The price of BTC has been reaching new highs in 2024, continuing to soar. This makes investors ponder a question: Will BTC enter a prolonged bull market? A prolonged bull market requires sustained buying power and long-held confidence from holders. Today, we review whether Binance's third-phase Megadrop project, Solv Protocol, can bring long-held confidence to BTC holders. In terms of price prediction, we believe SOLV's market cap will benchmark or even exceed BounceBit, with a reasonable price between 0.1u and 0.15u. If there's FOMO at opening, it could exceed 0.15u.
1. Listing Information
On December 30, 2024, Binance announced the launch of the third phase of the Megadrop project, Solv Protocol (SOLV), with detailed information about $SOLV as follows:
· Token Name: Solv Protocol (SOLV)
· Maximum Token Supply: 9,660,000,000 SOLV (to be increased through governance voting based on BTC reserve fundraising plans)
· Total Supply of Genesis Tokens: 8,400,000,000 SOLV (86.96% of the maximum supply of tokens)
· Megadrop Token Rewards: 588,000,000 SOLV (7% of the total supply of genesis tokens, 6.09% of the maximum supply of tokens)
· Initial circulating supply when listed on Binance: 1,482,600,000 SOLV (17.65% of the total supply of genesis tokens, 15.35% of the maximum supply of tokens)
2. Project Introduction
Solv Protocol is a Bitcoin staking protocol aimed at building a Bitcoin-centric financial ecosystem to unlock over $1 trillion in Bitcoin assets.
Through staking abstraction layers, SolvBTC, and SolvBTC.LST (liquid staking tokens), Solv Protocol enables retail and institutional investors to gain diversified yield opportunities without sacrificing liquidity by seamlessly integrating Bitcoin into the DeFi ecosystem.
3. Product Introduction
Product Interface
The interface of Solv Protocol is relatively simple, allowing users to exchange BTC from multiple chains into staking certificate assets, SolvBTC, thereby beginning to obtain diversified yields from staking and DeFi.
4. Product Data
Key Indicators
Total Users: 589,000+ users
TVL: $2.72B
BTC Staked: 25,990 BTC
Community Data:
Twitter: 315.2K, https://x.com/SolvProtocol
Telegram: 92K, https://t.me/Solv_Protocol
Discord: 112K, https://discord.com/invite/solvprotocol
5. Financing History
• This project has raised approximately $24 million through four rounds of private placement, with 28.86% of the total supply of genesis tokens sold:
o This project raised approximately $1 million at a valuation of about $20 million.
o This project raised approximately $4.5 million at a valuation of about $45 million.
o This project raised approximately $6.6 million at a valuation of about $80 million.
o This project raised approximately $11.7 million at a valuation of about $200 million.
6. Token Economy
SOLV is the native utility token of the Solv Protocol, used for the following functions:
• Governance: SOLV token holders can vote on network governance decisions.
• Staking: By staking SOLV tokens on the staking abstraction layer, stakers can earn protocol emissions.
• Fee Discounts: SOLV token holders can enjoy fee discounts, including redemption fees for SolvBTC.
As of December 31, 2024, the maximum token supply of SOLV is 9,660,000,000 (dynamic, potentially increased through the DAO governance of the Bitcoin reserve fundraising plan). The total genesis supply of SOLV is 8,400,000,000. The circulating supply after listing on Binance will be 1,482,600,000 (accounting for 17.65% of the genesis supply, 15.35% of the maximum token supply).
Token Distribution:
Release Situation
6. Binance Listing Data
Recent Data from Binance Launchpool
The recent funding participation and turnover strength of projects launched by Binance reflect a relatively enthusiastic market. The average turnover rate on the first day of the last five Launchpool projects was 17.52 times, with two of the five projects breaking $1 billion in trading volume on the first day. In terms of returns, recent project ROI has begun to show an upward trend.
Previous Megadrop
Binance has launched two phases of the Megadrop project, both showing active turnover and maintaining good returns compared to the opening price, making the Megadrop series projects worthy of attention.
BTC Staking Ecosystem
According to DeFillama data, Solv Protocol has become the third-largest protocol by BTC locked volume, with a locked volume of 25,343 BTC and 598,000 participants.
7. Price Prediction
Using the Megadrop project as a benchmark, the reasonable listing price for SOLV is between 0.1-0.15. Due to the locked volume and the early opening, we believe SOLV's market cap should exceed that of BounceBit, leading to a price forecast above 0.15U, with a reasonable buying range between 0.1u and 0.15u.
8. References
Binance Announcement,
Binance Research,
https://www.binance.com/zh-CN/research/projects/solv-protocol