The launch of SolvBTC on major EVM-compatible blockchains is a remarkable milestone for the Bitcoin (BTC) ecosystem and Web3 as such. It unlocks attractive investing opportunities for holders of idle BTC in on-chain wallets.
SolvBTC by Solv kicks off on Ethereum, Arbitrum, BNB Chain and Merlin Chain
The team of Solv has announced the release of SolvBTC, the first yield-bearing BTC token for the omnichain landscape. Backed by a diverse delta-neutral portfolio, SolvBTC can provide BTC-based yields of 5-10%.
@LidoFinance popularized Liquid Staking Derivatives (LSDs) for the ETH ecosystem.@SolvProtocol will usher in a new era for Bitcoin with Liquid Strategy Derivatives.
Dive in 🧵 pic.twitter.com/b6HggQni53
— Solv Protocol (@SolvProtocol) March 25, 2024
In an inaugural mainnet release, the token is set to debut on Ethereum, Arbitrum, BNB Chain and Merlin Chain. In the coming months, SolvBTC will subsequently expand to other networks, making it a true omnichain asset.
By integrating with protocols on each blockchain where it is available, SolvBTC will unlock opportunities to earn native yield. As a result, BTC holders will be able to increase the value of their assets.
Developed to address the challenges of billions of dollars in BTC lying idle, SolvBTC provides an incentive for Bitcoiners to participate in DeFi and access its yield generating opportunities.
Technically, SolvBTC is controlled by a secure trading strategy vault, which executes delta-neutral strategies across protocols such as GMX, Curve and Aave.
As covered by U.Today previously, Binance-backed Solv introduced a number of eccentric concepts for Web3, including financial NFTs and convertible vouchers.
Further APR increase is on menu
As SolvBTC expands to new blockchain ecosystems, it will be able to take advantage of opportunities for earning native yield, further boosting the APR available to holders.
To bootstrap initial adoption and accelerate the growth of Bitcoin DeFi, Solv intends to launch a points system that will reward early holders of SolvBTC.
The release of SolvBTC will serve as a catalyst for Bitcoin DeFi, stimulating real yield that will provide greater economic opportunities for BTC holders across the entire omnichain landscape.
Thanks to various initiatives within the Solv ecosystem, liquidity providers earned over $6.7 million in equivalent.