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Solv Protocol launches first omnichain yield-bearing token for BTC

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  • SolvBTC will catalyse additional development for the burgeoning Bitcoin DeFi ecosystem, Solv mentioned in a press launch.
  • Preliminary launch might be throughout Ethereum, Arbitrum, BNB Chain and Merlin Chain.

Solv, an on-chain fund platform that provides native yield methods throughout the blockchain ecosystem, has launched the primary yield-bearing BTC token.

SolvBTC is an omnichain yield-bearing token that advantages from a various delta-neutral portfolio and can present BTC-based yield of between 5-10%.

Solv, which gives asset-yield for over 35,000 DeFi customers, shared the information in a press launch shared with CoinJournal on Tuesday.

SolvBTC to spice up Bitcoin DeFi ecosystem

The brand new BTC-based token gives each publicity to Bitcoin in addition to the advantages of holding a yield-bearing asset.

How does this work?

In response to Solv, the omnichain token faucets right into a safe Buying and selling Technique Vault, with delta-neutral methods executed throughout high DeFi protocols like GMX, Curve, and Aave.

SolvBTC integrates into DeFi protocols to permit for the creation of recent distinctive merchandise round it, with extra upside for yield attainable.

The workforce at Solv believes SolvBTC will assist rework the Bitcoin ecosystem. Particularly, itโ€™s now attainable for BTC value billions of {dollars} to discover alternatives within the DeFi area.

SolvBTC will initially go stay on Ethereum, Arbitrum, BNB Chain, and Merlin Chain.

Future expansions are focused throughout the blockchain ecosystem because the protocol seems to be to unlock earn alternatives for native yield for extra customers.ย Solv says its customers have earned greater than $6.7 million in actual yield to this point.

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As a part of its plans to spice up adoption and broaden Bitcoin DeFi, Solv will launch a rewards system the place early SolvBTC customers earn factors.

Solv, which can be backed by Binance Labs, raised $6 million in a funding spherical led by Nomura in August final yr.

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