Binance-based solv protocol introduces Bitcoin-Staking on base with CBBTC token

• Solv Protocol has introduced Bitcoin staking for CBBTC owners in the base network.
• CBBTC owner in the SOLV protocol can shape SolvBTC and convert it into Solvbtc.bbn to achieve a Bitcoin staking yield.
• CBBTC, 1: 1 covered by the BTC stocks of Coinbase, is live on Ethereum and Base for Defi integration.

Solv Protocol, supported by Binance Labs, presented his latest innovation in the field of cryptocurrencies: Bitcoin staking for the owner of the newly introduced wrapped Bitcoin token CBBTC in Base network.

solv protocol x @Base

Solv Protocol is pleased to improve the benefits of CBBTC on Base! With this integration, Bitcoin owners can now easily access new possibilities in the growing Defi world of Base. This is a big step forward and offers Base even more options, since Bitcoin is accessible ... https://t.co/knzt3lzdib pic.twitter.com/vyjvmckszk

-Solv protocol (@Solvprotocol) 12. September 2024

With the CBBTC token from Coinbase, Bitcoin owners can convert their assets into these new wrapped tokens, similar to the previous attempts with Wrapped Bitcoin (WBTC).

The conversion process includes the transmission of Bitcoin of user accounts to base or Ethereum addresses, where it is converted into CBBTC. This token can then be used in various defi protocols, including Makerdao, Aave and Compound, as we have described in detail in our previous reporting.

with CBBTC Bitcoin staking returns on the Solv protocol

SOLV Protocol uses the newly introduced Coinbase CBBTC token, which is covered 1-1 by BTC stocks on Coinbase and is now available both on Ethereum and on the Base layer 2 chain to offer Bitcoin-Staking via the CBBTC token in the base network.

The SOLV protocol enables CBBTC owners to shape SolvBTC, a token that is intended to improve participation in decentralized financing options. The users can then convert solvbtc into Solvbtc.bbn, a liquid staking token that offers additional Bitcoin staking returns.

The latest offer from Solv Protocol complements the growing range of platforms, which, among other services such as Lombard Finance, Swell and Acrebtc, offer liquid-staking or residual option for Bitcoin.