Solv Protocol Brings Bitcoin Staking to Base with New Liquid Staking Options, Expanding Bitcoin’s Role in the Onchain Economy

New York, September 12, 2024 – Solv Protocol, a leading Bitcoin staking platform, has announced Bitcoin staking for cbBTC holders on Base, an Ethereum Layer 2 offering secure, low-cost, and builder-friendly onchain development. 

With the launch of cbBTC, a wrapped Bitcoin asset by Base, Solv Protocol allows cbBTC tokens to be minted into SolvBTC, which can further be converted into SolvBTC.BBN —a liquid staking token that broadens the Bitcoin DeFi landscape on Base.

Base, committed to building a more accessible and decentralized onchain economy, welcomes this integration as it allows Bitcoin holders to leverage their assets more effectively in DeFi. 

Through Solv Protocol’s integration, Bitcoin holders with cbBTC can mint SolvBTC and then convert it to SolvBTC.BBN. This integration enables Bitcoin holders to leverage their assets more effectively, unlocking seamless staking opportunities within the decentralized finance ecosystem.

“Integrating cbBTC as a reserve asset is a significant step towards unifying Bitcoin liquidity and making the Bitcoin DeFi experience more accessible to users,” said Ryan Chow, Co-founder of Solv Protocol. “This launch is perfectly aligned with Solv’s mission to expand the utility of Bitcoin within decentralized finance, providing more opportunities for yield and liquidity to Bitcoin holders.”

The introduction of cbBTC and Solv Protocol’s Bitcoin staking options marks a crucial step in the onchain economy. Base’s infrastructure supports builders and creators worldwide by offering scalable solutions for diverse use cases. Solv Protocol, in turn, enhances the Bitcoin DeFi landscape by providing transparent and secure staking options, making DeFi more accessible to a broader range of users.

Base and Solv Protocol are building bridges for a decentralized future where anyone, anywhere, can participate in the onchain economy. This collaboration highlights innovation possibilities when builders come together to create new financial opportunities.

For more details on the integration and future updates, please visit Solv Protocol’s official website.

About Solv Protocol

Solv Protocol is a leading Bitcoin staking platform designed to unlock the full potential of Bitcoin assets in decentralized finance. By offering SolvBTC, a liquid staking token backed by a diverse range of reserve assets, Solv Protocol provides a transparent and secure gateway to BTCFi (Bitcoin Decentralized Finance), enabling both traditional and digital-native investors to explore the benefits of onchain financial services.

About Base
Base is an Ethereum Layer 2 (L2) offering a secure, low-cost, and builder-friendly way for anyone, anywhere, to build onchain. With a mission to build a global onchain economy that increases innovation, creativity, and freedom, Base is committed to shaping a more decentralized future.