Solv Protocol Unveils Staking Abstraction Layer for Cross-Chain Bitcoin Staking
Solv Protocol has launched the Staking Abstraction Layer (SAL), a groundbreaking framework developed in collaboration with BNB Chain, Ceffu, and Chainlink. This initiative aims to simplify and standardize Bitcoin staking across multiple blockchains, fostering broader adoption in the decentralized finance (DeFi) sector.
Key Features of the Staking Abstraction Layer (SAL):
Simplified Access: SAL abstracts the complexities of Bitcoin staking, enabling BTC holders to easily earn yield while maintaining liquidity and security.
Collaborative Ecosystem: Partnerships with BNB Chain for user onboarding, Ceffu for secure custody, and Chainlink for Cross-Chain Interoperability Protocol (CCIP) ensure seamless operations across blockchains.
Current Offerings:
Solv Protocol currently provides three BTC staking products:
1. SolvBTC.BBN on Babylon for Bitcoin re-staking.
2. SolvBTC.Core on Core DAO to enhance network security.
3. SolvBTC.Ethena, utilizing Ethenaâs basis trading strategy.
Since April 2024, over 20,000 BTC have been staked through Solv Protocol, with 13,000 BTC coming from BNB Chain alone, indicating significant interest in Bitcoin staking.
Expanding Bitcoinâs Role in the On-Chain Economy
With the introduction of the SAL, Solv Protocol is set to revolutionize Bitcoin's role within DeFi, allowing it to secure Proof-of-Stake (PoS) blockchains and engage more deeply in the on-chain economy.
đ Follow Solv Protocol for updates: Twitter
Disclaimer: This content is for informational purposes only and does not constitute financial advice. Always conduct your own research.#BNBChainMemecoins #DoYouHoldBNB #U.S.UnemploymentNewLow #moonbix #Write2Earn!
