Press Release
Solv Launches Staking Abstraction Layer (SAL) with BNB Chain, Ceffu, and Chainlink, Paving the Way for Mass Adoption of Bitcoin Staking
Solv Protocol collaborates with industry giants to streamline Bitcoin staking across various blockchains.
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Singapore, Singapore, October 8th, 2024 – Solv Protocol, in collaboration with BNB Chain, Ceffu, and Chainlink, is excited to announce the launch of the Staking Abstraction Layer (SAL), a framework designed to simplify and standardize Bitcoin staking across multiple blockchain ecosystems. With the introduction of SAL, Bitcoin holders have the chance to now unlock new yield opportunities without sacrificing liquidity or security. This development introduces a new function for Bitcoin, aiming to facilitate its use in decentralized finance (DeFi) as a potential yield-generating asset.
Solv Protocol’s Role in Bitcoin Staking Solutions
Best known for its flagship product, SolvBTC, Solv Protocol is focused on advancing Bitcoin-related financial solutions. Its “Bitcoin Reserve for Everyone”, SolvBTC, is deployed across 10 different blockchain networks, allowing users the opportunity to stake Bitcoin while maintaining liquidity. Since launch, more than 20,000 BTC has been staked through Solv’s products, bringing the Total Value Locked (TVL) of SolvBTC to approximately $1.3 billion.
With the launch of SAL, Solv is expanding its Bitcoin staking capabilities, aiming to simplify a process that has traditionally been limited by Bitcoin’s design and lack of native staking functionality.
SolvBTC LSTs and Their Role in Bitcoin Staking
Solv has launched three Bitcoin staking products through SolvBTC:
- SolvBTC.BBN: A liquid staking token representing staked Bitcoin on Babylon, enabling BTC holders the chance to earn staking yields. By staking, users contribute to securing PoS chains with Bitcoin’s $1.3 trillion economic security.
- SolvBTC.ENA: A delta-neutral trading strategy that can potentially generate yields through Ethena’s basis-trading, potentially offering returns by hedging Bitcoin’s price volatility.
- SolvBTC.CORE: Focused on providing Bitcoin liquidity to CoreDAO, allowing users to stake BTC to secure the network, receive block rewards, and actively participate in the CoreDAO ecosystem.
These products ensure that Bitcoin holders have the opportunity to earn yield while maintaining liquidity, and now, the SAL Framework ties everything together, enhancing scalability and cross-chain interactions.
The Staking Abstraction Layer (SAL) Framework
The Staking Abstraction Layer (SAL) is a comprehensive framework designed to aggregate and standardize Bitcoin staking across multiple blockchain networks. Key features of SAL include:
- Cross-Chain Compatibility: Integration with EVM-compatible chains, such as BNB Chain, allows for seamless Bitcoin staking across different networks.
- Liquid Staking Tokens (LSTs): SAL supports the issuance of Liquid Staking Tokens that enable users to maintain liquidity while providing the chance to earn staking rewards.
- Security and Custody: With institutional-grade custodians such as Ceffu, SAL ensures that the underlying Bitcoin is secure. Chainlink’s CCIP further enhances this with secure, transparent cross-chain operations.
This new framework aims to solve the key challenges of cross-chain complexity, liquidity limitations, and programmability, providing a standardized solution for Bitcoin staking.
Future Developments and Industry Impact
As Bitcoin Finance (BTCFi) continues to gain traction, Solv’s Staking Abstraction Layer intends to be a key driver in the mass adoption of Bitcoin staking, with more partners and integrations set to follow.
“SAL is designed to solve the pain points that have historically kept Bitcoin staking from taking off,” said Ryan Chow, Co-founder & CEO of Solv Protocol. “What excites us most about SAL is its ability to aggregate all the key players – validators, protocols, LST issuers and yield distributors – under one standardized framework. This opens the doors for innovations and yield opportunities that were previously unimaginable. By unifying the experience across chains and removing barriers, we’re enabling a new era of financial opportunities for Bitcoin holders.”
About Solv Protocol
Solv Protocol is a leading Bitcoin staking platform, utilizing SolvBTC to unlock the full potential of over $1 trillion in Bitcoin assets. By providing a fully transparent Proof-of-Reserve, incorporating diverse reserve assets, and enabling access to Bitcoin Liquid Staking Tokens, Solv offers a comprehensive gateway to BTCFi, paving the way for traditional funds to confidently enter the crypto world.
Solv Protocol is backed by prominent investors such as Binance Labs, Blockchain Capital, Laser Digital, and others. Solv Protocol has undergone extensive security audits by leading firms, including Quantstamp, Certik, SlowMist, Salus, Secbit and Hexagate.
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