With the continuous development of BTCFi, the full-chain yield protocol Solv Protocol is rapidly rising. In addition to receiving investments from Binance, the TVL has increased by 40% in the past month, making it the 27th largest protocol. Solv Protocol allows users to pledge Bitcoin in exchange for liquidity yield tokens SolvBTC, thereby earning project points. In addition, what other interactive methods are included in the Solv ecosystem?
Solv Protocol is a full-chain yield and liquidity protocol designed to provide one-stop yield services for mainstream assets such as BTC, USDT, etc. Its core product is the liquidity yield token SolvBTC, which allows users to pledge Bitcoin from the following blockchains to exchange for SolvBTC:
Arbitrum: WBTC
Merlin: MBTC
BSC: BTCB
Bitcoin mainnet: By invitation only
Redemption feature is currently not available but is expected to be open later this month. Users who pledge to obtain SolvBTC can earn 4 times XP points per $1 daily, and additionally, participating in their yield market can earn 1 times XP points per $1 daily. The points will be exchanged for their native token $Solv in the future.
Currently, Solv Protocol’s TVL is ranked as the 27th largest protocol according to DeFiLlama, reaching $1.18 billion, with a growth of nearly 40% in the past month. Activities on Merlin (purple in the image below) and BSC (blue in the image below) have dominated this year.
The cornerstone of Solv Protocol’s products is the ERC-3525 semi-fungible token standard, which was approved by the Ethereum Foundation in 2022 to address the shortcomings of traditional ERC-20 and ERC-721 token standards. Through this standard, Solv Protocol will be able to create more complex financial products such as bonds, insurance, etc.
According to Rootdata information, the founders of Solv Protocol have rich experience in their respective fields:
Yan Meng: Former Vice President of CSDN, also an active Crypto KOL.
Will Wang: 20 years of experience in financial IT, leading the design and development of the world’s largest bank accounting system based on open platforms and distributed technologies.
The total funding is over $11 million, with investors including Binance, Blockchain Capital, and IOSG Ventures among other reputable institutions.
According to official information, Solv Protocol has passed contract audits by security companies such as Quanstamp, Certik, SlowMist, Salus, and Secbit. The pledge website ensures user fund security through smart contracts or trusted third-party custody accounts.
Furthermore, Solv has implemented the Solv Guard security mechanism to limit the flow and use of funds, enhance the standardization and transparency of smart contract security controls. Solv Guard has undergone smart contract audits.
Pledging SolvBTC on the official website will allow users to enjoy 10-15% sUSDe income, earn 6 times XP points per $1 daily, and Ethena Sats points. The collaboration with Ethena marks the beginning of SolvBTC as a yield token, with multiple revenue sources expected in the future.
Please note that redemption will be available after the end of the Ethena Season 2 points program (i.e., 9/2 or when the USDe market cap reaches $5 billion, currently at $3.35 billion), and KYC is required for pledging. The steps include email verification, facial recognition, and uploading photos of identification documents, which can be completed within 5-10 minutes.
There are currently 500 BTC pledged to the income treasury on the official website. Using the Binance Wallet to pledge at least 0.0001 $BTCB on the BSC chain completes the task. The event runs until the 17th, with nearly 100,000 participants. A small amount of $BNB is required for Gas.
SolvBTC can interact with DeFi protocols on the BNB Chain, Arbitrum, and Merlin chains to earn additional DeFi yields, and can also cross-chain to other public chains to earn points.
SolvBTC holders can bridge to the Core chain to participate in the ecosystem’s DeFi protocols (such as Colend) and earn a 5 times points reward (Core’s points activity is called Core Ignition Drop, with the first snapshot completed on 5/24).
Bridge links: https://free.tech/ and http://tunnel.free.tech (at least 1 SolvBTC required).
Extension reading:
Building the Bitcoin DeFi ecosystem: What is the Core Network? Token economy, features, comprehensive analysis of pledging
Linea Surge event
OpenBlock LXP-L
Bridge link: https://free.tech/
Please note that bridging from BNB to Linea does not currently allow participation in its ecosystem protocols like Zerolend because the bridged token is SolvBTC.b, but the ecosystem only supports SolvBTC.m (Merlin bridged SolvBTC to Linea), and there is no DEX for swapping.
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