The Solv protocol supported by Binance introduces Bitcoin staking on the cbBTC token
Solv protocol has started Bitcoin staking for cbBTC holders on the Base network. cbBTC holders on the Solv protocol can generate SolvBTC and convert it to SolvBTC.BBN for Bitcoin stock production. cbBTC, backed 1:1 by Coinbase's BTC holdings, is available on Ethereum and Base for DeFi integration.
Solv Protocol, backed by Binance Labs, has unveiled its latest innovation in the cryptocurrency space: Bitcoin staking of the newly launched sealed Bitcoin token, cbBTC, on the Base network.
Solv protocol x @base
Solv Protocol is excited to improve the cbBTC-based service! With this integration, Bitcoin owners can now easily access new opportunities in the ever-growing world of DeFi. This is a big step, adding more opportunities to Base when Bitcoin joins… pic.twitter.com/vYJVmcKszk
— Solv Protocol (@SolvProtocol) September 12, 2024
Coinbase's cbBTC token allows Bitcoin holders to convert their holdings into this new wrapped token, similar to previous Wrapped Bitcoin (WBTC) efforts.
The conversion process involves transferring Bitcoin from user accounts to Base or Ethereum addresses, which are converted to cbBTC. This token can be used in a variety of DeFi protocols, including MakerDAO, Aave, and Compound, as we detailed in our previous newsletter.
Earning Bitcoin stock profit on CbBTC Solv protocol
The Solv protocol is backed by 1:1 BTC holdings on Coinbase and is now capitalizing on Coinbase's new cbBTC token to offer Bitcoin staking on both Ethereum and the Base Layer 2 chain via the cbBTC token on the Base network.
Solv Protocol allows cbBTC holders to issue SolvBTC, a token designed to increase participation in decentralized finance opportunities. The users can convert SolvBTC to SolvBTC.BBN, a liquid staking token that offers more shares of Bitcoin.
The latest offering of the Solov protocol adds to platforms such as Lombard Finance, Swell, and AcrebitC, which offer liquidity crunching or re-creating opportunities for Bitcoin.
