Solv Protocol faced a series of questions on the eve of its TGE, including accusations of false staking, repeated calculation of TVL, and asset misappropriation. Co-founder Ryan Chow refuted each accusation, pointing out obvious errors and contradictions in the claims, and emphasized that all SolvBTC corresponds 1:1 with mainnet BTC and wrapped BTC. (Background: AILayer has reached a strategic cooperation with Solv Protocol to expand Bitcoin DeFi applications) (Supplementary background: Passive income from Bitcoin) How to participate in the full-chain yield protocol Solv Protocol? Complete ecological path explanation. The Bitcoin yield protocol Solv Protocol, which received investment from Binance, faced skepticism and attacks from parts of the community just before the TGE (token generation event). The first mention came from a user named Mudita, who claimed to have lost the opportunity cost of 1,800 BTC. The community interpreted this as suggesting that Solv Protocol had rugged this large holder's 1,800 BTC, but later shifted to accusing Solv Protocol of creating false TVL, implying that the Bitcoin staked in Solv Protocol could be counted multiple times, attacking Solv Protocol for having nearly 25,000 BTC staked as false. From buying the first BTC to now, it's been seven years, and it seems I am about to face my first rights protection in the crypto space. Does anyone have any methods to advise? This project has gone through seven months and invested a lot of time costs, and the cost of 1,800 BTC is more of an opportunity cost. So here, I hope everyone can help me think of something, and if the suggestion is successfully adopted, I will give away one Bitcoin. @binance @binancezh — Mudita (@Clarissexx0805) January 2, 2025 Founder: The basis of the accusations is erroneous and contradictory. In response to the recent series of attacks, Solv co-founder Ryan Chow published a lengthy response today. He stated that after experiencing a whole day of unwarranted public attacks like '1,800 RUG' and 'private agreements', Solv faced even more absurd accusations. These accusations focus on the core issue of asset security, but their basis is incorrect and contradictory, attempting to confuse and mislead the public. In response, he emphasized that Solv will directly address these false accusations with facts. Accusation 1: Misappropriation of SolvBTC.BBN's underlying BTC assets. In response to Nubit co-founder Hans's public accusation that Solv misappropriated the underlying BTC assets of SolvBTC.BBN and attempted to support this claim by referencing a mempool link, Ryan stated that the 'evidence' Hans provided is fundamentally flawed. In fact, the mempool link screenshot provided by Hans corresponds to Solv's other yield asset SolvBTC.CORE, not SolvBTC.BBN, which is directly proven in the screenshot he provided (as shown below). Ryan explained that BTC participating in SolvBTC.CORE needs to be re-staked to a new script address every half month; for example, a stake was made on December 19 and then retrieved and re-staked on January 2, which is a normal asset management practice. Furthermore, after each operation is completed, Solv updates the address to Defillama, managing assets transparently and publicly. Ryan emphasized that on-chain information can fully prove the daily operations of Solv's yield assets. Accusation 2: Association of the decline in SolvBTC.BBN's TVL with the misappropriation of user assets. Hans also claimed that SolvBTC.BBN's TVL declined during the Babylon Cap3 period, implying that Solv misappropriated user assets. In response, Ryan stated that the actual situation is that SolvBTC.BBN officially initiated the redemption process on that date, resulting in a change in TVL. This change reflects SolvBTC.BBN's provision of liquidity and flexibility to users, rather than any form of asset misappropriation. Accusation 3: 'BTC Three Flowers'. Regarding market speculation about the existence of the 'BTC Three Flowers' phenomenon in Solv, which implies that the same BTC asset is counted three times in the TVL, Ryan stated that this situation is impossible for Solv's TVL. In Solv's calculations, 1 BTC always equals 1 BTC. He further explained: As the asset issuer, Solv is classified according to Defillama, and only decentralized applications (dapps) can be included in the on-chain TVL. Therefore, you may not see Solv's TVL directly on chains like Base because our SolvBTC and LSTs assets are deployed in dapps like Aerodrome. Although SolvBTC holders have indeed contributed a significant amount of TVL to multiple dapps, this does not mean that there is repeated calculation in Solv's TVL. Ryan emphasized that Solv's TVL only includes the underlying native BTC and wrapped BTC supporting SolvBTC and SolvBTC.LST. Ryan concluded that as a project that has been deeply engaged for four years, Solv faced a series of meticulously planned unwarranted attacks at this sensitive time before the TGE. In response, he stated that Solv has provided all facts and evidence for the market and the public to judge independently. Response to the false staking of 1,800 BTC. Regarding the incident initiated by Mudita's accusation of the false staking of 1,800 BTC, Solv's Chief Marketing Officer Ethean responded, stating that all underlying assets of SolvBTC correspond 1:1 with wrapped BTC and mainnet BTC. In this incident, the main character '1800 BTC girl' used MBTC to stake and mint SolvBTC. Some community members have found her address, and everyone can see it. Additionally, she has summarized the recent accusations as follows: Fabricating non-existent RUG events, confusing the operation records of two different LST products, interpreting regular staking and redemption operations as misappropriation of funds, interpreting the decline in TVL caused by open redemption as a conspiracy theory. The fact is that Solv has no false staking. All underlying assets of SolvBTC correspond 1:1 with wrapped BTC and mainnet BTC. The main character of this incident, the 1,800 BTC girl, used MBTC to stake and mint SolvBTC. Some community members have found her address, and everyone can see it: https://t.co/SXPifenHa0 — Ethean (@Ethean_yu) January 4, 2025 Related reports: The Ethereum Foundation is scared of FUD! Researchers abandon EigenLayer advisory positions. Binance is accused of collecting $100 million in 'listing fees', what is the outcome...

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