Solv Protocol's New Layer Simplifies Bitcoin Staking, Attracts $1.44B
Solv Protocol, launched in April, has seen remarkable growth, with over 20,000 BTC staked, including 13,000 from BNB Chain. This success comes as Bitcoin's market capitalization stands at around $1.2 trillion, indicating substantial potential for staking. Now, the team behind Solv Protocol has introduced the Staking Abstraction Layer (SAL) to simplify and standardize Bitcoin staking.
SAL offers users three strategies to earn additional income from Bitcoin staking: SolvBTC.BBN, SolvBTC.Core, and SolvBTC.Ethena. This framework aims to make the staking process more accessible and efficient. Meanwhile, RedStone, an oracle provider, launched a tool for liquid Bitcoin staking in October 2024. The total value of assets locked in Solv Protocol is currently $1.44 billion, as per DeFi Llama. Key partners involved in SAL's implementation include BNB Chain, Ceffu, and Chainlink.
The launch of SAL by the Solv Protocol team, led by founder Ryan Chow, signals a significant step forward in Bitcoin staking. With simplified and standardized processes, more users can now participate and benefit from staking, further boosting the potential of this growing market.
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