- Solv Protocol has 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 yield.
- cbBTC, backed 1:1 by Coinbase’s BTC holdings, is stay on Ethereum and Base for DeFi integration.
Solv Protocol, supported by Binance Labs, has unveiled its newest innovation within the cryptocurrency house: Bitcoin staking for holders of the newly launched wrapped Bitcoin token, cbBTC, on the Base community.
Solv Protocol x @base
Solv Protocol is happy to boost cbBTC’s utility on Base! With this integration, Bitcoin holders can now simply entry new alternatives in Base’s rising DeFi world. This is a giant step ahead, including much more potentialities for Base as Bitcoin joins… https://t.co/KnZT3lZdiB pic.twitter.com/vYJVmcKszk
— Solv Protocol (@SolvProtocol) September 12, 2024
Coinbase’s cbBTC token permits Bitcoin holders to transform their belongings into this new wrapped token, much like earlier efforts with Wrapped Bitcoin (WBTC).
The conversion course of entails transferring Bitcoin from person accounts to both Base or Ethereum addresses, the place it’s reworked into cbBTC. This token can then be utilized throughout varied DeFi protocols, together with MakerDAO, Aave, and Compound as we had detailed in our earlier information protection.
Earning Bitcoin staking yields on Solv Protocol with cbBTC
Solv Protocol is capitalizing on the newly launched Coinbase cbBTC token, which is backed 1:1 by BTC holdings on Coinbase and is now out there on each Ethereum and the Base layer 2 chain to supply Bitcoin staking by way of the cbBTC token on the Base community.
Solv Protocol allows cbBTC holders to mint SolvBTC, a token designed to boost participation in decentralized finance alternatives. The customers can then convert SolvBTC into SolvBTC.BBN, a liquid staking token that gives further Bitcoin staking yields.
Solv Protocol’s newest providing provides to the rising array of platforms offering liquid staking or restaking alternatives for Bitcoin, alongside different providers like Lombard Finance, Swell, and AcreBTC.
