Solv Protocol, a Bitcoin staking platform, has made headlines by generating $1.48 million in protocol fees in the past 24 hours, according to data from DefiLlama.
This achievement has placed Solv in 6th position on DefiLlama’s ranking, surpassing notable platforms like Solana, which generated $1.24 million, and Uniswap, which recorded $1.15 million in fees.
In addition, Solv’s total value locked (TVL) has reached a staggering $1.4 billion, making it the leading protocol within the BTCFI ecosystem.
Solv Protocol’s Bitcoin Staking Ecosystem
Through its decentralised platform or the Decentralised Bitcoin Reserve, Solv Protocol aims to assist Bitcoin holders in generating yield. To gain points and incentives, users can contribute to the ecosystem by staking their Bitcoin (via SolvBTC).
This will be offering liquidity, and taking part in other activities. With this engagement approach, owners of Bitcoin can take advantage of DeFi chances and utilise their assets.
Solv Protocol has also expanded its reach by announcing Bitcoin staking for cbBTC holders on Base, Ethereum’s Layer 2 solution. This recent development allows users to mint cbBTC (a wrapped Bitcoin asset on Base) into SolvBTC, which can then be converted into SolvBTC. BBN is a liquid staking token that further enhances the Bitcoin DeFi landscape on Base.
Strong Backing for the Solv Protocol
Several significant investors, including Binance Labs, Blockchain Capital, and Laser Digital, support Solv Protocol. Leading companies such as Quantstamp, Certik, SlowMist, Salus, and Secbit have conducted several security audits on the platform, guaranteeing its stability and security within the decentralised finance ecosystem.
Solv Protocol has gained prominence as a major participant in the Bitcoin and DeFi industries thanks to its unique staking options, solid support, and secure foundation.
To investigate the advantages of on-chain financial services, both conventional and digitally native investors can use Solv Protocol’s transparent and secure gateway to BTCFi (Bitcoin Decentralised Finance).