- The 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 reside on Ethereum and Base for DeFi integration.
Resolve Protocol, backed by Binance Labs, has unveiled its newest innovation within the cryptocurrency area: Bitcoin staking for holders The recently launched Wrapped Bitcoin token, cbBTCon the bottom community.
Solv Protocol x @Base
Resolve Protocol is worked up to broaden the utility of cbBTC on Base! With this integration, Bitcoin holders can now simply entry new alternatives within the rising DeFi world of Base. It is a enormous step, including much more potentialities to Base because it connects with Bitcoin… https://t.co/KnZT3lZdiB pic.twitter.com/vYJVmcKszk
— Solv Protocol (@SolvProtocol) September 12, 2024
Coinbase’s cbBTC token permits Bitcoin holders to transform their property into this new Wrapped Token, much like earlier efforts with Wrapped Bitcoin (WBTC).
The conversion course of includes transferring Bitcoin from person accounts to a Base or Ethereum tackle, the place it’s transformed into cbBTC. This token can be utilized in varied DeFi protocols, together with MakerDAO, Aave, and Compound, as we detailed in our earlier information protection.
Incomes Bitcoin Staking Yield on the Solv Protocol with cbBTC
The Solv Protocol is leveraging the newly launched Coinbase cbBTC token, which is backed 1:1 by BTC holdings on Coinbase and is now accessible on each Ethereum and Base Layer 2 chains, to supply Bitcoin staking through the cbBTC token on the Base community.
The Solv protocol permits cbBTC holders to mint SolvBTC, a token designed to extend participation in decentralized finance alternatives. Customers can then convert SolvBTC into SolvBTC.BBN, a liquid staking token that gives further bitcoin staking yield.
Solv Protocol’s newest providing joins the rising array of platforms offering liquid staking or restaking alternatives for Bitcoin, alongside different companies resembling Lombard Finance, Swell, and AkerBTC.
