Source: Binance official website, Solv Protocol white paper, Jinse Finance, RootData compiled: Jinse Finance
On December 30, Binance announced that Binance Megadrop has launched its third phase project - Solv Protocol (SOLV), a Bitcoin staking protocol focused on building a financial ecosystem centered around Bitcoin. Binance will list SOLV after the completion of Megadrop, and the specific listing plan will be announced separately, please stay tuned. The Megadrop quota information and Web3 task details will also be announced at that time.
Introduction to Binance Megadrop:
Binance Megadrop is a brand new token issuance platform that seamlessly integrates Binance's earn products with the Binance Web3 wallet, redefining the airdrop experience. Through Megadrop, users can get early access to selected Web3 projects that have not yet officially launched on Binance.
I. Introduction to Solv Protocol Project
Solv Protocol is an on-chain Bitcoin reserve aimed at unlocking the full potential of over $1 trillion in Bitcoin assets.
Through the Staking Abstraction Layer (SAL), SolvBTC, and SolvBTC.LSTs (liquid staking tokens), Solv enables retail and institutional investors to seamlessly integrate Bitcoin into the DeFi ecosystem, capturing diverse yield opportunities without sacrificing liquidity. Solv Protocol has received support from reputable investment institutions such as Binance Labs, Blockchain Capital, Laser Digital, and OKX Ventures.
Operating Model
Bitcoin has a market capitalization of approximately $1.3 trillion and is widely regarded as the cornerstone of digital assets. However, despite Bitcoin's dominance, the actual proportion of staked Bitcoin is very low. In contrast, nearly 28% of Ethereum's supply is staked, releasing hundreds of billions of dollars in economic activity. If Bitcoin holders could stake a portion of their assets like Ethereum, it would unlock approximately $330 billion of additional potential value.
The Staking Abstraction Layer (SAL) is the core infrastructure of Solv Protocol. It abstracts the complexities of staking Bitcoin across multiple ecosystems, providing Bitcoin holders with a unified operating interface.
With SAL, users can access a variety of yield strategies across different blockchains while holding a liquidity representative asset of Bitcoin—SolvBTC.
Through integration with various DeFi platforms and ecosystems, SAL simplifies the process for Bitcoin holders to diversify their yield strategies, enabling them to stake and earn returns while maintaining exposure to Bitcoin.
A unified and standardized system is crucial for coordinating these roles and ensuring transparency and security throughout the process—from depositing Bitcoin assets to finally accounting for rewards in LST token value or distributing incentives to users. This coordination is vital for protecting user assets and ensuring a smooth and risk-free earning experience.
Solv Protocol has built a complete Bitcoin staking ecosystem. By integrating staking protocols, LST issuers, validators, and yield distributors, it achieves seamless interaction between the Bitcoin mainnet and EVM-compatible chains, simplifying the staking process for users and developers. The staking protocol provides sources of yield for staked Bitcoin, LST issuers issue liquid staking tokens, allowing users to maintain asset liquidity during staking, validators are responsible for verifying the legitimacy and security of staking transactions, and yield distributors are responsible for transparently distributing the yield generated from staking to LST holders, providing users with a more convenient, secure, and attractive staking experience.
II. Project Team
Core Team
Ryan Chow: Co-founder. Graduated from Beijing Foreign Studies University, previously co-founder at Beijing Youzan Technology, dedicated to applying blockchain technology to automotive industry databases. Additionally, he served as a financial analyst at Singularity Financial, researching the integration of blockchain technology and financial regulation.
Will Wang: Co-founder. Created 'ERC-3525: Semi-Homogeneous Token Standard'. He has 20 years of experience in financial IT, having led the design and development of the world's largest bank accounting system based on open platforms and distributed technologies, and is a recipient of the '20th Anniversary Outstanding Contribution Award of Zhongguancun'.
Meng Yan: Co-founder. Former Vice President of CSDN, and an active KOL in the Crypto industry.
III. Token Economics
Token Name: Solv Protocol (SOLV)
Maximum Token Supply: 9,660,000,000 SOLV (to be increased by governance votes through BTC reserve fundraising plans)
Genesis Token Supply Total: 8,400,000,000 SOLV (86.96% of the maximum token supply)
Megadrop Token Reward: 588,000,000 SOLV (7% of the genesis token supply total, 6.09% of the maximum token supply)
Initial Circulation Volume at Binance Listing: 1,482,600,000 SOLV (17.65% of the genesis token supply total, 15.35% of the maximum token supply)
