Binance Labs-backed Solv Protocol brings Bitcoin staking to Base through the newly launched Coinbase-wrapped Bitcoin token, cbBTC.
On September 12, Coinbase revealed that its cbBTC token was now stay on Ethereum (ETH) and the layer 2 chain Base. Solv Protocol shared information concerning the launch of Bitcoin (BTC) staking on Base through a press launch shared with cypto.information.
The platform says the disclosing of the cbBTC token, which is backed 1:1 by BTC holdings on Coinbase, supplies a brand new alternative for customers on Base to leverage their bitcoin within the decentralized finance market.
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cbBTC holders will mint SolvBTC to take part in DeFi
Underneath the Solv Protocol, cbBTC holders can reap the benefits of DeFi alternatives by mining SolvBTC. Particularly, customers can enhance their participation out there by changing SolvBTC into SolvBTC.BBN, a liquid staking token that gives entry to additional Bitcoin staking proceeds.
Integrating cbBTC as a reserve asset is a crucial step towards unifying Bitcoin liquidity and making the Bitcoin DeFi expertise extra accessible to customers.
Ryan Chow, co-founder of Solv Protocol.
Coinbase’s launch of cbBTC will enable BTC holders to transform property to the brand new wrapped token, simply as BTC holders have completed with wrapped Bitcoin (WBTC).
For cbBTC, the method entails transferring Bitcoin from person accounts to Base or Ethereum addresses. The BTC converts to cbBTC and can be utilized through DeFi protocols corresponding to MakerDAO (MKR), Aave (AAVE), and Compound (COMP).
Solv Protocol is contributing to this rising market with its liquid staking token, SolvBTC.
Different platforms providing liquid staking or redraw capabilities to the Bitcoin neighborhood embrace Lombard Finance, Swell, and AcreBTC.
Learn extra: Solv Protocol attracts over 12,000 BTC investments and integrates the Babylon partnership