Binance announces the third project on the Megadrop platform - Solv Protocol (SOLV token) - with a reward of 588,000,000 SOLV.
Binance launches the third project on the Megadrop platform called Solv Protocol (SOLV). This is a Bitcoin storage protocol that aims to build a financial system around Bitcoin.
Megadrop Details:
👉Symbol Name: Solv Protocol (SOLV)
👉Total Max Supply: 9,660,000,000 SOLV (can be increased through network governance to supply Bitcoin reserve)
👉Total Genesis token supply: 8,400,000,000 SOLV (86.96% of total max supply)
👉Megadrop Bonus: 588,000,000 SOLV (7% of the base supply, representing 6.09% of the total max supply)
👉Initial supply at listing: 1,482,600,000 SOLV
(17.65% of the base offer, representing 15.35% of the total maximum offer)
What is Solv Protocol?
Solv Protocol is a platform that supports interest generation to bring profits to investors from crypto assets. Solv launched SolvBTC, SolvETH, and SolvUSD tokens, providing yield opportunities for Bitcoin, Ethereum, and stablecoins USDC and USDT, with the aim of providing native returns for a variety of assets. Users can increase capital utilization and earn interest in bull markets by holding Solv Protocol products.
The Solv Protocol is a unified liquidity layer for Bitcoin, connecting the trillion-dollar Bitcoin economy to DeFi by integrating liquidity scattered across SolvBTC. SolvBTC provides Bitcoin holders with access to LST, supporting the earning of Bitcoin yields across any chain. By staking with Solv, Bitcoin remains liquid, allowing users to leverage a range of DeFi applications.
Solv Finance offers diverse yield and asset opportunities in the crypto space, aiming to become a vital infrastructure that connects liquidity across DeFi, CeFi, and TradeFi.
The project's founding team includes Ming Yan, former CSDN Vice President, and Will Wang, who led the design and development of the world's largest open and distributed technology-based banking accounting system, along with experienced founders and colleagues.
Solv has raised a total of $14 million in funding from prominent investment funds such as Binance Labs, Blockchain Capital, Jump Capital, etc. The Solv protocol has undergone comprehensive security audits by Quantstamp, Certik, SlowMist, Salus, and Secbit, ensuring the highest security standards. As of July, Solv Finance has over $1.31 billion in TVL from over 303,000 users.
What is SolvBTC?
SolvBTC is the flagship product of the ecosystem, helping users easily engage in the growing BTCFi space. SolvBTC is now available on Ethereum, BNB Chain, Arbitrum, and Merlin Chain. SolvBTC serves as a Bitcoin-backed DeFi tool across all networks. SolvBTC is collateralized 1:1 by Bitcoin or wrapped Bitcoin.
SolvBTC and its derivatives offer returns that can be integrated with various DeFi protocols, providing flexibility and maximum access to the thriving BTCFi ecosystem. Key integrations include:
DEXs: Providing instant liquidity and access to high-quality returns for SolvBTC holders.
Lending Protocols: Allow SolvBTC holders to lend their tokens, earning profits based on leveraged interest positions.
Yield Trading Protocols: Enable users to trade future returns of SolvBTC derivatives, manage yield volatility, and improve profits.
Solv Protocol Features
ERC-3525
In September 2022, the Ethereum Foundation approved ERC-3525 Semi-Fungible Tokens (SFTs) as the 35th ERC standard. ERC-3525 combines the quantity properties of ERC-20 (the ability to issue any quantity) with the privacy of ERC-721 (the uniqueness of NFTs).
The Solv technical team, the creators of ERC-3525, have released this protocol as open source, and many development groups are building products in multiple fields such as RWA, DeFi, and social applications based on ERC-3525.
The stUSD core vault is in a private testing phase, backed by $900,000 in test capital provided by the Solv team to verify its effectiveness and reliability. All users can track the performance and returns of this test fund in real-time via the Solv interface. stUSD has reached an ATH APY of 44.5%.
Risk Management Tools
Solution without guardianship
With the Solv protocol, all user assets and LP tokens for liquidity wallets are stored in smart contracts, ensuring that assets are not affected by third parties.
Multi-party controlled safes
The Solv MPC protocol implements a decentralized capital management system, with transactions being held under the shared control of multiple parties. Trustees, managers, and liquidators all control transaction rights under integrated security rules in the contract code. Even with consensus, no one can move assets outside the system. This design reduces counterparty risk, increases transaction flexibility, and restricts unauthorized withdrawals.
NAV management is based on agency.
Solv uses an OCL-based NAV management system to ensure that the nominal value of the fund shares matches the value of the underlying assets. This protects investment decisions, withdrawals, and payments. Additionally, this mechanism ensures that the tokens issued by the platform accurately reflect the value, allowing for the seamless integration of Solv fund tokens into the DeFi ecosystem.
Effective settlement
In volatile market conditions, the Solv Protocol can use the OCL-based NAV management system to capture changes in the net value of funds and execute settlements in a timely manner, ensuring that the platform can quickly respond to fund value fluctuations.
Enhanced security system
Trustees
Solv Protocol prioritizes user asset security and control through its technical architecture and strategic partnerships with leading crypto custodians and auditors. By utilizing advanced security measures, comprehensive audits, and crypto custodians such as Copper, Ceffu, Cobo, and Fireblocks, Solv Protocol ensures that escrow assets are managed securely and transparently.
Custodians provide “over-the-counter settlement” solutions, allowing Solv to delegate and de-delegate assets to and from centralized exchanges without physically moving the assets. This reduces the risk of exchange failure, ensuring that actual asset ownership resides with Solv.
Solv Guard
Solv Guard acts as an intermediary layer between the underlying assets and the user assets, adding an additional security mechanism on top of smart contracts. Solv Guard can be customized to trading strategies for individual asset groups, allowing control and customization of authority for asset managers.
The main role of Solv Guard is to restrict the multi-signature functionality of the “Safe” smart contract wallet within a specific scope.
Solv Guard configures a Guardian Vault for each vault, specifying target addresses and their permissions. To ensure security and upgradability, Solv Guard has a governance mechanism separate from its operating mechanism. The Solv Vault Guardian is responsible for execution, while the Governor controls governance, which can be managed by the community and asset managers. This includes a Time Lock feature to ensure transparency and user choice.
The governor has broad powers, including promoting the custodian, adding or removing authorizations, managing native token transactions and whitelisted addresses, transferring the governor's powers, or permanently disabling governance rights. Even if there are problems with the custodian, the governor can take timely corrective measures to maximize the protection of user assets.
Reward System
Solv has launched a rewards system to encourage user participation in its ecosystem. In the first phase, users can earn basic experience points (XP) by depositing into the Solv vault, with the XP earned increasing based on the amount and time allocated.
Additionally, users can invite friends to receive a commission equivalent to 10% of the invited user’s base XP. Users can also receive additional XP rewards by reaching certain investment thresholds or participating in community activities.
Accumulated XP can be used to receive SOLV token distributions and participate in token distribution activities in the -Fi$BTC system. However, SolvBTC purchased on the secondary market does not count towards XP.
What is Binance Megadrop?
Binance Megadrop is a new token launch platform that integrates Binance Simple Earn and the Binance Web3 Wallet, increasing the opportunity to access new Web3 projects before they are listed. It combines interaction, learning, and rewards, providing a unique experience in the Binance ecosystem and the crypto space.
How to Participate in Binance Megadrop
👉Log in to your Binance account.
👉Register for BNB Locked product or complete Web3 tasks to collect points.
👉Complete Web3 tasks on the Binance app to receive points multiplier.
👉Receive Megadrop rewards based on total points.
Megadrop Rewards Distribution Mechanism
Rewards are calculated based on the ratio of a user's accumulated points to the total accumulated points of all users.
👉Locked Points: Calculated based on the number of BNB locked and the duration of the lock.
👉Web3 Task Reward & Multiplier: Calculated upon completion of specified tasks.
👉Points calculation formula: Total points = (BNB locked * Web3 multiplier) + Web3 task reward.
note:
Megadrop is only available to eligible regions.
Rewards will be distributed to users' Binance Spot Wallets.
