Quick take:
- Solv Protocol is now the 32nd largest decentralised finance (DeFi) protocol according to DeFiLlama rankings.
- The protocol uses SolvBTC to tokenise CeFi and DeFi yields for Bitcoin holders.
- Solv has also launched SolvBTC on Arbitrum, BNB Chain, and Merlin Chain.
Solv Protocol, a unified yield and liquidity layer for major digital assets has crossed the $1 billion TVL (total value locked) becoming the 32nd largest decentralised finance (DeFi) protocol according to DeFiLlama rankings.
As of this writing, Solv had a TVL of $1.11 billion spread across multiple chains. The protocol leverages multi-chain integration to provide holders of different assets with a source of “high-quality” returns.
Solv’s liquid yield token SolvBTC tokenises centralised finance (CeFi) and DeFi for Bitcoin holders, while its multi-chain integration enables SolvBTC to boost liquidity in emerging BTCFi ecosystems across Layer 1 and Layer 2 networks.
“Reaching this significant milestone is a testament to the strong demand for Solv’s suite of products and the growing adoption of our flagship SolvBTC offering,” said Ryan, founder of Solv Protocol. “As the largest protocol in the BTCFi space by TVL, we are excited to continue driving innovation and unlocking new opportunities for Bitcoin holders and DeFi participants alike.”
Solv has also launched SolvBTC on Arbitrum, BNB Chain, and Merlin Chain as it continues building an ecosystem where users can bridge SolvBTC to farm points in new blockchain reward programs such as a 1.5x multiplier in zkLinkNova’s Aggregation Parade.
According to the DeFiLlama data, the Merlin chain accounts for the highest TVL in Solv Protocol, with its $785 million representing more than 70%.
Solv Protocol has also introduced the Solv Point System, where users can exchange points for SOLV token airdrops to incentivise engagement.
The protocol boasts backing from some of the leading Web3 companies and venture firms including Binance Labs, Blockchain Capital, and Laser Digital among others.
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