In Transient
Solv Protocol, in collaboration with Zeus Community and Fragmetric, has launched FragBTC to allow Bitcoin holders on Solana to take part in DeFi.
On-chain Bitcoin reserve and staking platform, Solv Protocol introduced that it has launched FragBTC, the primary Solana-native, yield-generating Bitcoin answer. This improvement, in collaboration with the multi-chain layer Zeus Network and the liquid restaking protocol Fragmetric, goals to allow Bitcoin holders on Solana to take part in decentralized finance (DeFi).
The yield for FragBTC is pushed by SolvBTC.JUP, a Solv Bitcoin yield technique that generates Bitcoin-denominated returns from JLP on Jupiter Trade. This strategy reduces market fluctuation dangers related to centralized exchanges (CEXs), providing risk-adjusted returns tailor-made to the various danger profiles of Bitcoin holders. Moreover, Solv Protocol has turn out to be the primary Institutional Guardian for Zeus Community, serving to to deliver native Bitcoin to Solana, with different guardians reminiscent of Mechanism Capital, Animoca Ventures, and Anagram additionally concerned within the initiative.
Ryan Chow, CEO and co-founder of Solv Protocol, defined that Bitcoin yields have traditionally been restricted and dispersed throughout centralized finance (CeFi) platforms, with little or no availability in DeFi.
“That’s why bringing Solana-native, actual Bitcoin yield to Solana is a big milestone for us, powered by our SolvBTC.JUP because the underlying yield engine,” mentioned Ryan Chow in a written assertion. “With Solana being one of the vibrant and composable DeFi ecosystems, we’re excited to contribute to its progress and unlock new yield alternatives for Bitcoin holders,” he added.
The fragmented nature of the BTCFi panorama has made it difficult for customers to entry constant and dependable Bitcoin yield, as famous by Sang Kim, COO of Fragmetric Labs.
“Solv Protocol addressed BTC fragmentation by making a unified answer for actual, sustainable BTC yield,” mentioned Sang Kim in a written assertion. “We’re proud to accomplice with Solv Protocol to deliver this unified yield on to the Solana ecosystem and lead the cost in unlocking Bitcoin’s true worth,” he added.
Bringing Bitcoin To Solana With Enhanced Safety For Protocol And Customers
Bringing Bitcoin to high-performance chains like Solana has historically trusted centralized custodians or cross-chain wrappers, which might current safety dangers and inconsistent requirements for customers. These strategies typically lack transparency and verifiability, creating belief points and hindering institutional adoption of Bitcoin in decentralized finance (DeFi).
Due to this fact, introducing Bitcoin into the Solana ecosystem in a local and standardized method will enhance safety for each the protocol and its customers, in accordance with Justin Wang, the founding father of Zeus Community.
“On Solana, each incoming Bitcoin transaction will be verified, validated, and locked by the blockchain itself,” mentioned Justin Wang in a written assertion. “Due to this fact, the design of an institutional guardian will likely be a vital part for enabling future institutional Bitcoin liquidity to circulation into Solana by way of Zeus Community,” he added.
Solv Protocol, an on-chain Bitcoin reserve bridging conventional finance (TradFi), centralized finance (CeFi), and DeFi, goals to unlock the total potential of over $1 trillion in Bitcoin property via its SolvBTC platform. By introducing SolvBTC.LSTs (Liquid Staking Tokens), Solv permits each retail and institutional traders to generate returns on their Bitcoin, remodeling it from a dormant asset into one which produces yield.
Not too long ago, Solv Protocol secured $10 million in funding for its Bitcoin reserve initiative, transferring it nearer to its purpose of making a $100M on-chain Bitcoin reserve.
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About The Writer
Alisa, a devoted journalist on the MPost, focuses on cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a eager eye for rising developments and applied sciences, she delivers complete protection to tell and interact readers within the ever-evolving panorama of digital finance.
Alisa Davidson
Alisa, a devoted journalist on the MPost, focuses on cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a eager eye for rising developments and applied sciences, she delivers complete protection to tell and interact readers within the ever-evolving panorama of digital finance.
