With the continuous development of BTCFi, the full-chain revenue protocol Solv Protocol is rapidly rising, not only receiving investment from Binance, but also increasing TVL by 40% in the past month, currently ranking as the 27th largest protocol. Solv Protocol allows users to pledge Bitcoin to 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 revenue and liquidity protocol designed to provide one-stop revenue services for mainstream assets such as BTC, USDT, etc. Its core product is the liquidity revenue token SolvBTC, which users can pledge Bitcoin from the following public chains to exchange for SolvBTC: Arbitrum: WBTC, Merlin: MBTC, BSC: BTCB, Bitcoin mainnet: by invitation only. Redemption function is currently not available, but expected to be launched this month. Users who pledge and obtain SolvBTC can earn 4 times XP points per $1 daily, and also earn 1 times XP points per $1 daily by participating in their revenue market. Points will be exchanged for their native token $Solv in the future.
Solv Protocol’s TVL is already the 27th largest protocol according to DeFiLlama statistics, reaching $1.18 billion, 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, who served as Deputy General Manager of CSDN and is also an active Crypto KOL, and Will Wang, who has been working in the financial IT field for 20 years and has designed and developed the world’s largest bank accounting system based on open platforms and distributed technology. Total funding exceeds $11 million, with investors including Binance, Blockchain Capital, and IOSG Ventures, among other well-known institutions.
According to official information, Solv Protocol has passed contract audits by many security companies such as Quanstamp, Certik, SlowMist, Salus, and Secbit. The pledging website also states that it manages funds through smart contracts or trusted third-party custodial accounts to ensure the security of user funds. Additionally, Solv has implemented Solv Guard security mechanism to restrict the movement and use of funds, and 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. This collaboration marks the beginning of SolvBTC as a revenue token, with multiple revenue sources expected to be introduced in the future. Redemption will be available after the end of the second season of the Ethena points program (on 9/2 or when the USDe market value 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 such as ID cards, passports, and driver’s licenses, which can be completed within 5-10 minutes. As per the latest announcement, 500 BTC have already been pledged to the revenue pool.
By pledging at least 0.0001 $BTCB on the BSC chain using the Binance wallet, users can complete the task, with the activity running until the 17th. The current number of participants is close to 100,000. A small amount of $BNB is required for gas.
SolvBTC can interact with DeFi protocols on the BNB Chain, Arbitrum, and Merilin chains to earn additional DeFi income, and can also cross-chain to other public chains to earn points. SolvBTC holders can bridge to the Core chain to participate in the DeFi protocol ecosystem (such as Colend), earning 5 times point rewards (Core’s point activity is called Core Ignition Drop, with the first snapshot completed on 5/24, and no rollover is currently in progress).
Bridge: https://free.tech/, http://tunnel.free.tech (requires at least 1 SolvBTC). Note: A small amount of $Core is required as gas on the Core chain.
For more information, readers can refer to the official documentation and the post below, but it should be noted that those marked as “upcoming” do not support it at the moment.
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