- Solv Protocol has launched Bitcoin staking for cbBTC holders on the Base community.
- cbBTC holders on the Solv protocol can mint SolvBTC and convert it to SolvBTC.BBN to earn Bitcoin staking income.
- Backed 1:1 by Coinbase's BTC holdings, cbBTC is reside on Ethereum and Base for DeFi integration.
Binance Labs-backed Solv Protocol has introduced its newest innovation within the cryptocurrency house: Bitcoin staking for holders of the newly launched wrapped Bitcoin token, cbBTC, on the Base community.
Resolve Protocol x @base
Solv Protocol is happy to reinforce the utility of cbBTC on Base. This integration provides Bitcoin holders simpler entry to new alternatives in Base's ever-growing world of DeFi. It is a nice step ahead, and Bitcoin's addition to Base will unlock much more prospects… https://t.co/KnZT3lZdiB pic.twitter.com/vYJVmcKszk
— SolvProtocol (@SolvProtocol) September 12, 2024
Coinbase's cbBTC token will enable Bitcoin holders to transform their belongings into this new wrapped token, just like their earlier effort with Wrapped Bitcoin (WBTC).
The conversion course of entails transferring Bitcoin from the person account to a Base or Ethereum tackle and changing it into cbBTC, a token that may then be utilized in varied DeFi protocols, together with MakerDAO, Aave and Compound, as mentioned in earlier information.
Earn Bitcoin Staking Yields with Solv Protocol utilizing cbBTC
Solv Protocol leverages the newly launched Coinbase cbBTC token, which is backed 1:1 by BTC holdings on Coinbase and is presently out there on each Ethereum and the Base Layer 2 chain, providing Bitcoin staking through the cbBTC token on the Base community.
The Solv Protocol permits cbBTC holders to mint SolvBTC, a token designed to reinforce participation in decentralized finance alternatives. Customers can then convert SolvBTC into SolvBTC.BBN, a liquid staking token that gives extra Bitcoin staking yield.
Solv Protocol's newest service joins a rising variety of platforms providing the chance to liquidly stake or re-stake Bitcoin, alongside others similar to Lombard Finance, Swell, and AcreBTC.
