Binance-backed Solv Protocol introduces Bitcoin staking on Base with cbBTC token

• Solv Protocol has launched Bitcoin staking for cbBTC holders on the Base network.
• cbBTC holders on the Solv protocol can mint SolvBTC and convert it to SolvBTC.BBN for Bitcoin staking yield.
• cbBTC, backed 1:1 by Coinbase’s BTC holdings, is live on Ethereum and Base for DeFi integration.

Solv Protocol, supported by Binance Labs, has unveiled its latest innovation in the cryptocurrency space: Bitcoin staking for holders of the newly launched wrapped Bitcoin token, cbBTC, on the Base network.

Solv Protocol x @base

Solv Protocol is excited to enhance cbBTC’s utility on Base! With this integration, Bitcoin holders can now easily access new opportunities in Base’s growing DeFi world. This is a big step forward, adding even more possibilities for Base as Bitcoin joins… https://t.co/KnZT3lZdiB pic.twitter.com/vYJVmcKszk

— Solv Protocol (@SolvProtocol) September 12, 2024

Coinbase’s cbBTC token allows Bitcoin holders to convert their assets into this new wrapped token, similar to previous efforts with Wrapped Bitcoin (WBTC).

The conversion process involves transferring Bitcoin from user accounts to either Base or Ethereum addresses, where it is transformed into cbBTC. This token can then be utilized across various DeFi protocols, including MakerDAO, Aave, and Compound as we had detailed in our earlier news coverage.

Earning Bitcoin staking yields on Solv Protocol with cbBTC

Solv Protocol is capitalizing on the newly launched Coinbase cbBTC token, which is backed 1:1 by BTC holdings on Coinbase and is now available on both Ethereum and the Base layer 2 chain to offer Bitcoin staking through the cbBTC token on the Base network.

Solv Protocol enables cbBTC holders to mint SolvBTC, a token designed to enhance participation in decentralized finance opportunities. The users can then convert SolvBTC into SolvBTC.BBN, a liquid staking token that provides additional Bitcoin staking yields.

Solv Protocol’s latest offering adds to the growing array of platforms providing liquid staking or restaking opportunities for Bitcoin, alongside other services like Lombard Finance, Swell, and AcreBTC.