Solv Protocol And Babylon Team Up for SolvBTC.BBN Launch, Over 500 BTC Raised In 14 Hours
In Brief
Solv Protocol announced the introduction of SolvBTC.BBN, an LST designed for Bitcoin, in anticipation of the Babylon mainnet launch.
Unified Bitcoin liquidity layer Solv Protocol announced the introduction of SolvBTC.BBN, a Liquid Staking Token (LST) designed for Bitcoin, in anticipation of the Babylon mainnet launch.
Babylon serves as a protocol that enables Bitcoin staking, facilitating BTC holders to contribute more than $1.3 trillion of economic security to other networks for a staking yield in return.
SolvBTC.BBN functions as a LST designed to integrate with diverse, decentralized finance (DeFi) protocols, providing extensive flexibility and accessibility within the BTCFi ecosystem. It allows individuals to earn staking rewards by contributing to Bitcoin’s economic security while also allowing the flexibility to utilize this token across various DeFi applications for additional rewards. Its primary advantages include integration with decentralized exchanges (DEXs), lending protocols, and yield-trading platforms.
Now, Bitcoin holders across various blockchains can conveniently access Babylon’s staking rewards, bypassing high gas fees and extended block production times associated with the Bitcoin mainnet. This includes BTC holders on Bitcoin Mainnet, FBTC and WBTC users on Ethereum, BTCB users on BNB Chain, WBTC users on Arbitrum, and M-BTC users on Merlin Chain.
Additionally, Bitcoin holders have the opportunity to stake their BTC to contribute economic security to other networks, potentially earning staking rewards.
Solv Protocol To Maintain Solv Points Offer For Additional Ten Days
At launch, SolvBTC Babylon has an initial capitalization of 400 SolvBTC, which will gradually increase. Early stakers are incentivized with special Solv Points rewards: the first 100 SolvBTC offer a 20 XP or 2x multiplier, the next 150 SolvBTC offer 15 XP or a 1.5x multiplier, and the remaining 150 SolvBTC offer a 1.2x multiplier.
Early participation in Babylon‘s staking ecosystem through Solv Protocol has proven highly successful, reaching the 500 SolvBTC capitalization within a mere 14 hours. As a result, Solv Protocol plans to maintain the 20XP/$1 Solv Points offer for an additional ten days.
Solv Protocol is a decentralized liquidity infrastructure designed for ERC-3525 Semi-Fungible Tokens (SFTs). It facilitates connections between on-chain entities and individual as well as institutional investors within a liquidity network. Additionally, it provides solutions, including delta-neutral strategies, yield enhancement, and structured products.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
