- Colin Wu has highlighted the impressive growth of SolvBTC.
- SolvBTC has attracted more than 12,000 BTC in Arbitrum, BNB Chain, and Merlin Chain.
- Solv Protocol partnered with Babylon to bridge native restaking yields on SolvBTC.
Foremost Chinese blockchain and crypto reporter Colin Wu has highlighted the impressive growth of SolvBTC, a Bitcoin-based cryptocurrency protocol. In a recent post on X, Wu described SolvBTC as a Bitcoin ecosystem liquidity center invested by Binance.
Citing the protocol’s growth and development, Wu noted that SolvBTC has attracted more than 12,000 BTC in Arbitrum, BNB Chain, and Merlin Chain. According to the renowned journalist, with a total value locked (TVL) of more than $800 million, Solv has signified its intention to connect to more BTC income sources soon.
Wu spotted Babylon’s restaking income as one of the BTC income sources identified by Solv for potential integration. He noted that the number of networks supporting SolvBTC bridging is increasing, citing networks like zkSync and Linea.
Wu’s report comes after Solv Protocol announced a recent partnership with Babylon. In a post on X, the liquidity center noted that connecting with Babylon will enable it to bridge native BTC restaking yields on SolvBTC.
According to the protocol, integrating with Babylon will enable SolvBTC to support the security of Proof-of-Stake (PoS) chains, roll-ups, and Active Validated Services (AVS). It will also help to unlock the use cases for the considerable idle liquidity of Bitcoin.
In a Medium post, Solv Protocol noted that as a native yield platform, Solv utilizes SolvBTC to establish an inclusive and dynamic BTCFi ecosystem. It further highlighted that Solv would serve as a yield tokenization layer by tokenizing staking, restaking, and DeFi trading yields into SolvBTC. Furthermore, the protocol noted that the integration with Babylon would bring Bitcoin’s liquidity into various DeFi protocols, sparking the growth of a thriving BTCFi economy.
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