Alisa Davidson
Published: November 22, 2024 at 9:09 am Updated: November 22, 2024 at 9:09 am
Edited and fact-checked:
November 22, 2024 at 9:09 am
In Brief
Solv Protocol has partnered with Sonic to integrate Bitcoin into the Sonic network through the Solv Protocol Bitcoin Reserve, marking a step toward unifying Bitcoin liquidity and expanding its use across decentralized ecosystems.
Bitcoin staking platform Solv Protocol partnered with the Layer 1 blockchain Sonic (formerly known as Fantom) to integrate Bitcoin directly into the Sonic network via the Solv Protocol Bitcoin Reserve. This collaboration represents a notable step toward unifying Bitcoin liquidity and expanding its use across decentralized ecosystems.
Sonic is an EVM-compatible blockchain that boasts a high throughput of 10,000 transactions per second (TPS) and transaction finality in just one second. Known for offering developers both infrastructure and strong incentives, it is well-positioned to foster innovation and drive adoption in the Bitcoin-finance (BTC-Fi) space. Its performance and user-focused ecosystem align well with Solv Protocol’s mission to bring speed, scalability, and decentralization to Bitcoin-based decentralized finance (DeFi) applications.
The integration will enable the native minting of SolvBTC and SolvBTC.BBN on Sonic, ensuring users have quick, cost-effective access to Bitcoin-backed assets. SolvBTC and SolvBTC.BBN holders will also be eligible for a share of the approximately 200 million S airdrop, providing an additional incentive for participating in the Sonic ecosystem.
Looking ahead, the partnership will introduce numerous DeFi opportunities on Sonic, such as staking, liquidity pools, and lending markets—all leveraging Bitcoin. The integration also offers Bitcoin yield opportunities, allowing users to earn returns on Bitcoin-based assets within Sonic’s fast and scalable ecosystem.
With Sonic’s infrastructure, SolvBTC’s Bitcoin Reserve becomes even stronger, facilitating cross-chain connectivity for users. As Sonic supports innovation, it will allow developers to create Bitcoin-powered DeFi applications easily. Whether it’s retail users seeking yield or institutions exploring DeFi, Sonic provides a gateway for widespread participation in Bitcoin’s evolving financial ecosystem.
Solv Protocol: What Is It?
Solv Protocol is a prominent Bitcoin staking platform built on the Staking Abstraction Layer (SAL). Through its SolvBTC reserve, which provides broad access to Bitcoin assets, the platform strives to unlock the full potential of over $1 trillion in Bitcoin holdings.
Recently, the platform disclosed the classification of the underlying assets within its SolvBTC reserve. This development is intended to bolster security for users, create yield-generating opportunities, and ensure the continued liquidity of the platform.
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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.
More articles
Alisa Davidson
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.
More articles
