- Solv Protocol has introduced Bitcoin staking for cbBTC holders on the Base network.
- cbBTC holders using the Solv protocol can mint SolvBTC and convert it to SolvBTC.BBN for earning Bitcoin staking rewards.
- cbBTC, which is backed 1:1 by Coinbase’s BTC reserves, is available on Ethereum and Base for DeFi integration.
Supported by Binance Labs, Solv Protocol has released its latest innovation in the cryptocurrency arena: Bitcoin staking for holders of the newly introduced wrapped Bitcoin token, cbBTC, on the Base network.
Solv Protocol x @base
Solv Protocol is thrilled to enhance cbBTC’s functionality on Base! With this integration, Bitcoin holders can now conveniently explore new opportunities in Base’s expanding DeFi landscape. This marks a significant advancement, increasing the potential for Base as Bitcoin joins… https://t.co/KnZT3lZdiB pic.twitter.com/vYJVmcKszk
— Solv Protocol (@SolvProtocol) September 12, 2024
Coinbase’s cbBTC token empowers Bitcoin holders to swap their assets for this new wrapped token, analogous to earlier initiatives with Wrapped Bitcoin (WBTC).
The conversion process consists of sending Bitcoin from user wallets to either Base or Ethereum addresses, where it undergoes transformation into cbBTC. This token can subsequently be utilized across an array of DeFi platforms, such as MakerDAO, Aave, and Compound, as detailed in our previous reporting.
Generating Bitcoin staking yields on Solv Protocol using cbBTC
Solv Protocol is seizing the opportunity presented by the newly released Coinbase cbBTC token, which is backed 1:1 by BTC reserves on Coinbase and is now accessible on both Ethereum and the Base layer 2 network, enabling Bitcoin staking via the cbBTC token on the Base network.
With Solv Protocol, cbBTC holders can mint SolvBTC, a token aimed at enhancing involvement in decentralized finance opportunities. Users can then convert SolvBTC into SolvBTC.BBN, a liquid staking token that yields additional Bitcoin staking rewards.
Solv Protocol’s new offering contributes to the increasing number of platforms that provide liquid staking or restaking opportunities for Bitcoin, joining services such as Lombard Finance, Swell, and AcreBTC.
