• SolvBTC will foster additional development within the quickly rising Bitcoin DeFi ecosystem, it mentioned in a press launch.
• The preliminary launch will happen throughout Ethereum, Arbitrum, BNB Chain, and Merlin Chain.

Solv, an on-chain funds platform providing native yield methods throughout the blockchain ecosystem, has launched its first yield-bearing BTC token.

SolvBTC is an omnichain yield token that advantages from a diversified delta-neutral portfolio, providing a 5-10% BTC-based yield.

Solv, which offers asset yield to over 35,000 DeFi customers, shared the information in a press launch shared with CoinJournal on Tuesday.

SolvBTC powers Bitcoin DeFi ecosystem

The brand new BTC-based token gives each publicity to Bitcoin and the advantages of holding a high-yielding asset.

How does this work?

Based on Solv, the Omnichain token leverages a safe buying and selling technique vault that runs delta-neutral methods throughout high DeFi protocols comparable to GMX, Curve, and Aave.

SolvBTC will likely be built-in into DeFi protocols, permitting for the creation of recent and distinctive merchandise round it, permitting for additional will increase in income.

The Solv group believes that SolvBTC will help remodel the Bitcoin ecosystem. Particularly, billions of {dollars} value of BTC at the moment are obtainable to discover alternatives within the DeFi house.

SolvBTC will initially run on Ethereum, Arbitrum, BNB Chain, and Marlin Chain.

The protocol goals to present extra customers the chance to earn native income, and future expansions will goal your complete blockchain ecosystem. Solv says its customers have earned greater than $6.7 million in actual yield up to now.

As a part of its plans to drive and broaden Bitcoin DeFi adoption, Solv is launching a rewards system the place early SolvBTC customers can earn factors.

Clear up, which can also be backed by Binance Labs, raised $6 million in a Nomura-led funding spherical final August.