Solv Protocol’s native token, SOLV, is set to be listed on Hyperliquid’s spot exchange, a layer-1 (L1) blockchain network specializing in spot and derivatives trading. This marks one of the first token launches on Hyperliquid’s spot exchange which launched in May and currently lists around a dozen tokens.
While Solv has secured the listing, the exact launch date has not been confirmed yet. In terms of functionality, it is unclear what utility or value-accrual mechanisms the SOLV token will have. Hyperliquid’s spot exchange has managed to bootstrap over $2.5 billion in total value locked (TVL) since its launch in May, offering support for approximately a dozen spot trading markets for various tokens including BTC and PENGU, the recently launched native token of the Pudgy Penguin NFT project.
New token listings on Hyperliquid’s spot exchange are limited to one every 31 hours and are determined through a permissionless auction process where proceeds are routed to Hyperliquid’s liquidity pool. Solv reportedly paid around $130,000 to secure their listing slot in this process. Perpetual futures or “perps” are available on Hyperliquid’s perps platform allowing traders to buy or sell an asset at a future date without expiration while doubling down on positions with up to 50x leverage.
On the other hand, Solv is a Bitcoin staking platform offering numerous yield strategies across over half a dozen blockchain networks. It generates yield by staking BTC to Bitcoin layer-2s, including Babylon and CoreChain, as well as DeFi protocols like Jupiter and Ethena. Currently, Solv manages over $3 billion in TVL according to DefiLlama.
The company plans to launch an “onchain MicroStrategy” bringing yield-bearing Bitcoin reserves into DeFi soon.
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