According to Coindesk, the Bitcoin staking platform Solv Protocol has launched a new Bitcoin staking method for cbBTC holders on Base (CbBTC is Coinbase's newly launched packaged Bitcoin, which has been online on Ethereum and Coinbase's Ethereum second-layer network Base since last week.)
According to the Solv team, “The Solv Protocol allows cbBTC tokens to be minted into SolvBTC, which can be further converted into a new liquid staking token, SolvBTC.BBN.
Through the Solv Protocol integration, Bitcoin holders with cbBTC can mint SolvBTC and then convert it to SolvBTC.BBN.”
Solv explained in a blog post that SolvBTC.BBN is a “liquid staking token representing staked Bitcoin in Babylon,” similar to the EigenLayer re-staking platform on Ethereum, but on Bitcoin.
