, because this is the same as FTX, catching the slowest person. He also cited a post by Jacob Phillips, co-founder of Lombard, another BTC staking protocol, pointing out that “during Babylon’s Cap3 staking window, some LST did not pledge most of the BTC and even lost TV this week.” However, there are also conspiracies in the market. The theory points out that Nubit and Lombard are both Polychain investment positions, but the strange thing about this argument is that Babylon, which has a cooperative relationship with Solv, is also a Polychain investment position.
Meng Yan's words and deeds have triggered discussions, and rights protection users have taken advantage of the momentum to issue coins and harvest them.
On January 5, SlowMist founder Yu Xian issued an article pointing out that the official Twitter of Solv Protocol was hacked, but the words and deeds of Solv co-founder Meng Yan also triggered heated discussions. At that time, he said with some relief that the hacker's post was just to show off and threaten. Some people believe that as a co-founder, such remarks are inappropriate and that information security issues should be taken more seriously. Meng Yan responded that there was a hole in his head, but Meng Yan also spoke up for himself, saying that this is how he usually speaks, and that the team has always been solving problems, so it does not affect him.
The case was revealed on the evening of the 6th. @Clarissexx0805 directly issued a "rights protection AI agent" ZaiXBT and issued coins on the Base chain. Some people also joked that the farce was finally coming to an end, and many people predicted that she would use this momentum to issue coins.
Binance Megadrop, stake 0.0001 BTC to get a huge jump in points
Binance also officially announced on the afternoon of the 6th that Solv Protocol will be listed on Megadrop. In addition to locking BNB, tokens can also be obtained by completing Web3 tasks. As long as you stake 0.0001 BTCB on the Solv Protocol of the BNB chain, you can increase the Megadrop points to 1.5 times and an additional 500 points. What’s interesting is that SOLV has previously bid heavily for the right to list Hyperliquid’s spot currency, which will be held on TGE on the 17th.
For an introduction to the specific operating mechanism of Solv, please refer to this article. The source of income from pledging only BTC in exchange for solvBTC is mainly the official airdrop token, but you can also choose to use solvBTC to participate in the cooperative agreement to pledge. Part of the protagonist of this article is because he only pledged BTC and invested solvBTC in the cooperation agreement in subsequent updates to get more points, thus diluting his interests. The income from investing in stablecoins includes fee arbitrage, airdrop rewards, etc.
Solv will subsequently use the protocol income to reinvest in BTC to become an on-chain micro-strategy. In the previous Soneium ecological introduction, it was mentioned that Sake Finance can leverage Solv 9 times, and may become a bright spot in the bull market.
(What’s going on with SONY’s Layer 2 Soneium? Ecosystem project introduction, strategy for staking to earn two airdrops revealed)
This article on-chain micro-strategy Solv Protocol launches Megadrop: After a large 1,800 BTC investor defended his rights, he used the momentum to issue coins and triggered heated discussions. It first appeared on Chain News ABMedia.
