Solv Protocol Introduces Bitcoin Staking for cbBTC on Base

Solv Protocol Introduces Bitcoin Staking via cbBTC on Base

Binance Labs-backed Solv Protocol has launched Bitcoin staking on Base using the newly introduced Coinbase wrapped Bitcoin token, cbBTC. This development marks a significant step forward for users of the decentralized finance (DeFi) ecosystem.

Coinbase Launches cbBTC on Ethereum and Base

On September 12, Coinbase announced that its cbBTC token is now live on both Ethereum (ETH) and the layer-2 chain Base. Solv Protocol quickly followed with a press release, revealing its own Bitcoin staking launch on Base, aimed at enabling users to maximize their Bitcoin (BTC) holdings in the DeFi space. The cbBTC token is backed 1:1 by actual BTC held on Coinbase, providing a new way for Base users to participate in DeFi using Bitcoin.

How cbBTC Holders Can Participate in DeFi

Solv Protocol allows cbBTC holders to mint SolvBTC, which can then be used to access DeFi opportunities. Users can also convert SolvBTC into SolvBTC.BBN, a liquid staking token that offers additional Bitcoin staking yields.

• Mint SolvBTC with cbBTC holdings
• Convert SolvBTC into SolvBTC.BBN for higher staking yields
• Participate in DeFi protocols using Bitcoin as a reserve asset

By integrating cbBTC as a reserve asset, Solv Protocol is unifying Bitcoin liquidity across platforms, making DeFi more accessible to Bitcoin holders.

cbBTC and Wrapped Bitcoin: A Comparison

Coinbase’s cbBTC launch enables Bitcoin holders to convert their BTC to cbBTC, similar to how wrapped Bitcoin (WBTC) operates. Users can transfer BTC from their accounts to Ethereum or Base addresses, where it is converted into cbBTC. The token can then be utilized across DeFi protocols, including MakerDAO (MKR), Aave (AAVE), and Compound (COMP).

Solv Protocol is enhancing the DeFi landscape by introducing SolvBTC, a liquid staking token that adds further flexibility and earning potential for Bitcoin holders.

Other Platforms Offering Bitcoin Staking

In addition to Solv Protocol, other platforms offering liquid staking or restaking opportunities for Bitcoin include:

• Lombard Finance
• Swell
• AcreBTC

These platforms, along with Solv Protocol, are providing Bitcoin holders with more avenues to earn staking rewards and participate in the growing DeFi ecosystem.