Solv Protocol simplifies Bitcoin staking, providing a universal Bitcoin token (SolvBTC) that works across various chains. Plus, with SolvBTC LSTs, it boosts the usefulness of BTC even more. The native utility token, SOLV, is used for governance and staking, and it also gives holders discounts on fees.
Learn more about SolvBTC
Bitcoin (BTC) holds the title of the largest cryptocurrency by market cap, boasting over 50% market dominance. While it’s often seen as a store of value, it doesn’t have as many practical uses compared to its main rival, Ether (ETH), which serves as the gas token for various Layer 2 solutions, liquid staking, restaking, and more.
Solv Protocol is on a mission to change this narrative by introducing several innovative solutions that create yield opportunities for Bitcoin and its holders. With a user base exceeding 597,000 and a Bitcoin reserve of over 25,000 BTC, Solv is redefining Bitcoin’s role beyond just being a store of value, enhancing its utility in DeFi and other areas.
Solv aims to establish itself as the on-chain Bitcoin Reserve, focusing on unlocking the potential of dormant Bitcoin assets by providing utility for BTC staked with Solv. As the on-chain Bitcoin Reserve, SolvBTC features a fully transparent Proof-of-Reserves system, allowing users to confirm that each SolvBTC token is backed 1:1 by either Bitcoin or a verified wrapped Bitcoin asset. This creates a solid and trustworthy ecosystem for Bitcoin’s utility.
Conclusion
Bitcoin has become one of the hottest assets out there, but it still has some limitations due to its original setup. That said, innovations like wrapped Bitcoin for better DeFi use, new token standards such as Ordinals and BRC-20, plus Bitcoin Layer 2 networks and sidechains have really boosted the functionality of BTC and the Bitcoin network.
Solv Protocol is taking things up a notch by expanding passive income options with Bitcoin. They’re introducing a universal standard for wrapped Bitcoin, making cross-chain interactions smoother and bringing them closer to their goal of being “the on-chain MicroStrategy.”
Just a heads up, this article is meant for informational purposes only and shouldn’t be seen as investment or financial advice. Always do your own research before putting any money into any protocol.