- Solv Protocol launched Bitcoin staking for cbBTC holders on the Base community.
- cbBTC holders on the Solv protocol can mint SolvBTC and convert it to SolvBTC.BBN for bitcoin staking income.
- Backed 1:1 BTC by Coinbase holdings, cbBTC is energetic on Ethereum and Base for DeFi integration.
Solv Protocol, backed by Binance Labs, has unveiled its newest cryptocurrency innovation: Bitcoin staking for holders of the newly launched wrapped Bitcoin token, cbBTC, on the Base community.
Remedy Protocol x @base
Solv Protocol is happy to enhance the cbBTC utility on Base! With this integration, Bitcoin holders can now simply entry new alternatives in Base's rising DeFi world. It is a large step ahead and provides much more choices for Base when Bitcoin joins… https://t.co/KnZT3lZdiB pic.twitter.com/vYJVmcKszk
— Solv Protocol (@SolvProtocol) September 12, 2024
Coinbase's cbBTC token permits Bitcoin holders to switch their belongings to this new wrapped token, much like earlier efforts with Wrapped Bitcoin (WBTC).
The switch course of includes transferring Bitcoin from person accounts to a Base or Ethereum tackle the place it’s transformed to cbBTC. This token can then be used throughout numerous DeFi protocols, together with MakerDAO, Aave and Compound, as detailed in our earlier protection.
Incomes Bitcoin Stake Returns on Solv Protocol with cbBTC
Solv Protocol advantages from Coinbase's newly launched cbBTC token, which is backed 1:1 by BTC holdings on Coinbase and is now accessible on each the Ethereum and Base Layer 2 chains to supply Bitcoin by way of the cbBTC token on the Base community.
The Solv Protocol permits cbBTC holders to mint SolvBTC, a token designed to extend participation in decentralized monetary alternatives. Customers can then convert SolvBTC to SolvBTC.BBN, a liquid staking token that gives further returns from bitcoin staking.
Solv Protocol's newest providing provides to the rising spectrum of platforms offering liquid betting or re-betting alternatives for Bitcoin, together with different providers resembling Lombard Finance, Swell and AcreBTC.
