- Solv Protocol has introduced Bitcoin staking for cbBTC token holders on the Base network.
- Holders of cbBTC can mint SolvBTC and convert it to SolvBTC.BBN, unlocking Bitcoin staking rewards.
- cbBTC, which is 1:1 backed by Coinbase’s Bitcoin reserves, is now live on both Ethereum and Base for seamless DeFi integration.
In a significant advancement within the cryptocurrency realm, Solv Protocol, backed by Binance Labs, has released a new feature allowing Bitcoin staking for cbBTC holders on the Base network.
Solv Protocol x @base
We are thrilled to expand cbBTC’s functionality on Base! This integration enables Bitcoin holders to explore new avenues in Base’s burgeoning DeFi landscape. A pivotal moment as Bitcoin enters…
— Solv Protocol (@SolvProtocol) September 12, 2024
Coinbase’s cbBTC token facilitates the conversion of Bitcoin into this newly minted wrapped token, similar to Wrapped Bitcoin (WBTC) initiatives.
To convert their Bitcoin, users transfer it to either Base or Ethereum addresses, where it is transformed into cbBTC. This token can then be utilized across various DeFi platforms, such as MakerDAO, Aave, and Compound, as highlighted in previous reports.
Earning Bitcoin Staking Yields through Solv Protocol with cbBTC
Solv Protocol is leveraging the newly launched cbBTC token, which is fully backed by Bitcoin reserves held by Coinbase and is accessible on both Ethereum and Base networks, to provide Bitcoin staking opportunities.
Using cbBTC for Staking
With Solv Protocol, cbBTC holders can mint SolvBTC—a token aimed at enhancing participation in decentralized finance. Users can further convert SolvBTC into SolvBTC.BBN, a liquid staking token that generates additional Bitcoin staking yields.
Expanding Opportunities in Bitcoin Staking
This latest development from Solv Protocol contributes to the expanding options for liquid staking and restaking of Bitcoin, alongside other platforms such as Lombard Finance, Swell, and AcreBTC.
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