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NEW YORK, September 12, 2024 – Solv Protocol, a number one Bitcoin staking platform, has introduced Bitcoin staking for cbBTC holders on Base, an Ethereum Layer 2 that gives safe, low-cost, and builder-friendly on-chain growth.
With the launch of cbBTC, a wrapped Bitcoin asset by Base, Solv Protocol now permits cbBTC tokens to be minted into SolvBTC, which might then be transformed into SolvBTC.BBN, a liquid staking token that broadens the Bitcoin DeFi setting on Base.
Base, which is dedicated to constructing a extra accessible and decentralized on-chain economic system, welcomes the mixing as it would allow Bitcoin holders to raised leverage their property in DeFi.
The Solv Protocol integration permits Bitcoin holders with cbBTC to mint SolvBTC and convert it to SolvBTC.BBN. This integration permits Bitcoin holders to raised leverage their property and opens up seamless staking alternatives inside the decentralized finance ecosystem.
“Integrating cbBTC as a reserve asset is a vital step in unifying Bitcoin liquidity and making the Bitcoin DeFi expertise extra accessible to customers,” mentioned Ryan Chou, co-founder of Solv Protocol. “This launch is completely aligned with Solv's mission to develop Bitcoin's utility in decentralized finance and supply extra yield and liquidity alternatives for Bitcoin holders.”
The introduction of cbBTC and Solv Protocol's Bitcoin staking choices marks an necessary step ahead within the on-chain economic system. Base's infrastructure helps builders and creators world wide by offering scalable options for a wide range of use instances, whereas Solv Protocol strengthens the Bitcoin DeFi setting by offering a clear and safe staking choice, making DeFi accessible to a wider vary of customers.
Base and Solv Protocol are constructing a bridge to a decentralized future the place anybody, anyplace can take part within the on-chain economic system. This collaboration highlights the potential for innovation when builders come collectively to create new monetary alternatives.
For extra data on the mixing and upcoming updates, please go to the official Solv Protocol web site.
In regards to the Remedy Protocol
Solv Protocol is the main Bitcoin staking platform designed to unlock the total potential of Bitcoin property in decentralized finance. By providing SolvBTC, a liquid staking token backed by various reserve property, Solv Protocol supplies a clear and safe gateway to BTCFi (Bitcoin Decentralized Finance), enabling each conventional and digitally native buyers to discover the advantages of on-chain monetary companies.
In regards to the base
Base is an Ethereum Layer 2 (L2) that permits anybody, anyplace to construct on-chain in a safe, low-cost, and builder-friendly approach. Base is dedicated to shaping a extra decentralized future with a mission to construct a world on-chain economic system that fosters innovation, creativity, and freedom.
